10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10‑Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended January 31, 2019

or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from to

Commission file numbers: 001‑11331, 333‑06693, 000‑50182 and 000‑50183

Ferrellgas Partners, L.P.

Ferrellgas Partners Finance Corp.

Ferrellgas, L.P.

Ferrellgas Finance Corp.

(Exact name of registrants as specified in their charters)

Delaware	43‑1698480
Delaware	43‑1742520
Delaware	43‑1698481
Delaware	14‑1866671
(States or other jurisdictions of incorporation or organization)	(I.R.S. Employer Identification Nos.)
7500 College Boulevard, Suite 1000, Overland Park, Kansas	66210
(Address of principal executive office)	(Zip Code)

Registrants’ telephone number, including area code: (913) 661‑1500

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes ☒ No ◻

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes ☒ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

Ferrellgas Partners, L.P.:
Large accelerated filer ☐	Accelerated filer ☒	Non-accelerated filer ☐	Smaller reporting company ☐
			Emerging growth company ☐

Ferrellgas Partners Finance Corp, Ferrellgas, L.P. and Ferrellgas Finance Corp.:
Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☒	Smaller reporting company ☐
			Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Ferrellgas Partners, L.P. and Ferrellgas, L.P. ☐

Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp. ☐

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b‑2 of the Exchange Act).

Ferrellgas Partners, L.P. and Ferrellgas, L.P. Yes ☐ No ☒

Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp. Yes ☒ No ☐

At February 28, 2019, the registrants had common units or shares of common stock outstanding as follows:

Ferrellgas Partners, L.P.	97,152,665	Common Units
Ferrellgas Partners Finance Corp.	1,000	Common Stock
Ferrellgas, L.P.	n/a	n/a
Ferrellgas Finance Corp.	1,000	Common Stock

Documents Incorporated by Reference: None

EACH OF FERRELLGAS PARTNERS FINANCE CORP. AND FERRELLGAS FINANCE CORP. MEET THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION

H(1)(A) AND (B) OF FORM 10‑Q AND ARE THEREFORE, WITH RESPECT TO EACH SUCH REGISTRANT, FILING THIS FORM 10‑Q WITH THE REDUCED DISCLOSURE FORMAT.

FERRELLGAS PARTNERS, L.P.

FERRELLGAS PARTNERS FINANCE CORP.

FERRELLGAS, L.P.

FERRELLGAS FINANCE CORP.

TABLE OF CONTENTS

		Page
PART I - FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS (unaudited)
	Ferrellgas Partners, L.P. and Subsidiaries
	Condensed Consolidated Balance Sheets – January 31, 2019 and July 31, 2018	2
	Condensed Consolidated Statements of Operations – Three and six months ended January 31, 2019 and 2018	3
	Condensed Consolidated Statements of Comprehensive Loss – Three and six months ended January 31, 2019 and 2018	4
	Condensed Consolidated Statement of Partners’ Deficit – Six months ended January 31, 2019	5
	Condensed Consolidated Statements of Cash Flows – Six months ended January 31, 2019 and 2018	6
	Notes to Condensed Consolidated Financial Statements	7
	Ferrellgas Partners Finance Corp.
	Condensed Balance Sheets – January 31, 2019 and July 31, 2018	25
	Condensed Statements of Operations – Three and six months ended January 31, 2019 and 2018	26
	Condensed Statements of Cash Flows – Six months ended January 31, 2019 and 2018	27
	Notes to Condensed Financial Statements	28
	Ferrellgas, L.P. and Subsidiaries
	Condensed Consolidated Balance Sheets – January 31, 2019 and July 31, 2018	29
	Condensed Consolidated Statements of Operations – Three and six months ended January 31, 2019 and 2018	30
	Condensed Consolidated Statements of Comprehensive Loss – Three and six months ended January 31, 2019 and 2018	31
	Condensed Consolidated Statement of Partners’ Deficit – Six months ended January 31, 2019	32
	Condensed Consolidated Statements of Cash Flows – Six months ended January 31, 2019 and 2018	33
	Notes to Condensed Consolidated Financial Statements	34
	Ferrellgas Finance Corp.
	Condensed Balance Sheets – January 31, 2019 and July 31, 2018	59
	Condensed Statements of Operations – Three and six months ended January 31, 2019 and 2018	60
	Condensed Statements of Cash Flows – Six months ended January 31, 2019 and 2018	61
	Notes to Condensed Financial Statements	62
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	63
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	85
ITEM 4.	CONTROLS AND PROCEDURES	86
PART II - OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	87
ITEM 1A.	RISK FACTORS	88
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	88
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	88
ITEM 4.	MINE SAFETY DISCLOSURES	88
ITEM 5.	OTHER INFORMATION	88
ITEM 6.	EXHIBITS	89

1

PART I - FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS (unaudited)

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

(unaudited)

	January 31, 2019		July 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	40,647	$	119,311
Accounts and notes receivable, net (including $201,717 and $120,079 of accounts receivable pledged as collateral at January 31, 2019 and July 31, 2018, respectively)		203,164		126,054
Inventories		89,784		83,694
Prepaid expenses and other current assets		36,616		34,862
Total current assets		370,211		363,921
Property, plant and equipment, net		584,334		557,723
Goodwill, net		247,478		246,098
Intangible assets (net of accumulated amortization of $407,795 and $399,629 at January 31, 2019 and July 31, 2018, respectively)		113,558		120,951
Other assets, net		72,539		74,588
Total assets	$	1,388,120	$	1,363,281
LIABILITIES AND PARTNERS' DEFICIT
Current liabilities:
Accounts payable	$	63,639	$	46,820
Short-term borrowings		—		32,800
Collateralized note payable		140,000		58,000
Other current liabilities		147,253		142,025
Total current liabilities		350,892		279,645
Long-term debt		2,083,031		2,078,637
Other liabilities		37,547		39,476
Contingencies and commitments (Note K)
Partners' deficit:
Common unitholders (97,152,665 units outstanding at January 31, 2019 and July 31, 2018)		(997,154)		(978,503)
General partner unitholder (989,926 units outstanding at January 31, 2019 and July 31, 2018)		(69,981)		(69,792)
Accumulated other comprehensive income (loss)		(9,049)		20,510
Total Ferrellgas Partners, L.P. partners' deficit		(1,076,184)		(1,027,785)
Noncontrolling interest		(7,166)		(6,692)
Total partners' deficit		(1,083,350)		(1,034,477)
Total liabilities and partners' deficit	$	1,388,120	$	1,363,281

See notes to condensed consolidated financial statements.

2

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except unit data)

(unaudited)

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Revenues:
Propane and other gas liquids sales	$	550,112	$	592,239	$	885,078	$	894,997
Midstream operations		—		117,276		—		238,036
Other		23,265		45,641		40,608		76,778
Total revenues		573,377		755,156		925,686		1,209,811
Costs and expenses:
Cost of sales - propane and other gas liquids sales		311,531		362,918		515,667		542,433
Cost of sales - midstream operations		—		107,067		—		215,192
Cost of sales - other		3,422		20,787		6,469		34,489
Operating expense		121,219		123,716		231,550		234,178
Depreciation and amortization expense		19,605		25,485		38,597		51,217
General and administrative expense		16,342		14,891		30,521		28,055
Equipment lease expense		8,415		6,954		16,278		13,695
Non-cash employee stock ownership plan compensation charge		1,944		4,031		4,692		7,993
Asset impairments		—		10,005		—		10,005
Loss on asset sales and disposals		2,216		39,249		6,720		40,144
Operating income		88,683		40,053		75,192		32,410
Interest expense		(44,891)		(42,673)		(88,769)		(83,480)
Other income, net		86		684		105		1,195
Earnings (loss) before income taxes		43,878		(1,936)		(13,472)		(49,875)
Income tax expense (benefit)		3		(162)		161		215
Net earnings (loss)		43,875		(1,774)		(13,633)		(50,090)
Net earnings (loss) attributable to noncontrolling interest		531		69		38		(332)
Net earnings (loss) attributable to Ferrellgas Partners, L.P.		43,344		(1,843)		(13,671)		(49,758)
Less: General partner's interest in net earnings (loss)		433		(19)		(137)		(498)
Common unitholders' interest in net earnings (loss)	$	42,911	$	(1,824)	$	(13,534)	$	(49,260)
Basic and diluted net earnings (loss) per common unit	$	0.44	$	(0.02)	$	(0.14)	$	(0.51)
Cash distributions declared per common unit	$	—	$	0.10	$	—	$	0.20

See notes to condensed consolidated financial statements.

3

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Net earnings (loss)	$	43,875	$	(1,774)	$	(13,633)	$	(50,090)
Other comprehensive income (loss):
Change in value of risk management derivatives		(21,080)		1,072		(29,234)		23,521
Reclassification of (gains) losses on derivatives to earnings, net		3,807		(9,743)		(626)		(13,692)
Other comprehensive income (loss)		(17,273)		(8,671)		(29,860)		9,829
Comprehensive income (loss)		26,602		(10,445)		(43,493)		(40,261)
Less: Comprehensive income (loss) attributable to noncontrolling interest		357		(19)		(263)		(234)
Comprehensive income (loss) attributable to Ferrellgas Partners, L.P.	$	26,245	$	(10,426)	$	(43,230)	$	(40,027)

See notes to condensed consolidated financial statements.

4

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF PARTNERS’ DEFICIT

(in thousands)

(unaudited)

	Number of units						Accumulated		Total Ferrellgas
		General			General		other		Partner, L.P.
	Common	Partner	Common		Partner		comprehensive		partners’		Non-controlling		Total partners’
	unitholders	unitholder	unitholders		unitholder		income (loss)		deficit		interest		deficit
Balance at July 31, 2018	97,152.7	989.9	$	(978,503)	$	(69,792)	$	20,510	$	(1,027,785)	$	(6,692)	$	(1,034,477)
Contributions in connection with non-cash ESOP compensation charges	—	—		4,599		46		—		4,645		47		4,692
Distributions	—	—		(9,716)		(98)		—		(9,814)		(258)		(10,072)
Net earnings (loss)	—	—		(13,534)		(137)		—		(13,671)		38		(13,633)
Other comprehensive loss	—	—		—		—		(29,559)		(29,559)		(301)		(29,860)
Balance at January 31, 2019	97,152.7	989.9	$	(997,154)	$	(69,981)	$	(9,049)	$	(1,076,184)	$	(7,166)	$	(1,083,350)

See notes to condensed consolidated financial statements.

5

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	For the six months ended January 31,
	2019		2018
Cash flows from operating activities:
Net loss	$	(13,633)	$	(50,090)
Reconciliation of net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense		38,597		51,217
Non-cash employee stock ownership plan compensation charge		4,692		7,993
Asset impairments		—		10,005
Loss on asset sales and disposals		6,720		40,144
Unrealized gain on derivative instruments		—		(91)
Provision for doubtful accounts		1,576		1,688
Deferred income tax expense		141		364
Other		6,843		4,482
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts and notes receivable, net of securitization		(78,686)		(102,315)
Inventories		(6,090)		(17,275)
Prepaid expenses and other current assets		(16,351)		(4,682)
Accounts payable		16,441		11,510
Accrued interest expense		(260)		304
Other current liabilities		(8,944)		13,372
Other assets and liabilities		(6,164)		(2,920)
Net cash used in operating activities		(55,118)		(36,294)
Cash flows from investing activities:
Business acquisitions, net of cash acquired		(5,069)		(14,862)
Capital expenditures		(58,330)		(35,693)
Proceeds from sale of assets		1,960		4,207
Net cash used in investing activities		(61,439)		(46,348)
Cash flows from financing activities:
Distributions		(9,814)		(19,627)
Proceeds from issuance of long-term debt		—		23,580
Payments on long-term debt		(1,014)		(1,267)
Net reductions in short-term borrowings		(32,800)		(7,879)
Net additions to collateralized short-term borrowings		82,000		97,000
Cash paid for financing costs		(221)		(395)
Noncontrolling interest activity		(258)		(357)
Net cash provided by financing activities		37,893		91,055
Net change in cash and cash equivalents		(78,664)		8,413
Cash and cash equivalents - beginning of period		119,311		5,760
Cash and cash equivalents - end of period	$	40,647	$	14,173

See notes to condensed consolidated financial statements.

6

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except per unit data, unless otherwise designated)

(unaudited)

A.    Partnership organization and formation

Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed April 19, 1994, and is a publicly traded limited partnership, owning an approximate 99% limited partner interest in Ferrellgas, L.P. (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. Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. As of January 31, 2019, Ferrell Companies, Inc. ("Ferrell Companies") beneficially owns 22.8 million Ferrellgas Partners common units. Ferrellgas, Inc. (the "general partner"), a wholly-owned subsidiary of Ferrell Companies, has retained an approximate 1% general partner interest in Ferrellgas Partners and also holds an approximate 1% general partner interest in the operating partnership, representing an effective 2% general partner interest in Ferrellgas on a combined basis. As general partner, it performs all management functions required by Ferrellgas. Unless contractually provided for, creditors of the operating partnership have no recourse with regards to Ferrellgas Partners.

Ferrellgas Partners is a holding entity that conducts no operations and has two subsidiaries, Ferrellgas Partners Finance Corp. and 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 debt issued by Ferrellgas Partners. The operating partnership is the only operating subsidiary of Ferrellgas Partners.

Ferrellgas 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.

Due to seasonality, the results of operations for the six months ended January 31, 2019 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2019.

The condensed consolidated financial statements of Ferrellgas reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The information included in this Quarterly Report on Form 10‑Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas’ Annual Report on Form 10‑K for fiscal 2018.

7

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 assets, 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 doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations.

(2) New accounting standards:

FASB Accounting Standard Update No. 2014‑09

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ("ASU") 2014‑09, Revenue from Contracts with Customers (“ASU 2014‑09”). The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. Upon adoption, Ferrellgas applied ASU 2014‑09 only to contracts that were not completed, referred to as open contracts.

Ferrellgas adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. This method requires that the cumulative effect of initially applying ASU 2014‑09 be recognized in partner’s deficit at the date of adoption, August 1, 2018. ASU 2014‑09 has not materially impacted Ferrellgas’ consolidated financial statements, and as a result there was no cumulative effect to record as of the date of adoption. Results for reporting periods beginning after August 1, 2018 are presented under ASU 2014‑09, while amounts reported for prior periods have not been adjusted and continue to be reported under accounting standards in effect for those periods. See Note G - Revenue from contracts with customers for additional information related to revenues and contract costs, including qualitative and quantitative disclosures required under ASU 2014‑09.

FASB Accounting Standard Update No. 2016‑02

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 iseffective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standard requires lessees to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. An entity may elect the transition relief option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with an option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption and consequently, continue to report comparative periods in compliance with the prior guidance (ASC 840). Ferrellgas expects to elect this additional transition method.

Ferrellgas is continuing to evaluate the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas has made significant progress in assessing the impact of the standard and planning for the adoption and implementation. The implementation team has completed initial scoping and is substantially complete in the data gathering process of our current lease portfolio. Ferrellgas is currently performing a completeness assessment over the lease population, analyzing the financial statement impact of adopting the standards, and evaluating the impact of adoption on our existing accounting policies and disclosures. Ferrellgas believes that the adoption of this standard,

8

which will be effective for Ferrellgas August 1, 2019, will result in material increases to right of use assets and lease liabilities on our consolidated balance sheet.

FASB Accounting Standard Update No. 2016‑13

In June 2016, the FASB issued ASU 2016‑13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

FASB Accounting Standard Update No. 2017‑12

In August 2017, the FASB issued ASU 2017‑12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

FASB Accounting Standard Update No. 2018‑15

In August 2018, the FASB issued ASU 2018‑15, Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract which is intended to clarify the accounting for implementation costs related to a cloud computing arrangement that is a service contract. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

C.    Supplemental financial statement information

Inventories consist of the following:

	January 31, 2019		July 31, 2018
Propane gas and related products	$	74,964	$	71,180
Appliances, parts and supplies, and other		14,820		12,514
Inventories	$	89,784	$	83,694

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 January 31, 2019, Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 14 million gallons of propane at fixed prices.

Other assets, net consist of the following:

	January 31, 2019		July 31, 2018
Notes receivable, less current portion	$	27,646	$	27,491
Other		44,893		47,097
Other assets, net	$	72,539	$	74,588

9

Other current liabilities consist of the following:

	January 31, 2019		July 31, 2018
Accrued interest	$	21,963	$	22,222
Customer deposits and advances		26,323		22,829
Other		98,967		96,974
Other current liabilities	$	147,253	$	142,025

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

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Operating expense	$	60,279	$	54,613	$	107,721	$	97,928
Depreciation and amortization expense		1,389		1,123		2,462		2,235
Equipment lease expense		7,869		6,296		15,388		12,364
	$	69,537	$	62,032	$	125,571	$	112,527

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

	For the six months ended January 31,
	2019		2018
Cash paid for:
Interest	$	82,941	$	78,682
Income taxes	$	2	$	12
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	1,174	$	1,508
Change in accruals for property, plant and equipment additions	$	2,815	$	47

A.

D.  Accounts and notes receivable, net and accounts receivable securitization

Accounts and notes receivable, net consist of the following:

	January 31, 2019		July 31, 2018
Accounts receivable pledged as collateral	$	201,717	$	120,079
Accounts receivable		4,651		8,272
Note receivable - current portion		126		132
Other		27		26
Less: Allowance for doubtful accounts		(3,357)		(2,455)
Accounts and notes receivable, net	$	203,164	$	126,054

At January 31, 2019, $201.7 million of trade accounts receivable were pledged as collateral against $140.0 million of collateralized notes payable due to a commercial paper conduit. At July 31, 2018, $120.1 million of trade accounts receivable were pledged as collateral against $58.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from the operating partnership. The operating partnership does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral.

As of January 31, 2019, Ferrellgas had received cash proceeds of $140.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds or issue letters of credit. As of July 31, 2018,

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Ferrellgas had received cash proceeds of $58.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 5.3% and 5.2% as of January 31, 2019 and July 31, 2018, respectively.

E.    Debt

Short-term borrowings

Ferrellgas classifies borrowings on the revolving line of credit portion of its Senior Secured Credit Facility as short-term because they are used to fund working capital needs that management intends to pay down within the twelve month period following the balance sheet date. As of January 31, 2019, there were no amounts classified as short-term borrowings. As of July 31, 2018, $32.8 million was classified as short-term borrowings. For further discussion see the secured credit facility section below.

Secured credit facilities

As of January 31, 2019, the operating partnership had borrowings of $275.0 million under the Term Loan at a rate of 8.27%, which was classified as long-term debt, and no borrowings under the Revolving Facility. As of January 31, 2019, the operating partnership had available borrowing capacity under its Revolving Facility of $196.2 million. As of July 31, 2018, the operating partnership had borrowings of $275.0 million under the Term Loan at a rate of 7.86%, which was classified as long-term debt, and $32.8 million under the Revolving Facility at a rate of 9.75%, which was classified as short-term borrowings. As of July 31, 2018, the operating partnership had available borrowing capacity under its Revolving Facility of $159.3 million.

Letters of credit outstanding at January 31, 2019 and July 31, 2018 totaled $103.8 million and $107.9 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At January 31, 2019, Ferrellgas had available letter of credit remaining capacity of $21.2 million. At July 31, 2018, Ferrellgas had available letter of credit remaining capacity of $17.1 million.

Debt and interest expense reduction and refinancing strategy

Ferrellgas continues to execute on a strategy to further reduce its debt and interest expense. This strategy included entering into the new Senior Secured Credit Facility and amending its accounts receivable securitization facility in May 2018 and certain asset sales during fiscal 2018. Ferrellgas continues to evaluate its options to address its leverage.

Financial covenants

The indenture governing the outstanding notes of Ferrellgas Partners and the agreements governing the operating partnership’s indebtedness contain various covenants that limit Ferrellgas Partners’ ability and the ability of specified subsidiaries to, among other things, make restricted payments and incur additional indebtedness. The general partner believes that the most restrictive of these covenants are those related to the consolidated fixed charge coverage ratio, as defined in the indenture governing the outstanding notes of Ferrellgas Partners, and the consolidated fixed charge coverage ratio, as defined in the indentures governing the outstanding notes of the operating partnership.

Consolidated fixed charge coverage ratio - Ferrellgas Partners, L.P., the master limited partnership

Under the Ferrellgas Partners indenture, before a restricted payment (as defined in the indenture) can be made by Ferrellgas Partners, Ferrellgas Partners must satisfy a consolidated fixed charge coverage ratio requirement or have unused capacity under a limited exception to the ratio requirement. If Ferrellgas Partners is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to Ferrellgas Partners common unitholders.

The restricted payments covenant requires that, for Ferrellgas Partners to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of Ferrellgas Partners be at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events,

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subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x, Ferrellgas Partners may make restricted payments of up to $50.0 million in total over a sixteen quarter period. As of January 31, 2019, the ratio was 1.38x. As a result of distributions paid to common unitholders in September 2017, December 2017, March 2018, June 2018, and September 2018, while this ratio was less than 1.75x, Ferrellgas Partners has used substantially all of its capacity under the limited exception and therefore is currently restricted by this covenant from making future restricted payments, including distributions to common unitholders. Accordingly, no distributions were paid to common unitholders in December 2018 for the three months ended October 31, 2018 and no distributions will be paid for the three months ended January 31, 2019. Unless this indenture is amended or replaced, or our consolidated fixed charge coverage ratio improves to at least 1.75x this covenant will continue to restrict us from making common unit distributions.

Consolidated fixed charge coverage ratio - Ferrellgas, L.P., the operating partnership

Under the operating partnership indentures, before a restricted payment (as defined in the indentures) can be made by the operating partnership to Ferrellgas Partners, the operating partnership must satisfy a consolidated fixed charge coverage ratio requirement or have unused capacity under a limited exception to the ratio requirement. If the operating partnership is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to Ferrellgas Partners common unitholders or make interest payments on Ferrellgas Partners’ unsecured senior notes due 2020.

The restricted payment covenants require that, for the operating partnership to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the operating partnership be at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events, subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x, the operating partnership may make restricted payments in limited amounts determined under the indentures. As of January 31, 2019, the ratio was 1.67x. As a result, it’s likely the distribution that will be made by the operating partnership on June 15, 2019 for payment of interest on Ferrellgas Partners’ unsecured senior notes due 2020 will be made from capacity under the limited exception to the ratio requirement. The operating partnership believes that its remaining capacity under the limited exception to the ratio requirement will allow it to make distributions to Ferrellgas Partners sufficient to cover interest payments on Ferrellgas Partners’ unsecured senior notes due 2020 through maturity of those notes.

F.    Partners’ deficit

As of January 31, 2019 and July 31, 2018, Ferrellgas Partners limited partner units, which are listed on the New York Stock Exchange under the symbol “FGP,” were beneficially owned by the following:

	January 31, 2019	July 31, 2018
Public common unitholders	69,612,939	69,612,939
Ferrell Companies (1)	22,529,361	22,529,361
FCI Trading Corp. (2)	195,686	195,686
Ferrell Propane, Inc. (3)	51,204	51,204
James E. Ferrell (4)	4,763,475	4,763,475

(1) Ferrell Companies is the owner of the general partner and is an approximate 23% direct owner of Ferrellgas Partners’ common units and thus a related party. Ferrell Companies also beneficially owns 195,686 and 51,204 common units of Ferrellgas Partners held by FCI Trading Corp. ("FCI Trading") and Ferrell Propane, Inc. ("Ferrell Propane"), respectively, bringing Ferrell Companies’ beneficial ownership to 23.4% at January 31, 2019.

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

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

(4) James E. Ferrell is the Interim Chief Executive Officer and President of our general partner; and is the Chairman of the Board of Directors of our general partner and a related party. JEF Capital Management owns 4,758,859 of these common 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 4,616 common units are held by Ferrell Resources

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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.

Partnership distributions

Ferrellgas Partners has recognized the following distributions:

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Public common unitholders	$	—	$	6,962	$	6,962	$	13,923
Ferrell Companies		—		2,253		2,253		4,506
FCI Trading Corp.		—		20		20		40
Ferrell Propane, Inc.		—		5		5		10
James E. Ferrell		—		476		476		952
General partner		—		98		98		196
	$	—	$	9,814	$	9,814	$	19,627

Ferrellgas Partners paid cash distributions as detailed in the table above. Ferrellgas Partners did not declare a cash distribution related to the three months ended October 31, 2018 or related to the three months ended January 31, 2019. As discussed in Note E – Debt, Ferrellgas Partners was not permitted, pursuant to the consolidated fixed charge coverage ratio under its note indenture, to make restricted payments, including distributions to unitholders.

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

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

See Note I – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and six months ended January 31, 2019 and 2018.

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 concurrent with the issuance of other additional equity.

During the six months ended January 31, 2019, the general partner made non-cash contributions of $0.1 million to Ferrellgas to maintain its effective 2% general partner interest.

During the six months ended January 31, 2018, the general partner made non-cash contributions of $0.2 million to Ferrellgas to maintain its effective 2% general partner interest.

G.    Revenue from contracts with customers

Ferrellgas adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. 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, 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. Upon adoption, Ferrellgas applied ASU 2014‑09 only to contracts that were not completed.

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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 thus 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, Ferrellgas bills customers upon delivery and payment is generally due within 30 days. With its 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 make 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 three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Retail - Sales to End Users	$	415,827	$	417,472	$	633,591	$	601,266
Wholesale - Sales to Resellers		115,392		128,654		209,336		227,083
Other Gas Sales		18,893		46,113		42,151		66,648
Other		23,265		45,641		40,608		76,778
Propane and related equipment revenues	$	573,377	$	637,880	$	925,686	$	971,775

Contract assets and liabilities

Ferrellgas’ performance obligations are generally limited to the delivery of propane for our 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 our revenue is recognized at the time the goods, including propane, are delivered or installed. Ferrellgas offers “even pay” 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

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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, thus Ferrellgas does not capitalize these costs.

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

	January 31, 2019		July 31, 2018
Accounts receivable	$	189,151	$	119,818
Contract assets	$	18,519	$	8,691
Contract liabilities
Deferred revenue (1)	$	35,609	$	29,933

(1) Of the beginning balance of deferred revenue, $17.1 million was recognized as revenue during the six months ended January 31, 2019.

Remaining performance obligations

Ferrellgas’ remaining performance obligations are generally limited to situations where its customers have remitted payment but have not yet received deliveries of propane. This most commonly occurs in Ferrellgas’ 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.

H.    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 January 31, 2019 and July 31, 2018:

	Asset (Liability)
	Quoted Prices in Active
	Markets for Identical		Significant Other
	Assets and Liabilities		Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
January 31, 2019:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	5,848	$	—	$	5,848
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(15,148)	$	—	$	(15,148)
July 31, 2018:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	22,470	$	—	$	22,470
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(1,910)	$	—	$	(1,910)

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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.

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. The estimated fair value of various note receivable financial instruments classified in "Other assets, net" on the condensed consolidated balance sheets, are approximately $24.2 million, or $3.4 million less than their carrying amount as of January 31, 2019. The estimated fair values of these notes receivable were calculated using a discounted cash flow method which relied on significant unobservable inputs. At January 31, 2019 and July 31, 2018, the estimated fair value of Ferrellgas’ long-term debt instruments was $1,825.1 million and $1,935.1 million, respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities.

Ferrellgas 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.

I.    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. Prior to the sale of Bridger Energy, LLC in January 2018, all other commodity derivative instruments were neither qualified nor were designated as cash flow hedges, therefore, changes in their fair value were recorded currently in earnings. Ferrellgas also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates.

Derivative instruments and hedging activity

During the six months ended January 31, 2019 and 2018, 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 in Ferrellgas’ condensed consolidated balance sheets as of January 31, 2019 and July 31, 2018:

	January 31, 2019
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments
Commodity derivatives-propane	Prepaid expenses and other current assets	$	5,408	Other current liabilities	$	13,859
Commodity derivatives-propane	Other assets, net		440	Other liabilities		1,289
	Total	$	5,848	Total	$	15,148

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	July 31, 2018
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments
Commodity derivatives-propane	Prepaid expenses and other current assets	$	17,123	Other current liabilities	$	1,832
Commodity derivatives-propane	Other assets, net		5,347	Other liabilities		78
	Total	$	22,470	Total	$	1,910

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 January 31, 2019 and July 31, 2018, respectively:

	January 31, 2019
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	10,977	Other current liabilities	$	1,734
	Other assets, net		2,617	Other liabilities		3
		$	13,594		$	1,737

	July 31, 2018
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	2,851	Other current liabilities	$	12,308
	Other assets, net		927	Other liabilities		4,235
		$	3,778		$	16,543

The following table provides a summary of the effect on Ferrellgas’ condensed consolidated statements of operations for the three and six months ended January 31, 2019 and 2018 due to derivatives that were designated as fair value hedging instruments:

						Amount of Interest Expense
		Amount of Gain Recognized on				Recognized on Fixed-Rated Debt
	Location of Gain	Derivative				(Related Hedged Item)
	Recognized on	For the three months ended January 31,				For the three months ended January 31,
Derivative Instrument	Derivative	2019		2018		2019		2018
Interest rate swap agreements	Interest expense	$	—	$	88	$	—	$	(2,275)

						Amount of Interest Expense
		Amount of Gain Recognized on				Recognized on Fixed-Rated Debt
	Location of Amounts	Derivative				(Related Hedged Item)
	Recognized on	For the six months ended January 31,				For the six months ended January 31,
Derivative Instrument	Derivative	2019		2018		2019		2018
Interest rate swap agreements	Interest expense	$	—	$	226	$	—	$	(4,550)

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The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income (loss) for the three and six months ended January 31, 2019 and 2018 due to derivatives designated as cash flow hedging instruments:

	For the three months ended January 31, 2019
				Amount of Gain (Loss)
	Amount of Gain		Location of Gain (Loss)	Reclassified from
	(Loss) Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	(21,080)	Cost of product sold- propane and other gas liquids sales	$	3,807	$	—
	$	(21,080)		$	3,807	$	—

	For the three months ended January 31, 2018
				Amount of Gain (Loss)
	Amount of Gain (Loss)		Location of Gain (Loss)	Reclassified from
	Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	960	Cost of sales-propane and other gas liquids sales	$	9,886	$	—
Interest rate swap agreements		112	Interest expense		(143)		—
	$	1,072		$	9,743	$	—

	For the six months ended January 31, 2019
				Amount of Gain (Loss)
	Amount of Gain (Loss)		Location of Gain (Loss)	Reclassified from
	Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	(29,234)	Cost of sales-propane and other gas liquids sales	$	(626)	$	—
	$	(29,234)		$	(626)	$	—

	For the six months ended January 31, 2018
				Amount of Gain (Loss)
	Amount of Gain (Loss)		Location of Gain (Loss)	Reclassified from
	Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	23,283	Cost of product sold- propane and other gas liquids sales	$	14,018	$	—
Interest rate swap agreements		238	Interest expense		(326)		—
	$	23,521		$	13,692	$	—

The following table provides a summary of the effect on Ferrellgas’ condensed consolidated statements of operations for the three and six months ended January 31, 2019 and 2018 due to the change in fair value of derivatives not designated as hedging instruments:

	For the three months ended January 31, 2019
	Amount of Gain (Loss)		Location of Gain (Loss)
Derivatives Not Designated as Hedging Instruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	—	Cost of sales - midstream operations

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	For the three months ended January 31, 2018
	Amount of Gain (Loss)		Location of Gain (Loss)
Derivatives Not Designated as Hedging Instruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	(2,080)	Cost of sales - midstream operations

	For the six months ended January 31, 2019
	Amount of Gain (Loss)		Location of Gain (Loss)
Derivatives Not Designated as Hedging Instruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	—	Cost of sales - midstream operations

	For the six months ended January 31, 2018
	Amount of Gain (Loss)		Location of Gain (Loss)
Derivatives Not Designated as Hedging Instruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	(3,470)	Cost of sales - midstream operations

The changes in derivatives included in AOCI for the six months ended January 31, 2019 and 2018 were as follows:

	For the six months ended January 31,
Gains and losses on derivatives included in AOCI	2019		2018
Beginning balance	$	20,560	$	14,648
Change in value of risk management commodity derivatives		(29,234)		23,283
Reclassification of gains on commodity hedges to cost of sales - propane and other gas liquids sales, net		(626)		(14,018)
Change in value of risk management interest rate derivatives		—		238
Reclassification of losses on interest rate hedges to interest expense		—		326
Ending balance	$	(9,300)	$	24,477

Ferrellgas expects to reclassify net losses related to the risk management commodity derivatives of approximately $8.5 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sales exception.

During the six months ended January 31, 2019 and 2018, 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 January 31, 2019, Ferrellgas had financial derivative contracts covering 3.9 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 its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas 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 January 31, 2019, the maximum amount of loss due to credit risk that Ferrellgas would incur is $0.5 million, which is based upon the gross fair values of the derivative financial instruments.

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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 January 31, 2019.

J.    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 the 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 condensed consolidated statements of operations as follows:

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Operating expense	$	69,285	$	65,291	$	129,243	$	122,642
General and administrative expense	$	7,197	$	8,422	$	13,309	$	15,930

See additional discussions about transactions with the general partner and related parties in Note F – Partners’ deficit.

K.    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, Ferrellgas can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas is 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 the consolidated financial condition, results of operations and cash flows of Ferrellgas.

Ferrellgas has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits, which were consolidated in the Western District of Missouri on October 16, 2014, allege that Ferrellgas and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Federal Court for the Western District of Missouri initially dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs filed an appeal, which resulted in a reversal of the district court’s dismissal. We filed a petition for a writ of certiorari which was denied. An appeal by the indirect customer plaintiffs resulted in the court of appeals affirming the dismissal of the federal claims and remanding the case to the district court to decide whether to exercise supplemental jurisdiction over the remaining state law claims. Ferrellgas believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit.

Ferrellgas has been named, along with several former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas and several

20

current and former officers and directors as defendants. On April 2, 2018, the securities class action lawsuits were dismissed with prejudice. On April 30, 2018, the plaintiffs filed a notice of appeal to the United States Court of Appeals for the Second Circuit. The parties have completed briefing and are preparing for oral argument. At this time the derivative lawsuits remain stayed by agreement. Ferrellgas believes that it has defenses and will vigorously defend these cases. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative actions.

Ferrellgas and Bridger Logistics, LLC, have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“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 under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas. Ferrellgas believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas believes that the amount of such damage claims, if ultimately owed to Eddystone, could be material to Ferrellgas. Ferrellgas intends to vigorously defend this claim. The lawsuit is in its early stages; as such, management does not currently believe a loss is probable or reasonably estimable at this time. On August 24, 2017, Ferrellgas filed a third-party complaint against JTS, Jamex Transfer Holdings, and other related persons and entities (the "Third-Party Defendants"), asserting claims for breach of contract, indemnification of any losses in the EDPA Lawsuit, tortious interference with contract, and contribution. On June 25, 2018, Ferrellgas entered into an agreement with the Third-Party Defendants which, among other things, resulted in a dismissal of the claims against the Third-Party Defendants from the lawsuit. On January 25, 2019, Ferrellgas, Bridger Logistics, LLC and all other defendants filed a Motion to Dismiss Plaintiff’s First Amended Complaint for Lack of Subject Matter Jurisdiction.

L.    Net earnings (loss) per common unit

Below is a calculation of the basic and diluted net earnings (loss) per common unit in the condensed consolidated statements of operations for the periods indicated. Ferrellgas calculates net earnings (loss) per common unit 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 according to the incentive distribution rights in the Ferrellgas partnership agreement. Due to the seasonality of the propane business, the dilutive effect of the two-class method typically impacts only the three months ending January 31. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows:

	Ratio of total distributions payable to:
Quarterly distribution per common unit	Common unitholder		General partner
$0.56 to $0.63	86.9	%	13.1	%
$0.64 to $0.82	76.8	%	23.2	%
$0.83 and above	51.5	%	48.5	%

There was no dilutive effect resulting from this method based on basic and diluted net earnings (loss) per common unit for the three and six months ended January 31, 2019 or 2018.

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, there are no dilutive securities in periods with net losses.

21

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
	(in thousands, except per common unit amounts)
Common unitholders’ interest in net earnings (loss)	$	42,911	$	(1,824)	$	(13,534)	$	(49,260)
Weighted average common units outstanding (in thousands)		97,152.7		97,152.7		97,152.7		97,152.7
Basic and diluted net earnings (loss) per common unit	$	0.44	$	(0.02)	$	(0.14)	$	(0.51)

B.

C.

M.    Segment reporting

As of January 31, 2019, Ferrellgas has one reportable operating segment: propane operations and related equipment sales. All remaining activities are included in Corporate and other.

Following is a summary of segment information for the three and six months ended January 31, 2019 and 2018:

	Three months ended January 31, 2019
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	573,377	$	—	$	573,377
Direct costs (1)		443,533		10,188		453,721
Adjusted EBITDA	$	129,844	$	(10,188)	$	119,656

	Three months ended January 31, 2018
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	637,880	$	117,276	$	755,156
Direct costs (1)		507,386		127,143		634,529
Adjusted EBITDA	$	130,494	$	(9,867)	$	120,627

	Six months ended January 31, 2019
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	925,686	$	—	$	925,686
Direct costs (1)		767,127		21,062		788,189
Adjusted EBITDA	$	158,559	$	(21,062)	$	137,497

	Six months ended January 31, 2018
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	971,775	$	238,036	$	1,209,811
Direct costs (1)		810,715		252,253		1,062,968
Adjusted EBITDA	$	161,060	$	(14,217)	$	146,843

(1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of sales- midstream operations", "cost of sales-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "severance charge", "legal fees and settlements", "unrealized (non-cash) losses on changes in fair value of derivatives not designated as hedging instruments" and "multi-employer pension plan withdrawal settlement".

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Following is a reconciliation of Ferrellgas’ total segment performance measure to condensed consolidated net loss:

	Three months ended January 31,				Six months ended January 31,
	2019		2018		2019		2018
Net earnings (loss) attributable to Ferrellgas Partners, L.P.	$	43,344	$	(1,843)	$	(13,671)	$	(49,758)
Income tax expense (benefit)		3		(162)		161		215
Interest expense		44,891		42,673		88,769		83,480
Depreciation and amortization expense		19,605		25,485		38,597		51,217
EBITDA		107,843		66,153		113,856		85,154
Non-cash employee stock ownership plan compensation charge		1,944		4,031		4,692		7,993
Asset impairments		—		10,005		—		10,005
Loss on asset sales and disposals		2,216		39,249		6,720		40,144
Other income, net		(86)		(684)		(105)		(1,195)
Severance costs		1,600		—		1,600		1,663
Legal fees and settlements		5,608		2,118		9,172		2,118
Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments		—		(314)		—		1,293
Multi-employer pension plan withdrawal settlement		—		—		1,524		—
Net earnings (loss) attributable to noncontrolling interest		531		69		38		(332)
Adjusted EBITDA	$	119,656	$	120,627	$	137,497	$	146,843

Following are total assets by segment:

Assets	January 31, 2019		July 31, 2018
Propane operations and related equipment sales	$	1,315,233	$	1,196,084
Corporate and other		72,887		167,197
Total consolidated assets	$	1,388,120	$	1,363,281

Following are capital expenditures by segment:

	Six months ended January 31, 2019
	Propane operations and
	related equipment sales		Corporate and other		Total
Capital expenditures:
Maintenance	$	31,460	$	549	$	32,009
Growth		23,316		—		23,316
Total	$	54,776	$	549	$	55,325

	Six months ended January 31, 2018
	Propane operations and
	related equipment sales		Corporate and other		Total
Capital expenditures:
Maintenance	$	12,016	$	1,427	$	13,443
Growth		18,311		1,013		19,324
Total	$	30,327	$	2,440	$	32,767

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N.    Subsequent events

Ferrellgas evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas’ condensed consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements.

24

FERRELLGAS PARTNERS FINANCE CORP.

(a wholly-owned subsidiary of Ferrellgas Partners, L.P.)

CONDENSED BALANCE SHEETS

(unaudited)

	January 31, 2019		July 31, 2018
ASSETS
Cash	$	1,000	$	1,000
Prepaid expenses and other current assets		—		1,850
Total assets	$	1,000	$	2,850
Contingencies and commitments (Note B)
STOCKHOLDER’S EQUITY
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding	$	1,000	$	1,000
Additional paid in capital		29,111		29,020
Accumulated deficit		(29,111)		(27,170)
Total stockholder’s equity	$	1,000	$	2,850

See notes to condensed financial statements.

25

FERRELLGAS PARTNERS FINANCE CORP.

(a wholly-owned subsidiary of Ferrellgas Partners, L.P.)

CONDENSED STATEMENTS OF OPERATIONS

(unaudited)

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
General and administrative expense	$	1,941	$	225	$	1,941	$	275
Net loss	$	(1,941)	$	(225)	$	(1,941)	$	(275)

See notes to condensed financial statements.

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FERRELLGAS PARTNERS FINANCE CORP.

(a wholly-owned subsidiary of Ferrellgas Partners, L.P.)

CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)

	For the six months ended January 31,
	2019		2018
Cash flows from operating activities:
Net loss	$	(1,941)	$	(275)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		1,850		—
Cash used in operating activities		(91)		(275)
Cash flows from financing activities:
Capital contribution		91		275
Cash provided by financing activities		91		275
Net change in cash		—		—
Cash - beginning of period		1,000		1,000
Cash - end of period	$	1,000	$	1,000

See notes to condensed financial statements.

27

FERRELLGAS PARTNERS FINANCE CORP.

(a wholly-owned subsidiary of Ferrellgas Partners, L.P.)

(unaudited)

NOTES TO CONDENSED FINANCIAL STATEMENTS

A.    Formation

Ferrellgas Partners Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (the “Partnership”).

The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature.

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

B.    Contingencies and commitments

The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership.

The indenture governing the senior unsecured notes contains various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness and restricted payments. As of January 31, 2019, the Partnership is in compliance with all requirements, tests, limitations and covenants related to this debt agreement, except for the consolidated fixed charge coverage ratio.

The indenture governing the outstanding notes of the Partnership includes a consolidated fixed charge coverage ratio test for the incurrence of debt and the making of restricted payments. The restricted payments covenant requires that, for the Partnership to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the Partnership be at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events, subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x, the Partnership may make restricted payments of up to $50.0 million in total over a 16 quarter period. As of January 31, 2019, the ratio was 1.67x. As a result of distributions paid to common unitholders in September 2017, December 2017, March 2018, June 2018, and September 2018 while this ratio was less than 1.75x, the Partnership has used substantially all of its capacity under the limited exception and therefore is currently restricted by this covenant from making future restricted payments, including distributions to common unitholders. Accordingly, no distributions will be paid to common unitholders in December 2018 for the three and six months ended January 31, 2019. Unless this indenture is amended or replaced, or the Partnership’s consolidated fixed charge coverage ratio improves to at least 1.75x, this covenant will continue to restrict the Partnership from making common unit distributions.

28

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

	January 31, 2019		July 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	40,552	$	119,308
Accounts and notes receivable, net (including $201,717 and $120,079 of accounts receivable pledged as collateral at January 31, 2019 and July 31, 2018, respectively)		203,164		126,054
Inventories		89,784		83,694
Prepaid expenses and other current assets		36,553		34,830
Total current assets		370,053		363,886
Property, plant and equipment, net		584,334		557,723
Goodwill		247,478		246,098
Intangible assets (net of accumulated amortization of $407,795 and $399,629 at January 31, 2019 and July 31, 2018, respectively)		113,558		120,951
Other assets, net		72,539		74,588
Total assets	$	1,387,962	$	1,363,246
LIABILITIES AND PARTNERS' DEFICIT
Current liabilities:
Accounts payable	$	63,639	$	46,820
Short-term borrowings		—		32,800
Collateralized note payable		140,000		58,000
Other current liabilities		143,319		138,091
Total current liabilities		346,958		275,711
Long-term debt		1,730,468		1,728,137
Other liabilities		37,547		39,476
Contingencies and commitments (Note K)
Partners’ deficit:
Limited partner		(710,796)		(693,896)
General partner		(7,088)		(6,915)
Accumulated other comprehensive income (loss)		(9,127)		20,733
Total partners’ deficit		(727,011)		(680,078)
Total liabilities and partners’ deficit	$	1,387,962	$	1,363,246

See notes to condensed consolidated financial statements.

29

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands)

(unaudited)

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Revenues:
Propane and other gas liquids sales	$	550,112	$	592,239	$	885,078	$	894,997
Midstream operations		—		117,276		—		238,036
Other		23,265		45,641		40,608		76,778
Total revenues		573,377		755,156		925,686		1,209,811
Costs and expenses:
Cost of sales - propane and other gas liquids sales		311,531		362,918		515,667		542,433
Cost of sales - midstream operations		—		107,067		—		215,192
Cost of sales - other		3,422		20,787		6,469		34,489
Operating expense		121,219		123,716		231,550		234,178
Depreciation and amortization expense		19,605		25,485		38,597		51,217
General and administrative expense		16,341		14,890		30,516		28,054
Equipment lease expense		8,415		6,954		16,278		13,695
Non-cash employee stock ownership plan compensation charge		1,944		4,031		4,692		7,993
Asset impairments		—		10,005		—		10,005
Loss on asset sales and disposals		2,216		39,249		6,720		40,144
Operating income		88,684		40,054		75,197		32,411
Interest expense		(36,150)		(34,058)		(71,345)		(66,254)
Other income, net		86		684		105		1,195
Earnings (loss) before income taxes		52,620		6,680		3,957		(32,648)
Income tax expense (benefit)		3		(167)		154		204
Net earnings (loss)	$	52,617	$	6,847	$	3,803	$	(32,852)

See notes to condensed consolidated financial statements.

30

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Net earnings (loss)	$	52,617	$	6,847	$	3,803	$	(32,852)
Other comprehensive income (loss):
Change in value of risk management derivatives		(21,080)		1,072		(29,234)		23,521
Reclassification of (gains) losses on derivatives to earnings, net		3,807		(9,743)		(626)		(13,692)
Other comprehensive income (loss)		(17,273)		(8,671)		(29,860)		9,829
Comprehensive income (loss)	$	35,344	$	(1,824)	$	(26,057)	$	(23,023)

See notes to condensed consolidated financial statements.

31

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF PARTNERS’ DEFICIT

(in thousands)

(unaudited)

					Accumulated
					other		Total
	Limited		General		comprehensive		partners’
	partner		partner		income (loss)		deficit
Balance at July 31, 2018	$	(693,896)	$	(6,915)	$	20,733	$	(680,078)
Contributions in connection with non-cash ESOP compensation charges		4,645		47		—		4,692
Distributions		(25,310)		(258)		—		(25,568)
Net earnings		3,765		38		—		3,803
Other comprehensive loss		—		—		(29,860)		(29,860)
Balance at January 31, 2019	$	(710,796)	$	(7,088)	$	(9,127)	$	(727,011)

See notes to condensed consolidated financial statements.

32

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	For the six months ended January 31,
	2019		2018
Cash flows from operating activities:
Net earnings (loss)	$	3,803	$	(32,852)
Reconciliation of net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expense		38,597		51,217
Non-cash employee stock ownership plan compensation charge		4,692		7,993
Asset impairments		—		10,005
Loss on asset sales and disposals		6,720		40,144
Unrealized gain on derivative instruments		—		(91)
Provision for doubtful accounts		1,576		1,688
Deferred income tax expense		141		364
Other		4,736		2,650
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts and notes receivable, net of securitization		(78,686)		(102,315)
Inventories		(6,090)		(17,275)
Prepaid expenses and other current assets		(16,321)		(4,637)
Accounts payable		16,441		11,510
Accrued interest expense		(259)		304
Other current liabilities		(8,944)		13,662
Other assets and liabilities		(6,120)		(3,208)
Net cash used in operating activities		(39,714)		(20,841)
Cash flows from investing activities:
Business acquisitions, net of cash acquired		(5,069)		(14,862)
Capital expenditures		(58,330)		(35,693)
Proceeds from sale of assets		1,960		4,207
Net cash used in investing activities		(61,439)		(46,348)
Cash flows from financing activities:
Distributions		(25,568)		(35,380)
Proceeds from issuance of long-term debt		—		23,580
Payments on long-term debt		(1,014)		(1,267)
Net reductions in short-term borrowings		(32,800)		(7,879)
Net additions to collateralized short-term borrowings		82,000		97,000
Cash paid for financing costs		(221)		(395)
Net cash provided by financing activities		22,397		75,659
Net change in cash and cash equivalents		(78,756)		8,470
Cash and cash equivalents - beginning of period		119,308		5,701
Cash and cash equivalents - end of period	$	40,552	$	14,171

See notes to condensed consolidated financial statements.

33

FERRELLGAS, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, unless otherwise designated)

(unaudited)

A.    Partnership organization and formation

Ferrellgas, L.P. is a limited partnership that owns and operates propane distribution and related assets, crude oil transportation and logistics related assets and salt water disposal wells in south Texas. Ferrellgas Partners, L.P. (“Ferrellgas Partners”), a publicly traded limited partnership, holds an approximate 99% limited partner interest in, and consolidates, Ferrellgas, L.P. Ferrellgas, Inc. (the “general partner”), a wholly-owned subsidiary of Ferrell Companies, Inc. (“Ferrell Companies”), holds an approximate 1% general partner interest in Ferrellgas, L.P. and performs all management functions required by Ferrellgas, L.P.

Ferrellgas, L.P. 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 issued by Ferrellgas, L.P.

Ferrellgas, L.P. 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.

Due to seasonality, the results of operations for the six months ended January 31, 2019 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2019.

The condensed consolidated financial statements of Ferrellgas, L.P. and subsidiaries reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The information included in this Quarterly Report on Form 10‑Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas, L.P.’s Annual Report on Form 10‑K for fiscal 2018.

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 assets, 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 doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations.

(2) New accounting standards:

FASB Accounting Standard Update No. 2014‑09

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ("ASU") 2014‑09, Revenue from Contracts with Customers (“ASU 2014‑09”). The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving

34

the consistency of requirements, comparability of practices and usefulness of disclosures. Upon adoption, Ferrellgas, L.P. applied ASU 2014‑09 only to contracts that were not completed, referred to as open contracts.

Ferrellgas, L.P. adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. This method requires that the cumulative effect of initially applying ASU 2014‑09 be recognized in partner’s deficit at the date of adoption, August 1, 2018. ASU 2014‑09 has not materially impacted Ferrellgas, L.P.’s consolidated financial statements, and as a result there was no cumulative effect to record as of the date of adoption. Results for reporting periods beginning after August 1, 2018 are presented under ASU 2014‑09, while amounts reported for prior periods have not been adjusted and continue to be reported under accounting standards in effect for those periods. See Note G - Revenue from contracts with customers for additional information related to revenues and contract costs, including qualitative and quantitative disclosures required under ASU 2014‑09.

FASB Accounting Standard Update No. 2016‑02

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 iseffective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standard requires lessees to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. An entity may elect the transition relief option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with an option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption and consequently, continue to report comparative periods in compliance with the prior guidance (ASC 840). Ferrellgas, L.P. expects to elect this additional transition method.

Ferrellgas, L.P. is continuing to evaluate the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas, L.P. has made significant progress in assessing the impact of the standard and planning for the adoption and implementation. The implementation team has completed initial scoping and is substantially complete in the data gathering process of our current lease portfolio. Ferrellgas, L.P. is currently performing a completeness assessment over the lease population, analyzing the financial statement impact of adopting the standards, and evaluating the impact of adoption on our existing accounting policies and disclosures. Ferrellgas, L.P. believes that the adoption of this standard, which will be effective for Ferrellgas, L.P. August 1, 2019, will result in material increases to right of use assets and lease liabilities on our consolidated balance sheet.

FASB Accounting Standard Update No. 2016‑13

In June 2016, the FASB issued ASU 2016‑13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

FASB Accounting Standard Update No. 2017‑12

In August 2017, the FASB issued ASU 2017‑12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

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FASB Accounting Standard Update No. 2018‑15

In August 2018, the FASB issued ASU 2018‑15, Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract which is intended to clarify the accounting for implementation costs related to a cloud computing arrangement that is a service contract. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

.

C.    Supplemental financial statement information

Inventories consist of the following:

	January 31, 2019		July 31, 2018
Propane gas and related products	$	74,964	$	71,180
Appliances, parts and supplies, and other		14,820		12,514
Inventories	$	89,784	$	83,694

In addition to inventories on hand, Ferrellgas, L.P. enters into contracts to take delivery of propane for supply procurement purposes with terms that generally do not exceed 36 months. Most of these contracts call for payment based on market prices at the date of delivery. As of January 31, 2019, Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 14 million gallons of propane at fixed prices.

Other assets, net consist of the following:

	January 31, 2019		July 31, 2018
Notes receivable, less current portion	$	27,646	$	27,491
Other		44,893		47,097
Other assets, net	$	72,539	$	74,588

Other current liabilities consist of the following:

	January 31, 2019		July 31, 2018
Accrued interest		18,029		18,288
Customer deposits and advances		26,323		22,829
Other		98,967		96,974
Other current liabilities	$	143,319	$	138,091

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

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Operating expense	$	60,279	$	54,613	$	107,721	$	97,928
Depreciation and amortization expense		1,389		1,123		2,462		2,235
Equipment lease expense		7,869		6,296		15,388		12,364
	$	69,537	$	62,032	$	125,571	$	112,527

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

	For the six months ended January 31,
	2019		2018
Cash paid for:
Interest	$	67,546	$	63,286
Income taxes	$	9	$	1
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	1,174	$	1,508
Change in accruals for property, plant and equipment additions	$	2,815	$	47

A.

D.    Accounts and notes receivable, net and accounts receivable securitization

Accounts and notes receivable, net consist of the following:

	January 31, 2019		July 31, 2018
Accounts receivable pledged as collateral	$	201,717	$	120,079
Accounts receivable		4,651		8,272
Note receivable - current portion		126		132
Other		27		26
Less: Allowance for doubtful accounts		(3,357)		(2,455)
Accounts and notes receivable, net	$	203,164	$	126,054

At January 31, 2019, $201.7 million of trade accounts receivable were pledged as collateral against $140.0 million of collateralized notes payable due to a commercial paper conduit. At July 31, 2018, $120.1 million of trade accounts receivable were pledged as collateral against $58.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from Ferrellgas, L.P. Ferrellgas, L.P. does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral.

As of January 31, 2019, Ferrellgas, L.P. had received cash proceeds of $140.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds or issue letters of credit. As of July 31, 2018, Ferrellgas, L.P. had received cash proceeds of $58.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 5.3% and 5.2% as of January 31, 2019 and July 31, 2018, respectively.

E.    Debt

Short-term borrowings

Ferrellgas, L.P. classifies borrowings on the revolving line of credit portion of its Senior Secured Credit Facility as short-term because they are used to fund working capital needs that management intends to pay down within the twelve month period following the balance sheet date. As of January 31, 2019, there were no amounts classified as short-term borrowings. As of July 31, 2018, $32.8 million was classified as short-term borrowings. For further discussion see the secured credit facility section below.

Secured credit facilities

As of January 31, 2019, Ferrellgas, L.P. had borrowings of $275.0 million under the Term Loan at a rate of 8.27%, which was classified as long-term debt, and no borrowings under the Revolving Facility. As of January 31, 2019, Ferrellgas, L.P. had available borrowing capacity under its Revolving Facility of $196.2 million. As of July 31, 2018, Ferrellgas, L.P. had borrowings of $275.0 million under the Term Loan at a rate of 7.86%, which was classified as long-

37

term debt, and $32.8 million under the Revolving Facility at a rate of 9.75%, which was classified as short-term borrowings. As of July 31, 2018, Ferrellgas, L.P. had available borrowing capacity under its Revolving Facility of $159.3 million.

Letters of credit outstanding at January 31, 2019 and July 31, 2018 totaled $103.8 million and $107.9 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At January 31, 2019, Ferrellgas, L.P. had available letter of credit remaining capacity of $21.2 million. At July 31, 2018, Ferrellgas, L.P. had available letter of credit remaining capacity of $17.1 million.

Debt and interest expense reduction and refinancing strategy

Ferrellgas, L.P. continues to execute on a strategy to further reduce its debt and interest expense. This strategy included entering into the new Senior Secured Credit Facility and amending its accounts receivable securitization facility in May 2018 and certain asset sales during fiscal 2018. Ferrellgas, L.P. continues to evaluate its options to address its leverage.

Financial covenants

The agreements governing Ferrellgas, L.P.’s indebtedness contain various covenants that limit Ferrellgas, L.P.’s ability and the ability of specified subsidiaries to, among other things, make restricted payments and incur additional indebtedness. The general partner believes that the most restrictive of these covenants are those related to the consolidated fixed charge coverage ratio, as defined in the indentures governing the outstanding notes of Ferrellgas, L.P.

Under the indentures governing the outstanding notes of Ferrellgas, L.P., before a restricted payment (as defined in the indentures) can be made by Ferrellgas, L.P. to Ferrellgas Partners, Ferrellgas, L.P. must be satisfy a consolidated fixed charge coverage ratio requirement or have unused capacity under a limited exception to the ratio requirement. If Ferrellgas, L.P. is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to its common unitholders or make interest payments on its unsecured senior notes due 2020.

The restricted payments covenants require that, for Ferrellgas, L.P. to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of Ferrellgas, L.P. be at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events, subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x, Ferrellgas, L.P. may make restricted payments in limited amounts determined under the indentures. As of January 31, 2019, the ratio was 1.67x. As a result, it’s likely the distribution that will be made by Ferrellgas, L.P. on June 15, 2019 for payment of interest on Ferrellgas Partners’ unsecured senior notes due 2020 will be made from capacity under the limited exception to the ratio requirement. Ferrellgas, L.P. believes that its remaining capacity under the limited exception to the ratio requirement will allow it to make distributions to Ferrellgas Partners’ to cover interest payments on Ferrellgas Partners’ unsecured senior notes due 2020 through the maturity of those notes.

F.    Partners’ deficit

Partnership distributions

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

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Ferrellgas Partners	$	15,396	$	25,210	$	25,310	$	35,023
General partner		157		257		258		357
	$	15,553	$	25,467	$	25,568	$	35,380

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

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

See Note I – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and six months ended January 31, 2019 and 2018.

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 concurrent with the issuance of other additional equity.

During the six months ended January 31, 2019, the general partner made non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest.

During the six months ended January 31, 2018, the general partner made non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest.

G.    Revenue from contracts with customers

Ferrellgas, L.P. adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. Ferrellgas, L.P. 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, 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. Upon adoption, Ferrellgas, L.P. applied ASU 2014‑09 only to contracts that were not completed.

Contracts with customers

Ferrellgas, L.P.’s 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, L.P. sells propane to a wide variety of customers, including residential, industrial/commercial, portable tank exchange, agricultural, wholesale and others. Ferrellgas, L.P.’s performance obligations in these contracts are generally limited to the delivery of propane thus revenues from these contracts are earned at the time product is delivered or in the case of some of Ferrellgas, L.P.’s 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, Ferrellgas, L.P. bills customers upon delivery and payment is generally due within 30 days. With its residential customers, Ferrellgas, L.P 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, L.P. charges other amounts to customers associated with the delivery of propane including hazardous materials fees and fuel surcharge fees. In some regions, Ferrellgas, L.P. also sells appliances and related parts and fittings as well as other retail propane related services. Ferrellgas, L.P. 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, L.P. make 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.

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Disaggregation of revenue

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

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Retail - Sales to End Users	$	415,827	$	417,472	$	633,591	$	601,266
Wholesale - Sales to Resellers		115,392		128,654		209,336		227,083
Other Gas Sales		18,893		46,113		42,151		66,648
Other		23,265		45,641		40,608		76,778
Propane and related equipment revenues	$	573,377	$	637,880	$	925,686	$	971,775

Contract assets and liabilities

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

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

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

	January 31, 2019		July 31, 2018
Accounts receivable	$	189,151	$	119,818
Contract assets	$	18,519	$	8,691
Contract liabilities
Deferred revenue (1)	$	35,609	$	29,933

(1) Of the beginning balance of deferred revenue, $17.1 million was recognized as revenue during the six months ended January 31, 2019.

Remaining performance obligations

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

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H.    Fair value measurements

Derivative financial instruments

The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of January 31, 2019 and July 31, 2018:

	Asset (Liability)
	Quoted Prices in Active
	Markets for Identical		Significant Other
	Assets and Liabilities		Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
January 31, 2019:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	5,848	$	—	$	5,848
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(15,148)	$	—	$	(15,148)
July 31, 2018:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	22,470	$	—	$	22,470
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(1,910)	$	—	$	(1,910)

Methodology

The fair values of Ferrellgas, L.P.’s non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators.

Other financial instruments

The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. The estimated fair value of various note receivable financial instruments classified in "Other assets, net" on the condensed consolidated balance sheets, are approximately $24.2 million, or $3.4 million less than their carrying amount as of January 31, 2019. The estimated fair values of these notes receivable were calculated using a discounted cash flow method which relied on significant unobservable inputs. At January 31, 2019 and July 31, 2018, the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $1,560.0 million and $1,591.5 million, respectively. Ferrellgas, L.P. estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities.

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

I.    Derivative instruments and hedging activities

Ferrellgas, L.P. is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas, L.P. utilizes derivative

41

instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. Prior to the sale of Bridger Energy, LLC in January 2018, all other commodity derivative instruments were neither qualified nor were designated as cash flow hedges, therefore, changes in their fair value were recorded currently in earnings. Ferrellgas, L.P. also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates.

Derivative instruments and hedging activity

During the six months ended January 31, 2019 and 2018, Ferrellgas, L.P. did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges.

The following tables provide a summary of the fair value of derivatives in Ferrellgas, L.P.’s condensed consolidated balance sheets as of January 31, 2019 and July 31, 2018:

	January 31, 2019
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments
Commodity derivatives-propane	Prepaid expenses and other current assets	$	5,408	Other current liabilities	$	13,859
Commodity derivatives-propane	Other assets, net		440	Other liabilities		1,289
	Total	$	5,848	Total	$	15,148

	July 31, 2018
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments
Commodity derivatives-propane	Prepaid expenses and other current assets	$	17,123	Other current liabilities	$	1,832
Commodity derivatives-propane	Other assets, net		5,347	Other liabilities		78
	Total	$	22,470	Total	$	1,910

Ferrellgas, L.P.’s exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. Liabilities represent cash margin deposits received by Ferrellgas, L.P. for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of January 31, 2019 and July 31, 2018, respectively:

	January 31, 2019
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	10,977	Other current liabilities	$	1,734
	Other assets, net		2,617	Other liabilities		3
		$	13,594		$	1,737

	July 31, 2018
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	2,851	Other current liabilities	$	12,308
	Other assets, net		927	Other liabilities		4,235
		$	3,778		$	16,543

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The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of operations for the three and six months ended January 31, 2019 and 2018 due to derivatives that were designated as fair value hedging instruments:

						Amount of Interest Expense
	Location of Amounts	Amount of Gain Recognized on				Recognized on Fixed-Rated Debt
	Recognized on	Derivative				(Related Hedged Item)
Derivative Instrument	Derivative	For the three months ended January 31,				For the three months ended January 31,
		2019		2018		2019		2018
Interest rate swap agreements	Interest expense	$	—	$	88	$	—	$	(2,275)

						Amount of Interest Expense
	Location of Gain	Amount of Gain Recognized on				Recognized on Fixed-Rated Debt
	Recognized on	Derivative				(Related Hedged Item)
Derivative Instrument	Derivative	For the six months ended January 31,				For the six months ended January 31,
		2019		2018		2019		2018
Interest rate swap agreements	Interest expense	$	—	$	226	$	—	$	(4,550)

The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income (loss) for the three and six months ended January 31, 2019 and 2018 due to derivatives designated as cash flow hedging instruments:

	For the three months ended January 31, 2019
				Amount of Gain (Loss)
			Location of Gain (Loss)	Reclassified from
	Amount of Gain (Loss)		Reclassified from AOCI	AOCI into Income
DerivativeInstrument	Recognized in AOCI		into Income	Effective portion		Ineffective portion
Commodity derivatives	$	(21,080)	Cost of product sold- propane and other gas liquids sales	$	3,807	$	—
	$	(21,080)		$	3,807	$	—

	For the three months ended January 31, 2018
				Amount of Gain (Loss)
			Location of Gain (Loss)	Reclassified from
	Amount of Gain (Loss)		Reclassified from AOCI	AOCI into Income
DerivativeInstrument	Recognized in AOCI		into Income	Effective portion		Ineffective portion
Commodity derivatives	$	960	Cost of sales-propane and other gas liquids sales	$	9,886	$	—
Interest rate swap agreements		112	Interest expense		(143)		—
	$	1,072		$	9,743	$	—

	For the six months ended January 31, 2019
				Amount of Gain (Loss)
			Location of Gain (Loss)	Reclassified from
	Amount of Gain (Loss)		Reclassified from AOCI	AOCI into Income
DerivativeInstrument	Recognized in AOCI		into Income	Effective portion		Ineffective portion
Commodity derivatives	$	(29,234)	Cost of sales-propane and other gas liquids sales	$	(626)	$	—
	$	(29,234)		$	(626)	$	—

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	For the six months ended January 31, 2018
				Amount of Gain (Loss)
			Location of Gain (Loss)	Reclassified from
	Amount of Gain (Loss)		Reclassified from AOCI	AOCI into Income
DerivativeInstrument	Recognized in AOCI		into Income	Effective portion		Ineffective portion
Commodity derivatives	$	23,283	Cost of product sold- propane and other gas liquids sales	$	14,018	$	—
Interest rate swap agreements		238	Interest expense		(326)		—
	$	23,521		$	13,692	$	—

The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of operations for the three and six months ended January 31, 2019 and 2018 due to the change in fair value of derivatives not designated as hedging instruments:

	For the three months ended January 31, 2019
	Amount of Gain (Loss)		Location of Gain (Loss)
DerivativesNotDesignatedasHedgingInstruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	—	Cost of sales - midstream operations

	For the three months ended January 31, 2018
	Amount of Gain (Loss)		Location of Gain (Loss)
Derivatives Not Designated as Hedging Instruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	(2,080)	Cost of sales - midstream operations

	For the six months ended January 31, 2019
	Amount of Gain (Loss)		Location of Gain (Loss)
DerivativesNotDesignatedasHedgingInstruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	—	Cost of sales - midstream operations

	For the six months ended January 31, 2018
	Amount of Gain (Loss)		Location of Gain (Loss)
DerivativesNotDesignatedasHedgingInstruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	(3,470)	Cost of sales - midstream operations

The changes in derivatives included in AOCI for the six months ended January 31, 2019 and 2018 were as follows:

	For the six months ended January 31,
Gains and losses on derivatives included in AOCI	2019		2018
Beginning balance	$	20,560	$	14,648
Change in value of risk management commodity derivatives		(29,234)		23,283
Reclassification of gains on commodity hedges to cost of sales - propane and other gas liquids sales, net		(626)		(14,018)
Change in value of risk management interest rate derivatives		—		238
Reclassification of losses on interest rate hedges to interest expense		—		326
Ending balance	$	(9,300)	$	24,477

Ferrellgas, L.P. expects to reclassify net losses related to the risk management commodity derivatives of approximately $8.5 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas, L.P. has with its customers that qualify for the normal purchase normal sales exception.

During the six months ended January 31, 2019 and 2018, Ferrellgas, L.P. had no reclassifications to operations resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship.

44

As of January 31, 2019, Ferrellgas, L.P. had financial derivative contracts covering 3.9 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, L.P. is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas, L.P.’s counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas, L.P. maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas, L.P. in the forms of letters of credit, parent guarantees or cash. Ferrellgas, L.P. has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at January 31, 2019, the maximum amount of loss due to credit risk that Ferrellgas, L.P. would incur is $0.5 million, which is based upon the gross fair values of the derivative financial instruments.

From time to time Ferrellgas, L.P. enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas, L.P.’s debt rating. There were no open derivative contracts with credit-risk-related contingent features as of January 31, 2019.

J.    Transactions with related parties

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

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Operating expense	$	69,285	$	65,291	$	129,243	$	122,642
General and administrative expense	$	7,197	$	8,422	$	13,309	$	15,930

See additional discussions about transactions with the general partner and related parties in Note F – Partners’ deficit.

K.    Contingencies and commitments

Litigation

Ferrellgas, L.P.’s 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, Ferrellgas, L.P. can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas, L.P. is 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 the consolidated financial condition, results of operations and cash flows of Ferrellgas, L.P.

Ferrellgas, L.P. has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits, which were consolidated in the Western District of Missouri on October 16, 2014,

45

allege that Ferrellgas, L.P. and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Federal Court for the Western District of Missouri initially dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs filed an appeal, which resulted in a reversal of the district court’s dismissal. We filed a petition for a writ of certiorari which was denied. An appeal by the indirect customer plaintiffs resulted in the court of appeals affirming the dismissal of the federal claims and remanding the case to the district court to decide whether to exercise supplemental jurisdiction over the remaining state law claims. Ferrellgas, L.P. believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit.

Ferrellgas, L.P. has been named, along with several former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas, L.P. and several current and former officers and directors as defendants. On April 2, 2018, the securities class action lawsuits were dismissed with prejudice. On April 30, 2018, the plaintiffs filed a notice of appeal to the United States Court of Appeals for the Second Circuit. The parties have completed briefing and are preparing for oral argument. At this time the derivative lawsuits remain stayed by agreement. Ferrellgas, L.P. believes that it has defenses and will vigorously defend these cases. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative actions.

Ferrellgas, L.P. and Bridger Logistics, LLC, have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“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, L.P. 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 under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas, L.P. Ferrellgas, L.P. believes that Ferrellgas, L.P. and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas, L.P. believes that the amount of such damage claims, if ultimately owed to Eddystone, could be material to Ferrellgas, L.P. Ferrellgas, L.P. intends to vigorously defend this claim. The lawsuit is in its early stages; as such, management does not currently believe a loss is probable or reasonably estimable at this time. On August 24, 2017, Ferrellgas, L.P. filed a third-party complaint against JTS, Jamex Transfer Holdings, and other related persons and entities (the "Third-Party Defendants"), asserting claims for breach of contract, indemnification of any losses in the EDPA Lawsuit, tortious interference with contract, and contribution. On June 25, 2018, Ferrellgas, L.P. entered into an agreement with the Third-Party Defendants which, among other things, resulted in a dismissal of the claims against the Third-Party Defendants from the lawsuit. On January 25, 2019, Ferrellgas, L.P., Bridger Logistics, LLC and all other defendants filed a Motion to Dismiss Plaintiff’s First Amended Complaint for Lack of Subject Matter Jurisdiction.

L.    Segment reporting

As of January 31, 2019, Ferrellgas, L.P. has one reportable operating segment: propane operations and related equipment sales. All remaining activities are included in Corporate and other.

46

Following is a summary of segment information for the three and six months ended January 31, 2019 and 2018

	Three months ended January 31, 2019
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	573,377	$	—	$	573,377
Direct costs (1)		443,533		10,187		453,720
Adjusted EBITDA	$	129,844	$	(10,187)	$	119,657

	Three months ended January 31, 2018
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	637,880	$	117,276	$	755,156
Direct costs (1)		507,386		127,142		634,528
Adjusted EBITDA	$	130,494	$	(9,866)	$	120,628

	Six months ended January 31, 2019
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	925,686	$	—	$	925,686
Direct costs (1)		767,127		21,057		788,184
Adjusted EBITDA	$	158,559	$	(21,057)	$	137,502

	Six months ended January 31, 2018
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	971,775	$	238,036	$	1,209,811
Direct costs (1)		810,715		252,252		1,062,967
Adjusted EBITDA	$	161,060	$	(14,216)	$	146,844

(1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of sales- midstream operations", "cost of sales-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "severance charge", "legal fees and settlements", "unrealized (non-cash) losses on changes in fair value of derivatives not designated as hedging instruments" and "multi-employer pension plan withdrawal settlement".

47

Following is a reconciliation of Ferrellgas, L.P.’s total segment performance measure to condensed consolidated net loss:

	Three months ended January 31,				Six months ended January 31,
	2019		2018		2019		2018
Net earnings (loss)	$	52,617	$	6,847	$	3,803	$	(32,852)
Income tax expense (benefit)		3		(167)		154		204
Interest expense		36,150		34,058		71,345		66,254
Depreciation and amortization expense		19,605		25,485		38,597		51,217
EBITDA		108,375		66,223		113,899		84,823
Non-cash employee stock ownership plan compensation charge		1,944		4,031		4,692		7,993
Asset impairments		—		10,005		—		10,005
Loss on asset sales and disposals		2,216		39,249		6,720		40,144
Other income, net		(86)		(684)		(105)		(1,195)
Severance costs		1,600		—		1,600		1,663
Legal fees and settlements		5,608		2,118		9,172		2,118
Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments		—		(314)		—		1,293
Multi-employer pension plan withdrawal settlement		—		—		1,524		—
Adjusted EBITDA	$	119,657	$	120,628	$	137,502	$	146,844

Following are total assets by segment:

	January 31, 2019		July 31, 2018
Assets
Propane operations and related equipment sales	$	1,315,233	$	1,196,084
Corporate and other		72,729		167,162
Total consolidated assets	$	1,387,962	$	1,363,246

Following are capital expenditures by segment:

	Six months ended January 31, 2019
	Propane operations and
	related equipment sales		Corporate and other		Total
Capital expenditures:
Maintenance	$	31,460	$	549	$	32,009
Growth		23,316		—		23,316
Total	$	54,776	$	549	$	55,325

	Six months ended January 31, 2018
	Propane operations and
	related equipment sales		Corporate and other		Total
Capital expenditures:
Maintenance	$	12,016	$	1,427	$	13,443
Growth		18,311		1,013		19,324
Total	$	30,327	$	2,440	$	32,767

D.

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M.    Guarantor financial information

The $500.0 million aggregate principal amount of 6.75% senior notes due 2023 co-issued by Ferrellgas, L.P. and Ferrellgas Finance Corp. are fully and unconditionally and jointly and severally guaranteed by all of Ferrellgas, L.P.’s 100% owned subsidiaries except: (i) Ferrellgas Finance Corp; (ii) certain special purposes subsidiaries formed for use in connection with our accounts receivable securitization; and (iii) foreign subsidiaries. Guarantees of these senior notes will be released under certain circumstances, including (i) in connection with any sale or other disposition of (a) all or substantially all of the assets of a guarantor or (b) all of the capital stock of such guarantor (including by way of merger or consolidation), in each case, to a person that is not Ferrellgas, L.P. or a restricted subsidiary of Ferrellgas, L.P., (ii) if Ferrellgas, L.P. designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary, (iii) upon defeasance or discharge of the notes, (iv) upon the liquidation or dissolution of such guarantor, or (v) at such time as such guarantor ceases to guarantee any other indebtedness of either of the issuers and any other guarantor.

The guarantor financial information discloses in separate columns the financial position, results of operations and the cash flows of Ferrellgas, L.P. (Parent), Ferrellgas Finance Corp. (co-issuer), Ferrellgas, L.P.’s guarantor subsidiaries on a combined basis, and Ferrellgas, L.P.’s non-guarantor subsidiaries on a combined basis. The dates and the periods presented in the guarantor financial information are consistent with the periods presented in Ferrellgas, L.P.’s condensed consolidated financial statements.

49

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	As of January 31, 2019
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	40,305	$	1	$	246	$	—	$	—	$	40,552
Accounts and notes receivable, net		(3,661)		—		150		206,675		—		203,164
Intercompany receivables		(9,201)		—		—		—		9,201		—
Inventories		89,784		—		—		—		—		89,784
Prepaid expenses and other current assets		36,551		—		(1)		3		—		36,553
Total current assets		153,778		1		395		206,678		9,201		370,053
Property, plant and equipment, net		584,335		—		(1)		—		—		584,334
Goodwill, net		247,478		—		—		—		—		247,478
Intangible assets, net		113,558		—		—		—		—		113,558
Investments in consolidated subsidiaries		74,072		—		—		—		(74,072)		—
Other assets, net		68,659		—		2,875		1,005		—		72,539
Total assets	$	1,241,880	$	1	$	3,269	$	207,683	$	(64,871)	$	1,387,962
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Current liabilities:
Accounts payable	$	63,526	$	—	$	—	$	113	$	—	$	63,639
Collateralized note payable		—		—		—		140,000		—		140,000
Intercompany payables		—		—		(192)		(9,009)		9,201		—
Other current liabilities		137,417		—		388		5,514		—		143,319
Total current liabilities		200,943		—		196		136,618		9,201		346,958
Long-term debt		1,730,468		—		—		—		—		1,730,468
Other liabilities		37,480		—		67		—		—		37,547
Contingencies and commitments
Partners' capital (deficit):
Partners' equity		(717,884)		1		3,006		71,065		(74,072)		(717,884)
Accumulated other comprehensive loss		(9,127)		—		—		—		—		(9,127)
Total partners' capital (deficit)		(727,011)		1		3,006		71,065		(74,072)		(727,011)
Total liabilities and partners' capital (deficit)	$	1,241,880	$	1	$	3,269	$	207,683	$	(64,871)	$	1,387,962

50

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	As of July 31, 2018
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	119,133	$	1	$	174	$	—	$	—	$	119,308
Accounts and notes receivable, net		(3,420)		—		9,395		120,079		—		126,054
Intercompany receivables		15,660		—		—		—		(15,660)		—
Inventories		83,694		—		—		—		—		83,694
Prepaid expenses and other current assets		34,050		—		775		5		—		34,830
Total current assets		249,117		1		10,344		120,084		(15,660)		363,886
Property, plant and equipment, net		557,689		—		34		—		—		557,723
Goodwill, net		246,098		—		—		—		—		246,098
Intangible assets, net		120,951		—		—		—		—		120,951
Investments in consolidated subsidiaries		59,937		—		—		—		(59,937)		—
Other assets, net		63,411		—		9,961		1,216		—		74,588
Total assets	$	1,297,203	$	1	$	20,339	$	121,300	$	(75,597)	$	1,363,246
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Current liabilities:
Accounts payable	$	45,171	$	—	$	1,547	$	102	$	—	$	46,820
Short-term borrowings		32,800		—		—		—		—		32,800
Collateralized note payable		—		—		—		58,000		—		58,000
Intercompany payables		—		—		(143)		15,803		(15,660)		—
Other current liabilities		131,702		—		6,036		353		—		138,091
Total current liabilities		209,673		—		7,440		74,258		(15,660)		275,711
Long-term debt		1,728,137		—		—		—		—		1,728,137
Other liabilities		39,471		—		5		—		—		39,476
Contingencies and commitments
Partners' capital (deficit):
Partners' equity		(700,811)		1		12,894		47,042		(59,937)		(700,811)
Accumulated other comprehensive income		20,733		—		—		—		—		20,733
Total partners' capital (deficit)		(680,078)		1		12,894		47,042		(59,937)		(680,078)
Total liabilities and partners' capital (deficit)	$	1,297,203	$	1	$	20,339	$	121,300	$	(75,597)	$	1,363,246

51

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)

	For the three months ended January 31, 2019
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues:
Propane and other gas liquids sales	$	550,112	$	—	$	—	$	—	$	—	$	550,112
Other		23,216		—		49		—		—		23,265
Total revenues		573,328		—		49		—		—		573,377
Costs and expenses:
Cost of sales - propane and other gas liquids sales		311,531		—		—		—		—		311,531
Cost of sales - other		3,308		—		114		—		—		3,422
Operating expense		121,180		—		39		1,884		(1,884)		121,219
Depreciation and amortization expense		19,493		—		—		112		—		19,605
General and administrative expense		16,338		3		—		—		—		16,341
Equipment lease expense		8,415		—		—		—		—		8,415
Non-cash employee stock ownership plan compensation charge		1,944		—		—		—		—		1,944
Loss on asset sales and disposals		2,045		—		171		—		—		2,216
Operating income (loss)		89,074		(3)		(275)		(1,996)		1,884		88,684
Interest expense		(34,655)		—		(38)		(1,457)		—		(36,150)
Other income (expense), net		96		—		(10)		2,916		(2,916)		86
Earnings (loss) before income taxes		54,515		(3)		(323)		(537)		(1,032)		52,620
Income tax expense		3		—		—		—		—		3
Equity in earnings (loss) of subsidiaries		(863)		—		—		—		863		—
Net earnings (loss)		53,649		(3)		(323)		(537)		(169)		52,617
Other comprehensive loss		(17,273)		—		—		—		—		(17,273)
Comprehensive income (loss)	$	36,376	$	(3)	$	(323)	$	(537)	$	(169)	$	35,344

52

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)

	For the three months ended January 31, 2018
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues:
Propane and other gas liquids sales	$	592,275	$	—	$	(36)	$	—	$	—	$	592,239
Midstream operations		—		—		117,276		—		—		117,276
Other		22,707		—		22,934		—		—		45,641
Total revenues		614,982		—		140,174		—		—		755,156
Costs and expenses:
Cost of sales - propane and other gas liquids sales		362,927		—		(9)		—		—		362,918
Cost of sales - midstream operations		—		—		107,067		—		—		107,067
Cost of sales - other		2,853		—		17,934		—		—		20,787
Operating expense		114,096		—		9,795		1,833		(2,008)		123,716
Depreciation and amortization expense		18,521		—		6,893		71		—		25,485
General and administrative expense		13,833		3		1,054		—		—		14,890
Equipment lease expense		6,862		—		92		—		—		6,954
Non-cash employee stock ownership plan compensation charge		4,031		—		—		—		—		4,031
Asset impairments		—				10,005				—		10,005
Loss on asset sales and disposals		555		—		38,694		—		—		39,249
Operating income (loss)		91,304		(3)		(51,351)		(1,904)		2,008		40,054
Interest expense		(21,212)		—		(11,739)		(1,107)		—		(34,058)
Other income (expense), net		408		—		276		2,008		(2,008)		684
Earnings (loss) before income taxes		70,500		(3)		(62,814)		(1,003)		—		6,680
Income tax expense (benefit)		82		—		(249)		—		—		(167)
Equity in earnings (loss) of subsidiaries		(63,571)		—		—		—		63,571		—
Net earnings (loss)		6,847		(3)		(62,565)		(1,003)		63,571		6,847
Other comprehensive income		(8,671)		—		—		—		—		(8,671)
Comprehensive income (loss)	$	(1,824)	$	(3)	$	(62,565)	$	(1,003)	$	63,571	$	(1,824)

53

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)

	For the six months ended January 31, 2019
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues:
Propane and other gas liquids sales	$	885,078	$	—	$	—	$	—	$	—	$	885,078
Other		40,559		—		49		—		—		40,608
Total revenues		925,637		—		49		—		—		925,686
Costs and expenses:
Cost of sales - propane and other gas liquids sales		515,667		—		—		—		—		515,667
Cost of sales - other		6,355		—		114		—		—		6,469
Operating expense		231,511		—		39		2,901		(2,901)		231,550
Depreciation and amortization expense		38,374		—		—		223		—		38,597
General and administrative expense		30,511		5		—		—		—		30,516
Equipment lease expense		16,278		—		—		—		—		16,278
Non-cash employee stock ownership plan compensation charge		4,692		—		—		—		—		4,692
Asset impairments		—		—		—		—		—		—
Loss on asset sales and disposals		4,041		—		2,679		—		—		6,720
Operating income (loss)		78,208		(5)		(2,783)		(3,124)		2,901		75,197
Interest expense		(69,003)		—		(38)		(2,304)		—		(71,345)
Other income (expense), net		115		—		(10)		5,119		(5,119)		105
Earnings (loss) before income taxes		9,320		(5)		(2,831)		(309)		(2,218)		3,957
Income tax expense		154		—		—		—		—		154
Equity in earnings (loss) of subsidiary		(3,145)		—		—		—		3,145		—
Net earnings (loss)		6,021		(5)		(2,831)		(309)		927		3,803
Other comprehensive loss		(29,860)		—		—		—		—		(29,860)
Comprehensive income (loss)	$	(23,839)	$	(5)	$	(2,831)	$	(309)	$	927	$	(26,057)

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FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)

	For the six months ended January 31, 2018
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues:
Propane and other gas liquids sales	$	894,392	$	—	$	605	$	—	$	—	$	894,997
Midstream operations		—		—		238,036		—		—		238,036
Other		39,384		—		37,394		—		—		76,778
Total revenues		933,776		—		276,035		—		—		1,209,811
Costs and expenses:
Cost of sales - propane and other gas liquids sales		541,746		—		687		—		—		542,433
Cost of sales - midstream operations		—		—		215,192		—		—		215,192
Cost of sales - other		5,562		—		28,927		—		—		34,489
Operating expense		215,328		—		19,058		3,015		(3,223)		234,178
Depreciation and amortization expense		36,868		—		14,206		143		—		51,217
General and administrative expense		24,588		5		3,461		—		—		28,054
Equipment lease expense		13,510		—		185		—		—		13,695
Non-cash employee stock ownership plan compensation charge		7,993		—		—		—		—		7,993
Asset impairments		—		—		10,005		—		—		10,005
Loss on asset sales and disposals		1,463		—		38,681		—		—		40,144
Operating income (loss)		86,718		(5)		(54,367)		(3,158)		3,223		32,411
Interest expense		(41,606)		—		(22,924)		(1,724)		—		(66,254)
Other income (expense), net		623		—		572		3,223		(3,223)		1,195
Earnings (loss) before income taxes		45,735		(5)		(76,719)		(1,659)		—		(32,648)
Income tax expense		72		—		132		—		—		204
Equity in earnings (loss) of subsidiary		(78,515)		—		—		—		78,515		—
Net earnings (loss)		(32,852)		(5)		(76,851)		(1,659)		78,515		(32,852)
Other comprehensive income		9,829		—		—		—		—		9,829
Comprehensive income (loss)	$	(23,023)	$	(5)	$	(76,851)	$	(1,659)	$	78,515	$	(23,023)

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FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	For the six months ended January 31, 2019
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	98,494	$	(5)	$	24,696	$	(80,899)	$	(82,000)	$	(39,714)
Cash flows from investing activities:
Business acquisitions, net of cash acquired		(5,069)		—		—		—		—		(5,069)
Capital expenditures		(58,330)		—		—		—		—		(58,330)
Proceeds from sale of assets		1,960		—		—		—		—		1,960
Cash collected for purchase of interest in accounts receivable		—		—		—		710,497		(710,497)		—
Cash remitted to Ferrellgas, L.P. for accounts receivable		—		—		—		(792,497)		792,497		—
Net changes in advances with consolidated entities		(56,291)		—		—		—		56,291		—
Other		—		—		—		—		—		—
Net cash provided by (used in) investing activities		(117,730)		—		—		(82,000)		138,291		(61,439)
Cash flows from financing activities:
Distributions		(25,568)		—		—		—		—		(25,568)
Payments on long-term debt		(1,014)		—		—		—		—		(1,014)
Net reductions in short-term borrowings		(32,800)		—		—		—		—		(32,800)
Net additions to collateralized short-term borrowings		—		—		—		82,000		—		82,000
Net changes in advances with parent		—		5		(24,624)		80,910		(56,291)		—
Cash paid for financing costs		(210)		—		—		(11)		—		(221)
Net cash provided by (used in) financing activities		(59,592)		5		(24,624)		162,899		(56,291)		22,397
Net change in cash and cash equivalents		(78,828)		—		72		—		—		(78,756)
Cash and cash equivalents - beginning of year		119,133		1		174		—		—		119,308
Cash and cash equivalents - end of year	$	40,305	$	1	$	246	$	—	$	—	$	40,552

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FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	For the six months ended January 31, 2018
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	(57,734)	$	(5)	$	13,335	$	120,563	$	(97,000)	$	(20,841)
Cash flows from investing activities:
Business acquisitions, net of cash acquired		(14,862)		—		—		—		—		(14,862)
Capital expenditures		(34,391)		—		(1,302)		—		—		(35,693)
Proceeds from sale of assets		4,207		—		—		—		—		4,207
Cash collected for purchase of interest in accounts receivable		—		—		—		574,783		(574,783)		—
Cash remitted to Ferrellgas, L.P. for accounts receivable		—		—		—		(671,783)		671,783		—
Net changes in advances with consolidated entities		132,748		—		—		—		(132,748)		—
Net cash provided by (used in) investing activities		87,702		—		(1,302)		(97,000)		(35,748)		(46,348)
Cash flows from financing activities:
Distributions		(35,380)		—		—		—		—		(35,380)
Proceeds from increase in long-term debt		23,580		—		—		—		—		23,580
Payments on long-term debt		(1,267)		—		—		—		—		(1,267)
Net reductions in short-term borrowings		(7,879)		—		—		—		—		(7,879)
Net additions to collateralized short-term borrowings		—		—		—		97,000		—		97,000
Net changes in advances with parent		—		5		(12,190)		(120,563)		132,748		—
Cash paid for financing costs		(395)		—		—		—		—		(395)
Net cash provided by (used in) financing activities		(21,341)		5		(12,190)		(23,563)		132,748		75,659
Net change in cash and cash equivalents		8,627		—		(157)		—		—		8,470
Cash and cash equivalents - beginning of year		5,327		1		373		—		—		5,701
Cash and cash equivalents - end of year	$	13,954	$	1	$	216	$	—	$	—	$	14,171

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N.    Subsequent events

Ferrellgas, L.P. evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas, L.P.’s condensed consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements.

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FERRELLGAS FINANCE CORP.

(a wholly-owned subsidiary of Ferrellgas, L.P.)

CONDENSED BALANCE SHEETS

(unaudited)

	January 31, 2019		July 31, 2018
ASSETS
Cash	$	1,100	$	1,100
Prepaid expenses and other current assets		—		1,500
Total assets	$	1,100	$	2,600
Contingencies and commitments (Note B)
STOCKHOLDER'S EQUITY
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding	$	1,000	$	1,000
Additional paid in capital		76,452		72,552
Accumulated deficit		(76,352)		(70,952)
Total stockholder's equity	$	1,100	$	2,600

See notes to condensed financial statements.

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FERRELLGAS FINANCE CORP.

(a wholly-owned subsidiary of Ferrellgas, L.P.)

CONDENSED STATEMENTS OF OPERATIONS

(unaudited)

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
General and administrative expense	$	3,850	$	3,666	$	5,400	$	5,216
Net loss	$	(3,850)	$	(3,666)	$	(5,400)	$	(5,216)

See notes to condensed financial statements.

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FERRELLGAS FINANCE CORP.

(a wholly-owned subsidiary of Ferrellgas, L.P.)

CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)

	For the six months ended January 31,
	2019		2018
Cash flows from operating activities:
Net loss	$	(5,400)	$	(5,216)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		1,500		1,500
Cash used in operating activities		(3,900)		(3,716)
Cash flows from financing activities:
Capital contribution		3,900		3,716
Cash provided by financing activities		3,900		3,716
Net change in cash		—		—
Cash - beginning of period		1,100		1,100
Cash - end of period	$	1,100	$	1,100

See notes to condensed financial statements.

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FERRELLGAS FINANCE CORP.

(a wholly-owned subsidiary of Ferrellgas, L.P.)

(unaudited)

NOTES TO CONDENSED FINANCIAL STATEMENTS

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 condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature.

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

B.    Contingencies and commitments

The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership.

The indentures governing the senior notes agreements contains various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness and restricted payments. The restricted payments covenants require that, for the Partnership to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the Partnership be at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events, subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x, the Partnership may make restricted payments in limited amounts determined under the indentures. As of January 31, 2019, the ratio was 1.67x. As a result, it’s likely the distribution that will be made by the Partnership on June 15, 2019 for payment of interest on Ferrellgas Partners’ unsecured senior notes due 2020 will be made from capacity under the limited exception to the ratio requirement. the Partnership believes that its remaining capacity under the limited exception to the ratio requirement will allow it to make distributions to Ferrellgas Partners’ to cover interest payments on Ferrellgas Partners’ unsecured senior notes due 2020 through the maturity of those notes.

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ITEM 2.      MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

Our management’s discussion and analysis of financial condition and results of operations relates to Ferrellgas Partners and the operating partnership.

Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp. have nominal assets, do not conduct any operations and have no employees other than officers. Ferrellgas Partners Finance Corp. serves as co-issuer and co-obligor for debt securities of Ferrellgas Partners while Ferrellgas Finance Corp. serves as co-issuer and co-obligor for debt securities of the operating partnership. Accordingly, and due to the reduced disclosure format, a discussion of the results of operations, liquidity and capital resources of Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp. is not presented.

In this Item 2 of the Quarterly Report on Form 10‑Q, unless the context indicates otherwise:

· “us,” “we,” “our,” “ours,” “consolidated,” or "Ferrellgas" are references exclusively to Ferrellgas Partners, L.P. together with its consolidated subsidiaries, including Ferrellgas Partners Finance Corp., Ferrellgas, L.P. and Ferrellgas Finance Corp., except when used in connection with “common units,” in which case these terms refer to Ferrellgas Partners, L.P. without its consolidated subsidiaries;

· “Ferrellgas Partners” refers to Ferrellgas Partners, L.P. itself, without its consolidated subsidiaries;

· the “operating partnership” refers to Ferrellgas, L.P., together with its consolidated subsidiaries, including Ferrellgas Finance Corp.;

· our “general partner” refers to Ferrellgas, Inc.;

· “Ferrell Companies” refers to Ferrell Companies, Inc., the sole shareholder of our general partner;

· “unitholders” refers to holders of common units of Ferrellgas Partners;

· "GAAP" refers to accounting principles generally accepted in the United States;

· “retail sales” refers to Propane and other gas liquid sales: Retail - Sales to End Users or the volume of propane sold primarily to our residential, industrial/commercial and agricultural customers;

· “wholesale sales” refers to Propane and other gas liquid sales: Wholesale - Sales to Resellers or the volume of propane sold primarily to our portable tank exchange customers and bulk propane sold to wholesale customers;

· “other gas sales” refers to Propane and other gas liquid sales: Other Gas Sales or the volume of bulk propane sold to other third party propane distributors or marketers and the volume of refined fuel sold;

· “propane sales volume” refers to the volume of propane sold to our retail sales and wholesale sales customers;

· “Notes” refers to the notes of the condensed consolidated financial statements of Ferrellgas Partners or the operating partnership, as applicable;

Ferrellgas Partners is a holding entity that conducts no operations and has two direct subsidiaries, Ferrellgas Partners Finance Corp. and the operating partnership. Ferrellgas Partners’ only significant assets are its approximate 99% limited partnership interest in the operating partnership and its 100% equity interest in Ferrellgas Partners Finance Corp. The

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common units of Ferrellgas Partners are listed on the New York Stock Exchange and our activities are primarily conducted through 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, except for interest expense related to the senior notes co-issued by Ferrellgas Partners and Ferrellgas Partners Finance Corp.

Our general partner performs all management functions for us and our subsidiaries and holds a 1% general partner interest in Ferrellgas Partners and an approximate 1% general partner interest in the operating partnership. The parent company of our general partner, Ferrell Companies, beneficially owns approximately 23% of our outstanding common units. Ferrell Companies is owned 100% by an employee stock ownership trust.

We file annual, quarterly, and other reports and information with the Securities and Exchange Commission (the "SEC"). You may read and download our SEC filings over the Internet from several commercial document retrieval services as well as at the SEC’s website at www.sec.gov. Because our common units are traded on the New York Stock Exchange under the ticker symbol “FGP,” we also provide our SEC filings and particular other information to the New York Stock Exchange. You may obtain copies of these filings and such other information at the offices of the New York Stock Exchange located at 11 Wall Street, New York, New York 10005. In addition, our SEC filings are available on our website at www.ferrellgas.com at no cost as soon as reasonably practicable after our electronic filing or furnishing thereof with the SEC. Please note that any Internet addresses provided in this Quarterly Report on Form 10‑Q are for informational purposes only and are not intended to be hyperlinks. Accordingly, no information found and/or provided at such Internet addresses is intended or deemed to be incorporated by reference herein.

The following is a discussion of our historical financial condition and results of operations and should be read in conjunction with our historical consolidated financial statements and accompanying Notes thereto included in our Annual Report on Form 10‑K for fiscal 2018 and in our historical condensed consolidated financial statements and accompanying Notes thereto included elsewhere in this Quarterly Report on Form 10‑Q.

The discussions set forth in the “Results of Operations” and “Liquidity and Capital Resources” sections generally refer to Ferrellgas Partners and its consolidated subsidiaries. However, in these discussions there exists one material difference between Ferrellgas Partners and the operating partnership: because Ferrellgas Partners has outstanding $357 million in aggregate principal amount of 8.625% senior notes due fiscal 2020, the two partnerships incur different amounts of interest expense on their outstanding indebtedness. See the statements of operations in their respective condensed consolidated financial statements.

Cautionary Note Regarding Forward-looking Statements

Statements included in this report include forward-looking statements. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. These statements often use words such as “anticipate,” “believe,” “intend,” “plan,” “projection,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” or the negative of those terms or other variations of them or comparable terminology. These statements often discuss plans, strategies, events or developments that we expect or anticipate will or may occur in the future and are based upon the beliefs and assumptions of our management and on the information currently available to them. In particular, statements, express or implied, concerning our future operating results or our ability to generate sales, income or cash flow are forward-looking statements.

Forward-looking statements are not guarantees of performance. You should not put undue reliance on any forward-looking statements. All forward-looking statements are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially from those expressed in or implied by these forward-looking statements. Many of the factors that will affect our future results are beyond our ability to control or predict. Some of the risk factors that may affect our business, financial condition or results of operations include:

· the effect of weather conditions on the demand for propane;

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· the prices of wholesale propane, motor fuel and crude oil;

· disruptions to the supply of propane;

· competition from other industry participants and other energy sources;

· energy efficiency and technology advances;

· adverse changes in our relationships with our national tank exchange customers;

· significant delays in the collection of accounts or notes receivable;

· customer, counterparty, supplier or vendor defaults;

· changes in demand for, and production of, hydrocarbon products;

· increased trucking and rail regulations;

· inherent operating and litigation risks in gathering, transporting, handling and storing propane;

· our inability to complete acquisitions or to successfully integrate acquired operations;

· costs of complying with, or liabilities imposed under, environmental, health and safety laws;

· the impact of pending and future legal proceedings;

· the interruption, disruption, failure or malfunction of our information technology systems including due to cyber attack;

· the impact of changes in tax law that could adversely affect the tax treatment of Ferrellgas Partners for federal income tax purposes;

· economic and political instability, particularly in areas of the world tied to the energy industry; and

· disruptions in the capital and credit markets.

When considering any forward-looking statement, you should also keep in mind the risk factors set forth in “Item 1A. Risk Factors” of our Annual Report on Form 10‑K for fiscal 2018. Any of these risks could impair our business, financial condition or results of operations. Any such impairment may affect our ability to make distributions to our unitholders or pay interest on the principal of any of our debt securities. In addition, the trading price of our securities could decline as a result of any such impairment.

Except for our ongoing obligations to disclose material information as required by federal securities laws, we undertake no obligation to update any forward-looking statements or risk factors after the date of this Quarterly Report on Form 10‑Q.

Recent developments

Debt and interest expense reduction and refinancing strategy

We continue to execute on a strategy to further reduce our debt and interest expense. This strategy included entering into the new Senior Secured Credit Facility and amending its accounts receivable securitization facility in May 2018 and

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certain asset sales during fiscal 2018. We continue to evaluate our options to address our leverage. We are in the process of engaging a financial advisor to assist us in addressing our upcoming debt maturities.

Financial covenants

The indenture governing the outstanding notes of Ferrellgas Partners and the agreements governing the operating partnership’s indebtedness contain various covenants that limit our ability and its subsidiaries to, among other things, make restricted payments and incur additional indebtedness. Our general partner believes that the most restrictive of these covenants are those related to the consolidated fixed charge coverage ratio, as defined in the indenture governing the outstanding notes of Ferrellgas Partners.

Consolidated fixed charge coverage ratio - Ferrellgas Partners, L.P., the master limited partnership

Under the Ferrellgas Partners indenture, before a restricted payment (as defined in the indenture) can be made by Ferrellgas Partners, Ferrellgas Partners must satisfy a consolidated fixed charge coverage ratio requirement or have unused capacity under a limited exception to the ratio requirement. If Ferrellgas Partners is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to Ferrellgas Partners common unitholders.

The restricted payments covenant requires that, for Ferrellgas Partners to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of Ferrellgas Partners be at least 1.75x, on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events, subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x, Ferrellgas Partners may make restricted payments of up to $50.0 million in total over a sixteen quarter period. As of January 31, 2019, the ratio was 1.38x. As a result of distributions paid to common unitholders in September 2017, December 2017, March 2018, June 2018, and September 2018 while this ratio was less than 1.75x, Ferrellgas Partners has used substantially all of its capacity under the limited exception and therefore is currently restricted by this covenant from making future restricted payments, including distributions to common unitholders. Accordingly, no distributions will be paid to common unitholders in March 2019 for the three months ended January 31, 2019. Unless this indenture is amended or replaced, or our consolidated fixed charge coverage ratio improves to at least 1.75x, this covenant will continue to restrict us from making common unit distributions.

Consolidated fixed charge coverage ratio - Ferrellgas, L.P., the operating partnership

Under the operating partnership indentures, before a restricted payment (as defined in the indentures) can be made by the operating partnership to Ferrellgas Partners, the operating partnership must satisfy a consolidated fixed charge coverage ratio requirement or have unused capacity under a limited exception to the ratio requirement. If the operating partnership is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to Ferrellgas Partners common unitholders or make interest payments on Ferrellgas Partners’ unsecured senior notes due 2020.

The restricted payments covenants require that, for the operating partnership to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the operating partnership be at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events, subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x, the operating partnership may make restricted payments in limited amounts determined under the indentures. As of January 31, 2019, the ratio was 1.67x. As a result, it’s likely the distribution that will be made by the operating partnership on June 15, 2019 for payment of interest on Ferrellgas Partners’ unsecured senior notes due 2020 will be made from capacity under the limited exception to the ratio requirement. The operating partnership believes that its remaining capacity under the limited exception to the ratio requirement will allow it to make distributions to Ferrellgas Partners’ to cover interest payments on Ferrellgas Partners’ unsecured senior notes due 2020 through the maturity of those notes.

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Distributions

As discussed above, no distributions will be paid to common unitholders in March 2019 for the three months ended January 31, 2019. Unless the indenture governing the outstanding Ferrellgas Partners notes is amended or replaced, if our consolidated fixed charge coverage ratio under that indenture does not improve to at least 1.75x, this covenant will not allow us to make common unit distributions for our quarter ending January 31, 2019 and beyond.

How We Evaluate Our Operations

We evaluate our overall business performance based primarily on Adjusted EBITDA. We do not utilize depreciation, depletion and amortization expense in our key measures, because we focus our performance management on cash flow generation and our revenue generating assets have long useful lives.

Propane operations and related equipment sales

Based on our propane sales volumes in fiscal 2018, we believe that we are the second largest retail marketer of propane in the United States and a leading national provider of propane by portable tank exchange. We serve residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia and Puerto Rico. Our operations primarily include the distribution and sale of propane and related equipment and supplies with concentrations in the Midwest, Southeast, Southwest and Northwest regions of the United States.

We use information on temperatures to understand how our results of operations are affected by temperatures that are warmer or colder than normal. Normal temperatures computed by us are the average of the last 10 years of information published by the National Oceanic and Atmospheric Administration. Based on this information we calculate a ratio of actual heating degree days to normal heating degree days. Heating degree days are a general indicator of weather impacting propane usage.

Weather conditions have a significant impact on demand for propane for heating purposes primarily during the months of November through March (the “winter heating season”). Accordingly, the volume of propane used by our customers for this purpose is directly affected by the severity of the winter weather in the regions we serve and can vary substantially from year to year. In any given region, sustained warmer-than-normal temperatures will tend to result in reduced propane usage, while sustained colder-than-normal temperatures will tend to result in greater usage. Although there is a strong correlation between weather and customer usage, general economic conditions in the United States and the wholesale price of propane can have a significant impact on this correlation. Additionally, there is a natural time lag between the onset of cold weather and increased sales to customers. If the United States were to experience a cooling trend we could expect nationwide demand for propane to increase which could lead to greater sales, income and liquidity availability. Conversely, if the United States were to experience a continued warming trend, we could expect nationwide demand for propane for heating purposes to decrease which could lead to a reduction in our sales, income and liquidity availability as well as impact our ability to maintain compliance with our debt covenants.

We employ risk management activities that 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. We attempt to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. We enter into propane sales commitments with a portion of our customers that provide for a contracted price agreement for a specified period of time. These commitments can expose us to product price risk if not immediately hedged with an offsetting propane purchase commitment.

Our open financial derivative propane purchase commitments are designated as hedges primarily for fiscal 2019 and 2020 sales commitments and, as of January 31, 2019, have experienced net mark-to-market losses of approximately $9.3 million. Because these financial derivative purchase commitments qualify for hedge accounting treatment, the resulting asset, liability and related mark-to-market gains or losses are recorded on the condensed consolidated balance sheets as “Prepaid expenses and other current assets,” "Other assets, net," “Other current liabilities,” "Other liabilities" and “Accumulated other comprehensive loss,” respectively, until settled. Upon settlement, realized gains or losses on these contracts will be reclassified to “Cost of sales-propane and other gas liquid sales” in the condensed consolidated

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statements of operations as the underlying inventory is sold. These financial derivative purchase commitment net losses are expected to be offset by increased margins on propane sales commitments that qualify for the normal purchase normal sale exception. At January 31, 2019, we estimate 78% of currently open financial derivative purchase commitments, the related propane sales commitments and the resulting gross margin will be realized into earnings during the next twelve months.

Summary Discussion of Results of Operations:

Items Impacting the Comparability of Our Financial Results

Our current and future results of operations will not be comparable to our historical results of operations for the periods presented due to the following transactions:

· During the fourth quarter of fiscal 2018, we completed the sale of a subsidiary and a group of assets within the Midstream operations segment. The subsidiary sold was Bridger Environmental LLC, which encompassed all saltwater disposal activities previously operated by us. The group of assets sold included all assets, excluding working capital, associated with the crude oil trucking operations previously operated by us. Additionally, the sale included two crude oil injection terminals.

· During the third quarter of fiscal 2018, we sold all 1,292 rail tank cars utilized in our Midstream operations segment.

· During the second quarter of fiscal 2018, we completed the sale of Bridger Energy, LLC, included in our Midstream operations segment.

· During the fourth quarter of fiscal 2018, we completed the sale of a group of assets encompassing an immaterial reporting unit within our Propane operations segment that sold lower margin propane related equipment.

· Operating loss and adjusted EBITDA associated with these divestitures in the three months ended January 31, 2018 was $51.4 million and $3.9 million, respectively. Operating loss and adjusted EBITDA associated with these divestitures in the six months ended January 31, 2018 was $54.4 million and $11.1 million, respectively.

For the three months ended January 31, 2019 and 2018

During the three months ended January 31, 2019, we generated net earnings attributable to Ferrellgas Partners L.P. of $43.3 million, compared to net loss attributable to Ferrellgas Partners L.P. of $1.8 million during the three months ended January 31, 2018.

Our propane operations and related equipment sales segment generated operating income of $108.1 million during the three months ended January 31, 2019, compared to operating income of $101.8 million earned during the three months ended January 31, 2018. The increase in operating income is primarily due to a $10.0 million impairment of goodwill related to an immaterial reporting unit that was not repeated in the current period and a $9.3 million increase in “Gross margin – Propane and other gas liquid sales”, partially offset by a $5.0 million decrease in “Gross margin – other”, a $3.9 million increase in "Operating, general and administrative expense", and a $1.7 million increase in "Equipment lease expense". The increase in "Operating, general and administrative expense" and "Gross margin - Propane and other gas liquid sales" primarily resulted from a 4% increase in retail customer count and related gallons sold. The impact of the sale of a group of assets that sold lower margin propane related equipment at the end of fiscal 2018 resulted in the decrease in "Gross margin - other". The increase in “Equipment lease expense” is due to both continued investment in new propane delivery trucks to serve our expanding customer base and to reduce the age of our fleet. In addition, we purchased new propane delivery trucks as discussed in “Distributable cash flow attributable to equity investors”.

Our corporate and other operations recognized an operating loss of $19.4 million during the three months ended January 31, 2019, compared to an operating loss of $61.7 million during the three months ended January 31, 2018. This

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decrease in operating loss was primarily due to a $42.3 million operating loss related to our midstream operations in fiscal 2018.

“Interest expense” for Ferrellgas increased $2.2 million primarily due to increased interest rates on our secured credit facility.

Distributable cash flow attributable to equity investors decreased to $52.7 million in the current period from $79.2 million in the prior period primarily due to an $21.5 million increase in our maintenance capital expenditures. This increase in maintenance capital expenditures primarily relates to the purchase of new propane delivery trucks which have historically been leased.

Distributable cash flow excess decreased to $51.7 million in the current period from $67.9 million in the prior period, primarily due to an $21.5 million increase in our maintenance capital expenditures, as discussed above, partially offset by a $9.7 million decrease in distributions to common unitholders.

For the six months ended January 31, 2019 and 2018

During the six months ended January 31, 2019, we generated net loss attributable to Ferrellgas Partners L.P. of $13.7 million, compared to net loss attributable to Ferrellgas Partners L.P. of $49.8 million during the six months ended January 31, 2018.

Our propane operations and related equipment sales segment generated operating income of $115.0 million during the six months ended January 31, 2019, compared to operating income of $113.0 million earned during the six months ended January 31, 2018. The increase in operating income is primarily due to a $16.8 million increase in “Gross margin – Propane and other gas liquid sales” and a $10.0 million impairment of goodwill related to an immaterial reporting unit that was not repeated in the current period, partially offset by a $10.6 million increase in "Operating, general and administrative expense", a $8.2 million decrease in "Gross margin - other", and a $3.1 million increase in "Equipment lease expense". The increase in "Operating, general and administrative expense" and "Gross margin - Propane and other gas liquid sales" primarily resulted from a 4% increase in retail customer count. The impact of the sale of a group of assets that sold lower margin propane related equipment at the end of fiscal 2018 resulted in the decrease in "Gross margin - other". The increase in “Equipment lease expense” is due to both continued investment in new propane delivery trucks to serve our expanding customer base and to reduce the age of our fleet. In addition, we purchased new propane delivery trucks as discussed in “Distributable cash flow attributable to equity investors”.

Our corporate and other operations recognized an operating loss of $39.8 million during the six months ended January 31, 2019, compared to an operating loss of $80.6 million recognized during the six months ended January 31, 2018. This decrease in operating loss was primarily due to a $42.4 million operating loss related to our midstream operations in fiscal 2018, partially offset by increased corporate costs of $1.6 million.

“Interest expense” for Ferrellgas increased $5.3 million primarily due to increased interest rates on our secured credit facility.

Distributable cash flow attributable to equity investors decreased to $25.3 million in the current period from $59.9 million in the prior period primarily due to a $18.2 million increase in our maintenance capital expenditures, a $9.2 million decrease in our Adjusted EBITDA related to midstream operations in fiscal 2018 and a $4.8 million increase in cash interest expense. This increase in maintenance capital expenditures primarily relates to the purchase of new propane delivery trucks, which have historically been leased.

Distributable cash flow excess decreased to $15.1 million in the current period from $39.3 million in the prior period, primarily due to a $18.2 million increase in our maintenance capital expenditures, a $9.2 million decrease in our Adjusted EBITDA related to midstream operations in fiscal 2018 and a $4.8 million increase in cash interest expense, partially offset by a $9.7 million decrease in distributions to common unitholders.

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Consolidated Results of Operations

	Three months ended January 31,				Six months ended January 31,
(amounts in thousands)	2019		2018		2019		2018
Total revenues	$	573,377	$	755,156	$	925,686	$	1,209,811
Total cost of sales		314,953		490,772		522,136		792,114
Operating expense		121,219		123,716		231,550		234,178
Depreciation and amortization expense		19,605		25,485		38,597		51,217
General and administrative expense		16,342		14,891		30,521		28,055
Equipment lease expense		8,415		6,954		16,278		13,695
Non-cash employee stock ownership plan compensation charge		1,944		4,031		4,692		7,993
Asset impairments		—		10,005		—		10,005
Loss on asset sales and disposals		2,216		39,249		6,720		40,144
Operating income		88,683		40,053		75,192		32,410
Interest expense		(44,891)		(42,673)		(88,769)		(83,480)
Other income, net		86		684		105		1,195
Earnings (loss) before income taxes		43,878		(1,936)		(13,472)		(49,875)
Income tax expense (benefit)		3		(162)		161		215
Net earnings (loss)		43,875		(1,774)		(13,633)		(50,090)
Net earnings (loss) attributable to noncontrolling interest		531		69		38		(332)
Net earnings (loss) attributable to Ferrellgas Partners, L.P.		43,344		(1,843)		(13,671)		(49,758)
Less: General partner's interest in net earnings (loss)		433		(19)		(137)		(498)
Common unitholders' interest in net earnings (loss)	$	42,911	$	(1,824)	$	(13,534)	$	(49,260)

Non-GAAP Financial Measures

In this Quarterly Report we present three primary non-GAAP financial measures: Adjusted EBITDA, Distributable cash flow attributable to equity investors, and Distributable cash flow attributable to common unitholders.

Adjusted EBITDA. Adjusted EBITDA is calculated as net loss attributable to Ferrellgas Partners, L.P., less the sum of the following: income tax expense (benefit), interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, loss on asset sales and disposals, other income, net, severance costs, legal fees and settlements, multi-employer pension withdrawal settlement, unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments, and net loss attributable to noncontrolling interest. Management believes the presentation of this measure is relevant and useful because it allows investors to view the partnership’s performance in a manner similar to the method management uses, adjusted for items management believes makes it easier to compare its results with other companies that have different financing and capital structures. This method of calculating Adjusted EBITDA may not be consistent with that of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP.

Distributable Cash Flow Attributable to Equity Investors. Distributable cash flow attributable to equity investors is calculated as Adjusted EBITDA minus net cash interest expense, maintenance capital expenditures and cash paid for taxes, plus proceeds from asset sales. Management considers distributable cash flow attributable to equity investors a meaningful measure of the partnership’s ability to declare and pay quarterly distributions to equity investors. Distributable cash flow attributable to equity investors, as management defines it, may not be comparable to distributable cash flow attributable to equity investors or similarly titled measurements used by other corporations and partnerships. Items added into our calculation of distributable cash flow attributable to equity investors that will not occur on a continuing basis may have associated cash payments. Distributable cash flow attributable to equity investors may not be consistent with that of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP.

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Distributable Cash Flow Attributable to Common Unitholders. Distributable cash flow attributable to common unitholders is calculated as Distributable cash flow attributable to equity investors minus distributable cash flow attributable to general partner and noncontrolling interest. Management considers distributable cash flow attributable to common unitholders a meaningful measure of the partnership’s ability to declare and pay quarterly distributions to common unitholders. Distributable cash flow attributable to common unitholders, as management defines it, may not be comparable to distributable cash flow attributable to common unitholders or similarly titled measurements used by other corporations and partnerships. Items added into our calculation of distributable cash flow attributable to common unitholders that will not occur on a continuing basis may have associated cash payments. Distributable cash flow attributable to common unitholders may not be consistent with that of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP.

The following table summarizes EBITDA, Adjusted EBITDA, Distributable cash flow attributable to equity investors and Distributable cash flow attributable to common unitholders for the three and six months ended January 31, 2019 and 2018, respectively:

	Three months ended January 31,				Six months ended January 31,
(amounts in thousands)	2019		2018		2019		2018
Net earnings (loss) attributable to Ferrellgas Partners, L.P.	$	43,344	$	(1,843)	$	(13,671)	$	(49,758)
Income tax expense (benefit)		3		(162)		161		215
Interest expense		44,891		42,673		88,769		83,480
Depreciation and amortization expense		19,605		25,485		38,597		51,217
EBITDA		107,843		66,153		113,856		85,154
Non-cash employee stock ownership plan compensation charge		1,944		4,031		4,692		7,993
Assets impairments		—		10,005		—		10,005
Loss on asset sales and disposals		2,216		39,249		6,720		40,144
Other income, net		(86)		(684)		(105)		(1,195)
Severance costs		1,600		—		1,600		1,663
Legal fees and settlements		5,608		2,118		9,172		2,118
Multi-employer pension plan withdrawal settlement		—		—		1,524		—
Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments		—		(314)		—		1,293
Net earnings (loss) attributable to noncontrolling interest		531		69		38		(332)
Adjusted EBITDA		119,656		120,627		137,497		146,843
Net cash interest expense (a)		(41,679)		(39,734)		(82,578)		(77,791)
Maintenance capital expenditures (b)		(26,147)		(4,640)		(31,532)		(13,344)
Cash refund from (paid for) taxes		4		(6)		2		(12)
Proceeds from certain asset sales		899		2,999		1,960		4,207
Distributable cash flow attributable to equity investors		52,733		79,246		25,349		59,903
Distributable cash flow attributable to general partner and non-controlling interest		(1,055)		(1,585)		(507)		(1,198)
Distributable cash flow attributable to common unitholders		51,678		77,661		24,842		58,705
Less: Distributions paid to common unitholders		—		(9,716)		(9,715)		(19,431)
Distributable cash flow excess (c)	$	51,678	$	67,945	$	15,127	$	39,274

(a) Net cash interest expense is the sum of interest expense less non-cash interest expense and other income (expense), net. This amount includes interest expense related to the accounts receivable securitization facility.

(b) Maintenance capital expenditures include capitalized expenditures for betterment and replacement of property, plant and equipment.

(c) Distributable cash flow excess, if any, is retained to establish reserves to reduce debt, fund capital expenditures and for other partnership purposes.

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Segment Operating Results for the three months ended January 31, 2019 and 2018

Propane operations and related equipment sales

The following table summarizes propane sales volumes and the Adjusted EBITDA results of our propane operations and related equipment sales segment for the periods indicated:

	2019		2018		Increase (Decrease)
As of January 31,
Retail customers		706,741		681,671		25,070	4	%
Tank exchange selling locations		53,740		48,791		4,949	10	%
(amounts in thousands)
Three months ended January 31,
Propane sales volumes (gallons):
Retail - Sales to End Users		239,044		235,071		3,973	2	%
Wholesale - Sales to Resellers		70,655		74,942		(4,287)	(6)	%
		309,699		310,013		(314)	(0)	%
Revenues -
Propane and other gas liquids sales:
Retail - Sales to End Users	$	415,827		417,472	$	(1,645)	(0)	%
Wholesale - Sales to Resellers		115,392		128,654		(13,262)	(10)	%
Other Gas Sales (a)		18,893		46,113		(27,220)	(59)	%
Other (b)		23,265		45,641		(22,376)	(49)	%
Propane and related equipment revenues	$	573,377	$	637,880	$	(64,503)	(10)	%
Gross Margin -
Propane and other gas liquids sales: (c)
Retail - Sales to End Users (a)	$	192,747	$	182,129	$	10,618	6	%
Wholesale - Sales to Resellers (a)		45,834		47,192		(1,358)	(3)	%
Other (b)		19,843		24,854		(5,011)	(20)	%
Propane and related equipment gross margin		258,424		254,175		4,249	2	%
Operating, general and administrative expense (d)		121,217		117,306		3,911	3	%
Equipment lease expense		8,053		6,375		1,678	26	%
Operating income		108,101		101,767		6,334	6	%
Depreciation and amortization expense		18,995		18,167		828	5	%
Loss on asset sales and disposals		2,058		555		1,503	NM
Asset impairments		—		10,005		(10,005)	NM
Severance costs		690		—		690	NM
Adjusted EBITDA	$	129,844	$	130,494	$	(650)	(0)	%

(a) Gross margin for Other Gas Sales is allocated to Gross margin "Retail - Sales to End Users" and "Wholesale - Sales to Resellers" based on the volumes in each respective category.

(b) Other primarily includes appliance and material sales, and to a lesser extent various customer fee income.

(c) Gross margin from "Propane and other gas liquids sales" represents "Revenues - Propane and other gas liquids sales" less "Cost of sales - Propane and other gas liquids sales" and does not include depreciation and amortization.

(d) Operating, general, and administrative expenses are included in the calculation of Adjusted EBITDA. General and administrative expenses include only certain items that were directly attributable to the propane operations and related equipment sales segment.

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Propane sales volumes during the three months ended January 31, 2019 essentially remained even with the prior year period due to increased sales to retail customers of 4.0 million gallons, offset by a decrease of 4.3 million gallons to wholesale customers. The increase in propane sales volumes to retail customers was primarily due to the 4% increase in retail customer count.

Weather in the more highly concentrated geographic areas we serve for the three months ended January 31, 2018 was approximately 2% colder than normal, and 1% colder than the prior year period. Retail gallons increased due to efforts to increase market share and to a lesser extent colder weather.

Our wholesale sales price per gallon largely correlates to the change in the wholesale market price of propane. The Mt. Belvieu, Texas major supply point during the three months ended January 31, 2019 averaged 26% less than the prior year period, while at the Conway, Kansas major supply point prices averaged 32% less than the prior period. The wholesale market price at Mt. Belvieu, Texas averaged $0.70 and $0.95 per gallon during the three months ended January 31, 2019 and 2018, respectively, while the wholesale market price at Conway, Kansas averaged $0.61 and $0.90 per gallon during the three months ended January 31, 2019 and 2018, respectively. We believe this decrease in the wholesale cost of propane contributed to our decrease in revenues, but an increase in gross margin.

Revenues

Retail sales decreased $1.6 million compared to the prior period. This decrease resulted from an $8.7 million decrease in sales price per gallon, partially offset by $7.1 million in increased sales volumes, as discussed above.

Wholesale sales decreased $13.3 million compared to the prior period. This decrease primarily resulted from a $12.1 million decrease in sales price per gallon, as discussed above. Additionally, price per gallon decreased due to the impact of increased competitive pressures.

Other gas sales decreased $27.2 million compared to the prior year period primarily due to a decrease in sales volume.

Other revenues decreased $22.4 million compared to the prior year period primarily due to the sale of our lower margin propane related equipment business at the end of fiscal 2018.

Gross margin - Propane and other gas liquids sales

Gross margin increased $9.3 million due to both the increase in gross margin per gallon and gallon sales, both as discussed above. The increase in retail gross margin of $10.6 million resulted from an increase in gross margin per gallon and to a lesser extent increases in retail customer counts, both as discussed above. The $1.3 million decrease in wholesale gross margin primarily relates to decreased gross margin per gallon due to the impact of increased competitive pressures on the sales price per gallon, as discussed above.

Gross margin - other

Gross margin decreased $5.0 million compared to the prior year period primarily due to the sale of our lower margin propane related equipment business at the end of fiscal 2018.

Operating income

Operating income increased $6.3 million primarily due to a $10.0 million impairment of goodwill related to an immaterial reporting unit that was not repeated in the current period and a $9.3 million increase in “Gross margin – Propane and other gas liquid sales”, as discussed above, partially offset by a $5.0 million decrease in “Gross margin – other” and a $3.9 million increase in "Operating, general and administrative expense", as discussed above, and a $1.7 million increase in "Equipment lease expense". "Operating, general and administrative expense" increased primarily due to a $5.9 million increase in field personnel costs and a $1.7 million increase in general liability and workers compensation costs, partially offset by $3.4 million of costs incurred in the prior year period related to a business sold in

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fiscal 2018. Equipment lease expense increased due to both continued investment in new propane delivery trucks to serve our expanding customer base and to reduce the age of our fleet.

Adjusted EBITDA

Adjusted EBITDA decreased $0.7 million primarily due to a $5.0 million decrease in “Gross margin – other”, a $3.5 million increase in "Operating, general and administrative expense", and a $1.7 million increase in "Equipment lease expense", partially offset by a $9.3 million increase in "Gross margin - Propane and other gas liquid sales", all as discussed above. "Operating, general and administrative expense" increased primarily due to a $5.2 million increase in field personnel costs, and a $1.7 million increase in general liability and worker compensation costs, partially offset by $3.4 million of costs incurred in the prior year period related to a business sold in fiscal 2018.

Corporate and other operations

The following table summarizes the financial results of our corporate operations for the periods indicated. Prior period amounts also include results of our midstream operations.

(amounts in thousands)
Three months ended January 31,	2019		2018		Increase (Decrease)
Volumes (barrels):
Crude oil hauled		—		11,065		(11,065)	NM
Crude oil sold		—		1,556		(1,556)	NM
Salt water volume processed		—		4,851		(4,851)	NM
Revenues -
Crude oil logistics	$	—	$	15,886	$	(15,886)	NM
Crude oil sales		—		97,646		(97,646)	NM
Other		—		3,744		(3,744)	NM
	$	—	$	117,276	$	(117,276)	NM
Gross margin (a) -
Crude oil logistics	$	—	$	6,550	$	(6,550)	NM
Crude oil sales		—		2,365		(2,365)	NM
Other		—		1,294		(1,294)	NM
		—		10,209		(10,209)	NM
Operating, general and administrative expense		16,344		21,301		(4,957)	(23)	%
Equipment lease expense		362		579		(217)	(37)	%
Operating loss		(19,418)		(61,714)		42,296	(69)	%
Depreciation and amortization expense		610		7,318		(6,708)	(92)	%
Non-cash employee stock ownership plan compensation charge		1,944		4,031		(2,087)	(52)	%
Loss on asset sales and disposals		158		38,694		(38,536)	NM
Severance costs		910		—		910	NM
Unrealized (non-cash) losses on changes in fair value of derivatives		—		(314)		314	NM
Legal fees and settlements		5,608		2,118		3,490	165	%
Adjusted EBITDA	$	(10,188)	$	(9,867)	$	(321)	3	%

NM - Not meaningful

(a) Gross margin represents "Revenues - Midstream operations" less "Cost of sales - Midstream operations" and does not include depreciation and amortization.

In various dispositions that occurred during fiscal 2018, we sold our midstream businesses, thus much of the significant variances reported above result from the cessation of the midstream business by the end of fiscal 2018.

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Operating loss

Operating loss decreased by $42.3 million during the three months ended January 31, 2019 as compared to the three months ended January 31, 2018. This decrease in operating loss was primarily due to the $42.1 million operating loss related to our midstream operations in fiscal 2018 and decreased corporate costs of $0.2 million. Corporate costs decreased primarily due to a $2.1 million decrease in non-cash employee stock ownership plan compensation costs, $0.4 million decrease in depreciation and amortization, and $0.1 million decrease in equipment lease expense, partially offset by a $2.4 million increase in legal costs.

Adjusted EBITDA

Adjusted EBITDA decreased $0.3 million primarily due to the $2.3 million decrease in Adjusted EBITDA related to our midstream operations in fiscal 2018, offset by a $2.0 million increase in Adjusted EBITDA related to corporate costs. Corporate costs decreased primarily due to $1.1 million decrease in legal costs and $0.1 million decrease in equipment lease expense.

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Segment Operating Results for the six months ended January 31, 2019 and 2018

Propane operations and related equipment sales

The following table summarizes propane sales volumes and the Adjusted EBITDA results of our propane operations and related equipment sales segment for the periods indicated:

	2019		2018		Increase (Decrease)
As of January 31,
Retail customers		706,741		681,671		25,070	4	%
Tank exchange selling locations		53,740		48,791		4,949	10	%
(amounts in thousands)
Six months ended January 31,
Propane sales volumes (gallons):
Retail - Sales to End Users		368,711		354,365		14,346	4	%
Wholesale - Sales to Resellers		119,615		128,371		(8,756)	(7)	%
		488,326		482,736		5,590	1	%
Revenues -
Propane and other gas liquids sales:
Retail - Sales to End Users	$	633,591	$	601,266	$	32,325	5	%
Wholesale - Sales to Resellers		209,336		227,083		(17,747)	(8)	%
Other Gas Sales (a)		42,151		66,648		(24,497)	(37)	%
Other (b)		40,608		76,778		(36,170)	(47)	%
Propane and related equipment revenues	$	925,686	$	971,775	$	(46,089)	(5)	%
Gross Margin -
Propane and other gas liquids sales: (c)
Retail - Sales to End Users (a)	$	283,222	$	260,560	$	22,662	9	%
Wholesale - Sales to Resellers (a)		86,189		92,004		(5,815)	(6)	%
Other (b)		34,139		42,289		(8,150)	(19)	%
Propane and related equipment gross margin	$	403,550	$	394,853	$	8,697	2	%
Operating, general and administrative expense (d)	$	231,548	$	221,571	$	9,977	5	%
Equipment lease expense		15,657		12,580		3,077	24	%
Operating income	$	114,968	$	112,979	$	1,989	2	%
Depreciation and amortization expense		37,336		36,255		1,081	3	%
Loss on asset sales and disposals		4,041		1,463		2,578	176	%
Asset impairments		—		10,005		(10,005)	NM
Severance costs		690		358		332	93	%
Multi-employer pension plan withdrawal settlement		1,524		—		1,524	NM
Adjusted EBITDA	$	158,559	$	161,060	$	(2,501)	(2)	%

(a) Gross margin for Other Gas Sales is allocated to Gross margin "Retail - Sales to End Users" and "Wholesale - Sales to Resellers" based on the volumes in each respective category.

(b) Other primarily includes appliance and material sales, and to a lesser extent various customer fee income.

(c) Gross margin from "Propane and other gas liquids sales" represents "Revenues - Propane and other gas liquids sales" less "Cost of sales - Propane and other gas liquids sales" and does not include depreciation and amortization.

(d) Operating, general, and administrative expenses are included in the calculation of Adjusted EBITDA. General and administrative expenses include only certain items that were directly attributable to the propane operations and related equipment sales segment.

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Propane sales volumes during the six months ended January 31, 2019 increased 1% or 5.6 million gallons, from the prior year period due to increased sales to retail customers of 14.3 million gallons, partially offset by a decrease of 8.7 million gallons to wholesale customers. The increase in propane sales volumes to retail customers was primarily due to the 4% increase in retail customer count. The decrease in propane sales to wholesale customers relates to the impact of increased competitive pressures.

Weather in the more highly concentrated geographic areas we serve for the six months ended January 31, 2018 was approximately 3% colder than normal and 3% colder than the prior year period. Retail gallons increased due to efforts to increase market share and to a lesser extent colder weather.

Our wholesale sales price per gallon largely correlates to the change in the wholesale market price of propane. The wholesale market price at major supply points in Mt. Belvieu, Texas during the six months ended January 31, 2019 averaged 6% less than the prior year period, while at the Conway, Kansas major supply point prices averaged 19% less than the prior period. The wholesale market price at Mt. Belvieu, Texas averaged $0.85 and $0.90 per gallon during the six months ended January 31, 2019 and 2018, respectively, while the wholesale market price at Conway, Kansas averaged $0.70 and $0.86 per gallon during the six months ended January 31, 2019 and 2018, respectively. We believe this decrease in the wholesale cost of propane contributed to our decrease in revenues, but an increase in gross margin.

Revenues

Retail sales increased $32.3 million compared to the prior period. This increase resulted from $24.3 million in increased sales volumes and an $8.0 million increase in sales price per gallon, both as discussed above.

Wholesale sales decreased $17.7 million compared to the prior period. This decrease primarily resulted from a $13.9 million decrease in sales price per gallon and $3.8 million due to decrease sales volumes, both as discussed above. Additionally, we believe the decrease in sales price per gallon was caused by the impact of increased competitive pressures.

Other gas sales decreased $24.5 million compared to the prior year period primarily due to decreased sales volumes.

Other revenues decreased $36.2 million compared to the prior year period primarily due to the sale of our lower margin propane related equipment business at the end of fiscal 2018.

Gross margin - Propane and other gas liquids sales

Gross margin increased $16.8 million primarily due to the increase in gallon sales, as discussed above, and to a lesser extent increased gross margin per gallon. The increase in retail gross margin of $22.7 million resulted from an increase in gross margin per gallon and to a lesser extent increases in retail customer counts, both as discussed above. The $5.9 million decrease in wholesale gross margin primarily relates to decreased gross margin per gallon due to the impact of increased competitive pressures on the sales price per gallon, as discussed above.

Gross margin - other

Gross margin decreased $8.2 million compared to the prior year period primarily due to the sale of our lower margin propane related equipment business at the end of fiscal 2018.

Operating income

Operating income increased $2.0 million primarily due to a $16.8 million increase in "Gross margin - Propane and other gas liquid sales", as discussed above, partially offset by a $10.6 million increase in "Operating, general and administrative expense", a $10.0 million impairment of goodwill related to an immaterial reporting unit that was not repeated in the current period, an $8.2 million decrease in "Gross margin - other", as discussed above, and a $3.1 million increase in "Equipment lease expense". "Operating, general and administrative expense" increased primarily due to a $10.3 million increase in field personnel costs, a $1.9 million increase in vehicle fuel costs, a $1.5 million pension

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settlement charge associated with the withdrawal from a multi-employer pension plan and a $2.6 million increase in general liability and worker compensation costs, partially offset by $6.4 million of costs incurred in the prior year period related to a business sold in fiscal 2018. Equipment lease expense increased due to both continued investment in new propane delivery trucks to serve our expanding customer base and to reduce the age of our fleet.

Adjusted EBITDA

Adjusted EBITDA decreased $2.5 million primarily due to an $8.1 million increase in "Operating, general and administrative expense", an $8.2 million decrease in "Gross margin - other" and a $3.1 million increase in "Equipment lease expense", partially offset by a $16.8 million increase in "Gross margin - Propane and other gas liquid sales", all as discussed above. "Operating, general and administrative expense" increased primarily due to a $10.0 million increase in field personnel costs, a $1.9 million increase in vehicle fuel costs and a $2.6 million increase in general liability and worker compensation costs, partially offset by $6.4 million of costs incurred in the prior year period related to a business sold in fiscal 2018.

Corporate and other operations

The following table summarizes the financial results of our corporate operations for the periods indicated. Prior period amounts also include results of our midstream operations.

(amounts in thousands)
Six months ended January 31,	2019		2018		Increase (Decrease)
Volumes (barrels):
Crude oil hauled		—		23,215		(23,215)	NM
Crude oil sold		—		3,385		(3,385)	NM
Salt water volume processed		—		9,791		(9,791)	NM
Revenues -
Crude oil logistics	$	—	$	33,227	$	(33,227)	NM
Crude oil sales		—		196,665		(196,665)	NM
Other		—		8,144		(8,144)	NM
	$	—	$	238,036	$	(238,036)	NM
Gross margin (a) -
Crude oil logistics	$	—	$	17,506	$	(17,506)	NM
Crude oil sales		—		3,014		(3,014)	NM
Other		—		2,324		(2,324)	NM
	$	—	$	22,844	$	(22,844)	NM
Operating, general, and administrative expenses	$	30,521	$	40,662	$	(10,141)	(25)	%
Equipment lease expense		621		1,115		(494)	(44)	%
Operating loss	$	(39,776)	$	(80,569)	$	40,793	(51)	%
Depreciation and amortization expense		1,261		14,962		(13,701)	(92)	%
Non-cash employee stock ownership plan compensation charge		4,692		7,993		(3,301)	(41)	%
Loss on asset sales and disposals		2,679		38,681		(36,002)	(93)	%
Legal fees and settlements		9,172		2,118		7,054	333	%
Severance costs		910		1,305		(395)	(30)	%
Unrealized (non-cash) gain on changes in fair value of derivatives not designated as hedging instruments		—		1,293		(1,293)	NM
Adjusted EBITDA	$	(21,062)	$	(14,217)	$	(6,845)	48	%

NM - Not meaningful

(a) Gross margin represents "Revenues - Midstream operations" less "Cost of sales - Midstream operations" and does not include depreciation and amortization.

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In various dispositions that occurred during fiscal 2018, we sold our midstream businesses, thus much of the significant variances reported above result from the cessation of the midstream business by the end of fiscal 2018.

Operating loss

Operating loss decreased by $40.8 million during the six months ended January 31, 2019 as compared to the six months ended January 31, 2018. This decrease in operating loss was primarily due to the $42.4 million operating loss related to our midstream operations in fiscal 2018, partially offset by increased corporate costs of $1.6 million. Corporate costs increased primarily due to a $5.5 million increase in legal costs, partially offset by a $3.3 million decrease in non-cash employee stock ownership plan compensation costs and a $0.3 million decrease in equipment lease expense.

Adjusted EBITDA

Adjusted EBITDA decreased $6.8 million primarily due to the $9.2 million in Adjusted EBITDA related to our midstream operations in fiscal 2018, partially offset by a $2.4 million decrease in corporate costs. Corporate costs decreased primarily due to a $1.6 million decrease in legal costs and a $0.3 million decrease in equipment lease expense.

Liquidity and Capital Resources

General

Our primary sources of liquidity and capital resources are cash flows from operating activities, borrowings under our secured credit facility and our accounts receivable securitization facility and funds received from sales of debt and equity securities. As of January 31, 2019, our total liquidity was $236.8 million, which is comprised of $40.6 million in cash and $196.2 million of availability under our secured credit facility. These sources of liquidity and short term capital resources are intended to fund our working capital requirements, letter of credit requirements, and acquisition and capital expenditures. Our access to long term capital resources, in order to address our leverage, may be affected by our ability to access the capital markets, covenants in our debt agreements, unforeseen demands on cash, or other events beyond our control. We are in the process of engaging a financial advisor to assist us in addressing our upcoming debt maturities.

Financial Covenants

As more fully described in Item 2. Management’s Discussion and Analysis under the subheading “Financial Covenants”, the indenture governing the outstanding notes of Ferrellgas Partners and the agreements governing the operating partnership’s indebtedness contain various covenants that limit our ability to, among other things, incur additional indebtedness and make distribution payments to our common unitholders. Given the limitations of these covenants, we continue to execute on a strategy to reduce our debt and interest expense. If we are unsuccessful with our strategy to further reduce debt and interest expense, we will continue to be restricted from making distribution payments to our common unitholders.

We may not meet the applicable financial tests in future quarters if we were to experience:

· significantly warmer than normal temperatures during the winter heating season;

· significant and sustained increases in the wholesale cost of propane that we are unable to pass along to our customers;

· a more volatile energy commodity cost environment;

· an unexpected downturn in business operations;

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· a significant delay in the collection of accounts or notes receivable;

· a failure to execute our debt and interest expense reduction and refinancing initiatives;

· a change in customer retention or purchasing patterns due to economic or other factors in the United States;

· a material downturn in the credit and/or equity markets; or

· a large uninsured, unfavorable lawsuit judgment or settlement.

We may seek additional capital as part of our debt reduction strategy.

As discussed above, no distributions will be paid to common unitholders for the three months ended January 31, 2019. Unless the indenture governing the outstanding notes is amended or replaced, or the Ferrellgas Partners’ consolidated fixed charge coverage ratio does improves to at least 1.75x, this covenant will continue to restrict us from making common unit distributions.

Distributable Cash Flow

Distributable cash flow to equity investors is reconciled to net loss attributable to Ferrellgas Partners, L.P. in Item 2. Management’s Discuss and Analysis under the subheading "Non-GAAP Financial Measures." A comparison of distributable cash flow to distributions paid for the twelve months ended January 31, 2019 to the twelve months ended October 31, 2018 is as follows (in thousands):

	Distributable		Cash reserves		Cashdistributions
	Cash Flowto		(deficiency) approved		paid to
	equity investors		by our GeneralPartner		equity investors		DCF ratio
Six months ended January 31, 2019	$	25,349	$	15,277	$	10,072
For the year ended July 31, 2018		62,904		22,934		39,970
Less: Six months ended January 31, 2018		59,903		39,919		19,984
Twelve months ended January 31, 2019	$	28,350	$	(1,708)	$	30,058	0.94
Twelve months ended October 31, 2018		54,863		14,891		39,972	1.37
Change	$	(26,513)	$	(16,599)	$	(9,914)	(0.43)

For the twelve months ended January 31, 2019, distributable cash flow attributable to equity investors decreased $26.5 million compared to the twelve months ended October 31, 2018, primarily due to the purchase of new propane delivery trucks funded through cash on hand. Cash distributions paid to equity investors decreased by $9.9 million during that twelve month period because no distributions have been made for the six months ended January 31, 2019. Our distribution coverage ratio decreased to 0.94 for the twelve months ended January 31, 2019, compared with the twelve months ended October 31, 2018. Cash reserves, which we utilize to meet future anticipated expenditures, decreased by $1.7 million during the twelve months ended January 31, 2019 compared to an increase of $14.9 million in the twelve months ended October 31, 2018.

We believe that the liquidity available from our cash on hand, cash flows from operating activities, our senior secured credit facility, and the accounts receivable securitization facility, combined with our other debt and interest expense reduction initiatives, will be sufficient to meet our capital expenditure, working capital and letter of credit requirements.

During periods of high volatility, our risk management activities may expose us to the risk of counterparty margin calls in amounts greater than we have the capacity to fund. Likewise our counterparties may not be able to fulfill their margin calls from us or may default on the settlement of positions with us.

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Our working capital requirements are subject to, among other things, the price of propane, delays in the collection of receivables, volatility in energy commodity prices, liquidity imposed by insurance providers, downgrades in our credit ratings, decreased trade credit, significant acquisitions, the weather, customer retention and purchasing patterns and other changes in the demand for propane. Relatively colder weather or higher propane prices during the winter heating season are factors that could significantly increase our working capital requirements.

Our ability to satisfy our obligations is dependent upon our future performance, which will be subject to prevailing weather, economic, financial and business conditions and other factors, many of which are beyond our control. Due to the seasonality of the retail propane distribution business, a significant portion of our propane operations and related products cash flows from operations is generated during the winter heating season. Our net cash provided by operating activities primarily reflects earnings from our business activities adjusted for depreciation and amortization and changes in our working capital accounts. Historically, we generate significantly lower net cash from operating activities in our first and fourth fiscal quarters as compared to the second and third fiscal quarters due to the seasonality of our propane operations and related equipment sales operations.

Operating Activities

Ferrellgas Partners

Net cash used in operating activities was $55.1 million for the six months ended January 31, 2019, compared to net cash used in operating activities of $36.3 million for the six months ended January 31, 2018. This decrease in cash provided by operating activities was primarily due to a $20.8 million decrease in cash flow from operations and a $3.2 million outflow associated with other assets and other liabilities, partially offset by a $5.2 million decrease in working capital requirements.

The decrease in cash flow from operations is primarily due to a $14.1 million decrease in gross margin, as well as a net increase in "General and administrative expense" and "Equipment lease expense" of $5.0 million, and a $5.3 million increase in "Interest expense," due to increased interest rates on our secured credit facility.

The decrease in working capital requirements for the six months ended January 31, 2019 compared to the six months ended January 31, 2018 was primarily due to a $23.6 million decrease in requirements for accounts receivable in our propane operations and related equipment sales segment due to declining propane prices in the current quarter partially offset by increases in the volume of propane sold, a $11.2 million decrease in requirements for inventory primarily resulting from increases in crude oil inventory in the six months ended January 31, 2018, and a $4.9 million increase in accounts payable, partially offset by $22.3 million increase in requirements for other current liabilities due primarily to an increase in margin deposits paid by us during the six months ended January 31, 2019 compared to the six months ended January 31, 2018 and a $11.7 million increase in prepaid expenses and other current assets.

The operating partnership

Net cash used in operating activities was $39.7 million for the six months ended January 31, 2019, compared to net cash used in operating activities of $20.8 million for the six months ended January 31, 2018. This decrease in cash provided by operating activities was primarily due to a $20.9 million decrease in cash flow from operations and a $2.9 million outflow associated with other assets and other liabilities, partially offset by a $4.9 million decrease in working capital requirements.

The decrease in cash flow from operations is primarily due to a $14.1 million decrease in gross margin, as well as a net increase in "General and administrative expense" and "Equipment lease expense" of $5.0 million, and a $5.1 million increase in "Interest expense," due to increased interest rates on our secured credit facility.

The increase in working capital requirements for the six months ended January 31, 2019 compared to the six months ended January 31, 2018 was primarily due to a $23.6 million decrease in requirements for accounts receivable in our propane operations and related equipment sales segment due to declining propane prices in the current quarter partially offset by increases in the volume of propane sold, a $11.2 million decrease in requirements for inventory primarily

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resulting from increases in crude oil inventory in the six months ended January 31, 2018, and a $4.9 million increase in accounts payable, partially offset by $22.6 million increase in requirements for other current liabilities due primarily to an increase in margin deposits paid by us during the six months ended January 31, 2019 compared to the six months ended January 31, 2018 and a $11.7 million increase in prepaid expenses and other current assets.

Investing Activities

Ferrellgas Partners

Capital Requirements

Our business requires continual investments to upgrade or enhance existing operations and to ensure compliance with safety and environmental regulations. Capital expenditures for our business consist primarily of:

· Maintenance capital expenditures. These capital expenditures include expenditures for betterment and replacement of property, plant and equipment rather than to generate incremental distributable cash flow. Examples of maintenance capital expenditures include a routine replacement of a worn-out asset or replacement of major vehicle components; and

· Growth capital expenditures. These expenditures are undertaken primarily to generate incremental distributable cash flow. Examples include expenditures for purchases of both bulk and portable propane tanks and other equipment to facilitate expansion of our customer base and operating capacity.

Net cash used in investing activities was $61.4 million for the six months ended January 31, 2019, compared to net cash used in investing activities of $46.3 million for the six months ended January 31, 2018. This increase in net cash used in investing activities is primarily due to a $22.6 million increase in "Capital expenditures", partially offset by a $9.8 million decrease in "Business acquisitions, net of cash acquired".

The increase in "Capital expenditures" is primarily due to an increase in maintenance capital expenditures, and to a lesser extent an increase in growth capital expenditures, in our Propane operations and related equipment sales segment during the six months ended January 31, 2019. The increase in maintenance capital expenditures is primarily related to the purchase of new propane delivery trucks funded through cash on hand, compared to the six months ended January 31, 2018. Funding for these trucks has historically been secured through lease financing. The increase in growth capital expenditures is primarily due to the construction of new Blue Rhino production plants in the first quarter. The increase is also due to the continued rise in the number of cylinders and cages purchased to support increases in tank exchange sales and selling locations, as well as the number of cylinders purchased for industrial and commercial forklift sales.

The decrease in "Business acquisitions, net of cash acquired" is attributable to five immaterial acquisitions by our Propane operations and related equipment sales segment during the six months ended January 31, 2019 compared to the acquisitions completed during the six months ended January 31, 2018.

Due to the mature nature of our Propane operations and related equipment sales operations segment, we do not anticipate significant fluctuations in maintenance capital expenditures, with the exception of future decisions regarding lease versus buy financing options. However, future fluctuations in growth capital expenditures could occur due to the opportunistic nature of these projects.

On February 20, 2019, we received full payment for our $8.5 million secured promissory note due in May 2020 from Bridger Energy, LLC.

The operating partnership

The investing activities discussed above also apply to the operating partnership.

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Financing Activities

Ferrellgas Partners

Net cash provided by financing activities was $37.9 million for the six months ended January 31, 2019, compared to net cash provided by financing activities of $91.1 million for the six months ended January 31, 2018. This decrease in cash flow provided by financing activities was primarily due to a $23.6 million decrease in proceeds from long-term debt and a $24.9 million net decrease in proceeds from short-term borrowings.

Distributions

During the six months ended January 31, 2019, Ferrellgas Partners paid quarterly a per unit distribution on all common units of $0.10 in connection with the distributions declared for the three month period ended July 31, 2018. No distribution on common units or the related general partner distribution was made for the three month period ended October 31, 2018.

Total distributions paid to common unitholders during the six months ended January 31, 2019, including the related general partner distributions, was $9.8 million. As discussed above, no distribution on common units or the related general partner distribution was made in December 2018 and will not be made in March 2019 for the six months ended January 31, 2019 or for any future quarterly period until Ferrellgas Partners’ fixed charge coverage ratio is at least 1.75x, or the indenture governing the notes of Ferrellgas Partners is amended or replaced.

Secured credit facility

The Senior Secured Credit Facility consists of a $300.0 million revolving line of credit (the "Revolving Facility") as well as a $275.0 million term loan (the "Term Loan"), which mature on May 4, 2023. Revolving Facility borrowings bear interest at the Prime Rate + 4.75% and Term Loan borrowings bear interest at LIBOR + 5.75%. The Revolving Facility includes a $125.0 million sublimit for the issuance of letters of credit. Borrowings under the Senior Secured Credit Facility are available for working capital needs, capital expenditures and other general partnership purposes, including the refinancing of existing indebtedness and acquisitions, within certain limits.

The Term Loan does not include any scheduled principal payments and the Revolving Facility does not have any scheduled commitment reductions before maturity; however, the Term Loan requires prepayments pursuant to the following: 1) certain asset sales, 2) 50% of any excess cash flow, as defined by the Term Loan, in any fiscal year beginning with fiscal year 2019, 3) certain insurance proceeds, and 4) certain tax refunds.

The Senior Secured Credit Facility is secured with substantially all of the assets of the operating partnership and its subsidiaries, and Ferrellgas Partners’ and the general partner’s partnership interests in the operating partnership, and contains various affirmative and negative covenants and default provisions, as well as requirements with respect to the maintenance of specified financial ratios and limitations on the making of loans and investments.

As of January 31, 2019, the operating partnership had borrowings of $275.0 million under the Term Loan at a rate of 8.27%, which was classified as long-term debt, and no borrowings under the Revolving Facility. As of January 31, 2019, Ferrellgas had available borrowing capacity under the Revolving Facility of $196.2 million. As of July 31, 2018, the operating partnership had borrowings of $275.0 million under the Term Loan at a rate of 7.86%, which was classified as long-term debt, and $32.8 million under the Revolving Facility at a rate of 9.75%, which was classified as short-term borrowings. As of July 31, 2018, Ferrellgas had available borrowing capacity under its Revolving Facility of $159.3 million.

Letters of credit outstanding at January 31, 2019 totaled $103.8 million and were used to secure insurance arrangements, product purchases, and commodity hedges. At January 31, 2019, we had remaining letter of credit capacity of $21.2 million.

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Accounts receivable securitization

Ferrellgas Receivables is a consolidated subsidiary. Expenses associated with accounts receivable securitization transactions are recorded in “Interest expense” in the condensed consolidated statements of operations. Additionally, borrowings and repayments associated with these transactions are recorded in “Cash flows from financing activities” in the condensed consolidated statements of cash flows.

Cash flows from our accounts receivable securitization facility decreased $15.0 million, as we received net funding of $82.0 million from this facility during the six months ended January 31, 2019 as compared to receiving net funding of $97.0 million from this facility during the six months ended January 31, 2018.

Our utilization of the accounts receivable securitization facility is limited by the amount of accounts receivable that we are permitted to securitize according to the facility agreement. As of January 31, 2019, we had received cash proceeds of $140.0 million related to the securitization of our trade accounts receivable, with no remaining capacity receive additional proceeds. As of January 31, 2019, the weighted average interest rate was 5.3%. As our trade accounts receivable increase during the winter heating season, the securitization facility permits us to receive greater proceeds as eligible trade accounts receivable increase, thereby providing additional cash for working capital needs.

The operating partnership

The financing activities discussed above also apply to the operating partnership except for cash flows related to distributions, as discussed below.

Distributions

The operating partnership paid cash distributions of $25.6 million and $35.4 million during the six months ended January 31, 2019 and 2018, respectively. The operating partnership will not make any distributions related to the three month period ended January 31, 2019.

Disclosures about Effects of Transactions with Related Parties

We have no employees and are managed and controlled by our general partner. Pursuant to our partnership agreements, our general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on our behalf, and all other necessary or appropriate expenses allocable to us or otherwise reasonably incurred by our general partner in connection with operating our business. These reimbursable costs, which totaled $76.5 million for the six months ended January 31, 2019, include operating expenses such as compensation and benefits paid to employees of our general partner who perform services on our behalf as well as related general and administrative expenses.

Related party common unitholder information consisted of the following:

		Distributions
	Common unit	(in thousands)
	ownership at	paid during the six months ended
	January 31, 2019	January 31, 2019
Ferrell Companies (1)	22,529,361	$	2,253
FCI Trading Corp. (2)	195,686		20
Ferrell Propane, Inc. (3)	51,204		5
James E. Ferrell (4)	4,763,475		476

(1) Ferrell Companies is the owner of the general partner and is an approximate 23% direct owner of Ferrellgas Partners’ common units and thus a related party. Ferrell Companies also beneficially owns 195,686 and 51,204 common units of Ferrellgas Partners held by FCI Trading Corp. ("FCI Trading") and Ferrell Propane, Inc. ("Ferrell Propane"), respectively, bringing Ferrell Companies’ beneficial ownership to 23.4% at January 31, 2019.

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

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

(4) James E. Ferrell is the Interim Chief Executive Officer and President of the general partner; and is Chairman of the Board of Directors of the general partner and thus a related party. JEF Capital Management owns 4,758,859 of these common units and is wholly-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 4,616 common units are held by Ferrell Resources Holding, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary.

During the six months ended January 31, 2019, Ferrellgas Partners and the operating partnership together paid the general partner distributions of $0.4 million.

As discussed previously, Ferrellgas Partners was not in compliance with the consolidated fixed charge coverage ratio under its note indenture, and thus was unable to make restricted payments, including distributions to unitholders.

ITEM 3.      QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We did not enter into any risk management trading activities during the six months ended January 31, 2019. Our remaining market risk sensitive instruments and positions have been determined to be “other than trading.”

Commodity price risk management

Our 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. We attempt to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts.

Our risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to our 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 our gains or losses in the physical product markets are offset by our losses or gains in the forward or financial markets. Propane related financial derivatives are designated as cash flow hedges.

Our risk management activities include the use of financial derivative instruments including, but not limited to, price swaps, options, futures and basis swaps to seek protection from adverse price movements and to minimize potential losses. We enter into these financial derivative instruments directly with third parties in the over-the-counter market and with brokers who are clearing members with the Intercontinental Exchange or the Chicago Mercantile Exchange. We also enter 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 our financial statements until settled.

Transportation Fuel Price Risk

From time to time, our risk management activities also attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations. When employed, we attempt to mitigate these price risks through the use of financial derivative instruments.

When employed, our risk management strategy involves taking positions in the financial markets that are not more than the forecasted purchases of fuel for our internal use in the retail and supply propane delivery fleet in order to minimize the risk of decreased earnings from an adverse price change. This risk management strategy locks in our purchase price and is successful when our gains or losses in the physical product markets are offset by our losses or gains in the financial markets. Our transport fuel financial derivatives are not designated as cash flow hedges.

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Risk Policy and Sensitivity Analysis

Market risks associated with energy commodities are monitored daily by senior management for compliance with our commodity risk management policy. This policy includes an aggregate dollar loss limit and limits on the term of various contracts. We also utilize volume limits for various energy commodities and review our positions daily where we remain exposed to market risk, so as to manage exposures to changing market prices.

We have prepared a sensitivity analysis to estimate the exposure to market risk of our energy commodity positions. Forward contracts, futures, swaps and options outstanding as of January 31, 2019 and July 31, 2018, that were used in our risk management activities were analyzed assuming a hypothetical 10% adverse change in prices for the delivery month for all energy commodities. The potential loss in future earnings from these positions due to a 10% adverse movement in market prices of the underlying energy commodities was estimated at $11.4 million and $13.7 million as of January 31, 2019 and July 31, 2018, respectively. The preceding hypothetical analysis is limited because changes in prices may or may not equal 10%, thus actual results may differ. Our sensitivity analysis does not include the anticipated transactions associated with these transactions, which we anticipate will be 100% effective.

Credit risk

We maintain credit policies with regard to our counterparties that we believe significantly minimize overall credit risk. These policies include an evaluation of counterparties’ financial condition (including credit ratings), and entering into agreements with counterparties that govern credit guidelines.

Our other counterparties consist of major energy companies who are suppliers, marketers, wholesalers, retailers, end users and financial institutions. The overall impact due to certain changes in economic, regulatory and other events may impact our overall exposure to credit risk, either positively or negatively in that counterparties may be similarly impacted. Based on our policies, exposures, credit and other reserves, management does not anticipate a material adverse effect on financial position or results of operations as a result of counterparty performance.

Interest rate risk

At January 31, 2019, we had a total of $415.0 million in variable rate secured credit facility and collateralized note payable borrowings. Thus, assuming a one percent increase in our variable interest rate, our interest rate risk related to these borrowings would result in a reduction to future earnings of $4.2 million for the twelve months ending January 31, 2019. The preceding hypothetical analysis is limited because changes in interest rates may or may not equal one percent, thus actual results may differ. Our results of operations, cash flows and financial condition could be materially adversely affected by significant increases in interest rates.

ITEM 4.      CONTROLS AND PROCEDURES

An evaluation was performed by the management of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P., and Ferrellgas Finance Corp., with the participation of the principal executive officer and principal financial officer of our general partner, of the effectiveness of our disclosure controls and procedures. Based on that evaluation, our management, including our principal executive officer and principal financial officer, concluded that our disclosure controls and procedures, as defined in Rules 13a‑15(e) or 15d‑15(e) under the Exchange Act, were effective.

The management of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P., and Ferrellgas Finance Corp. does not expect that our disclosure controls and procedures will prevent all errors and all fraud. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Based on the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the above mentioned partnerships and corporations have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple errors or mistakes. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of

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future events. Therefore, a control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Our disclosure controls and procedures are designed to provide such reasonable assurances of achieving our desired control objectives, and the principal executive officer and principal financial officer of our general partner have concluded, as of January 31, 2019, that our disclosure controls and procedures are effective in achieving that level of reasonable assurance.

During the most recent fiscal quarter ended January 31, 2019, there have been no changes in our internal control over financial reporting (as defined in Rule 13a‑15(f) or Rule 15d‑15(f) of the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1.      LEGAL PROCEEDINGS

Our 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.

We have been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits, which were consolidated in the Western District of Missouri on October 16, 2014, allege that we and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Federal Court for the Western District of Missouri initially dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs filed an appeal, which resulted in a reversal of the district court’s dismissal. We filed a petition for a writ of certiorari which was denied. An appeal by the indirect customer plaintiffs resulted in the court appeals affirming the dismissal of the federal claims and remanding the case to the district court to decide whether to exercise supplemental jurisdiction over the remaining state law claims. We believe we have strong defenses to the claims and intend to vigorously defend against the consolidated case. We do not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit.

We have been named, along with several former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas and several current and former officers and directors as defendants. On April 2, 2018, the securities class action lawsuits were dismissed with prejudice. On April 30, 2018, the plaintiffs filed a notice of appeal to the United States Court of Appeals for the Second Circuit. The parties have completed briefing and are preparing for oral argument. At this time the derivative lawsuits remain stayed by agreement. We believe that we have defenses and will vigorously defend these cases. We do not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative actions.

We and Bridger Logistics, LLC, have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“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

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from rail onto barges. Eddystone alleges that we 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 under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas. We believe that we and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, we believe that the amount of such damage claims, if ultimately owed to Eddystone, could be material. We intend to vigorously defend this claim. The lawsuit is in its early stages; as such, management does not currently believe a loss is probable or reasonably estimable at this time. On August 24, 2017, we filed a third-party complaint against JTS, Jamex Transfer Holdings, and other related persons and entities (the "Third-Party Defendants"), asserting claims for breach of contract, indemnification of any losses in the EDPA Lawsuit, tortious interference with contract, and contribution. On June 25, 2018, we entered into an agreement with the Third-Party Defendants which, among other things, resulted in a dismissal of the claims against the Third-Party Defendants from the lawsuit. On January 25, 2019, Ferrellgas, Bridger Logistics, LLC and all other defendants filed a Motion to Dismiss Plaintiff’s First Amended Complaint for Lack of Subject Matter Jurisdiction.

ITEM 1A.   RISK FACTORS

There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10‑K for fiscal 2018.

ITEM 2.      UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.      DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.      MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.      OTHER INFORMATION

None.

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ITEM 6.      EXHIBITS

The exhibits listed below are furnished as part of this Quarterly Report on Form 10‑Q. Exhibits required by Item 601 of Regulation S-K of the Securities Act, which are not listed, are not applicable.

Exhibit  Number	Description
3.1	Certificate of Limited Partnership of Ferrellgas Partners, L.P. Incorporated by reference to Exhibit 3.1 to our Annual Report on Form 10‑K filed September 29, 2015.
3.2	Fifth Amended and Restated Agreement of Limited Partnership Agreement of Ferrellgas Partners, L.P. Incorporated by reference to Exhibit 3.14 to our Quarterly Report on Form 10-Q filed June 7, 2018.
3.3	Certificate of Incorporation of Ferrellgas Partners Finance Corp. filed with the Delaware Division of Corporations on March 28, 1996. Incorporated by reference to Exhibit 3.6 to our registration statement on Form S‑3 filed March 6, 2009.
3.4	Bylaws of Ferrellgas Partners Finance Corp. adopted as of April 1, 1996. Incorporated by reference to Exhibit 3.7 to our registration statement on Form S‑3 filed March 6, 2009.
3.5	Certificate of Limited Partnership of Ferrellgas, L.P. Incorporated by reference to Exhibit 3.9 to our Annual Report on Form 10‑K filed September 29, 2015.
3.6	Third Amended and Restated Agreement of Limited Partnership of Ferrellgas, L.P. dated as of April 7, 2004. Incorporated by reference to Exhibit 3.5 to our registration statement on Form S‑3 filed March 6, 2009.
3.7	Certificate of Incorporation of Ferrellgas Finance Corp. filed with the Delaware Division of Corporations on January 16, 2003. Incorporated by reference to Exhibit 3.8 to our registration statement on Form S‑3 filed March 6, 2009.
3.8	Bylaws of Ferrellgas Finance Corp. adopted as of January 16, 2003. Incorporated by reference to Exhibit 3.9 to our registration statement on Form S‑3 filed March 6, 2009.
4.1	Specimen Certificate evidencing Common Units representing Limited Partner Interests. Incorporated by reference to Exhibit A of Exhibit 3.1 to our registration statement on Form S‑3 filed March 6, 2009.
4.2	Indenture dated as of November 4, 2013 with form of Note attached, by and among Ferrellgas, L.P., Ferrellgas Finance Corp. and U.S. Bank National Association, as trustee, relating to $475 million aggregate amount of the Registrant’s 6 3/4% Senior Notes due 2022. Incorporated by reference to Exhibit 4.1 to our Current Report on Form 8‑K filed November 5, 2013; File No. 001‑11331; 000‑50182; 000‑50183 and 333‑06693.
4.3	Indenture dated as of April 13, 2010, among Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp. and U.S. Bank National Association, as trustee, relating to $280 million aggregate amount of the Registrant’s 8 5/8% Senior Notes due 2020. Incorporated by reference to Exhibit 4.1 to our Current Report on Form 8‑K filed April 13, 2010; File No. 001‑11331; 000‑50182; 000‑50183 and 333‑06693.
4.4	First Supplemental Indenture dated as of April 13, 2010, with form of Note attached, by and among Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp. and U.S. Bank National Association, as trustee, relating to $280 million aggregate amount of the Registrant’s 8 5/8% Senior Notes due 2020. Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8‑K filed April 13, 2010; File No. 001‑11331; 000‑50182; 000‑50183 and 333‑06693.
4.5	Second Supplemental Indenture dated as of January 30, 2017, by and among Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp. and U.S. Bank National Association, as trustee. Incorporated by reference to Exhibit 4.3 to our Current Report on Form 8‑K filed January 30, 2017.
4.6	Indenture dated as of November 24, 2010, by and among Ferrellgas, L.P., Ferrellgas Finance Corp. and U.S. Bank National Association, as trustee, relating to $500 million aggregate amount of the Registrant’s 6 1/2% Senior Notes due 2021. Incorporated by reference to Exhibit 4.1 to our Current Report on Form 8‑K filed November 30, 2010; File No. 001‑11331; 000‑50182; 000‑50183 and 333‑06693.
4.7	Registration Rights Agreement dated as of December 17, 1999, by and between Ferrellgas Partners, L.P. and Williams Natural Gas Liquids, Inc. Incorporated by reference to Exhibit 4.6 to our Annual Report on Form 10‑K filed September 29, 2014.

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4.8	First Amendment to Registration Rights Agreement dated as of March 14, 2000, by and between Ferrellgas Partners, L.P. and Williams Natural Gas Liquids, Inc. Incorporated by reference to Exhibit 4.7 to our Annual Report on Form 10‑K filed September 29, 2014.
4.9	Second Amendment to Registration Rights Agreement dated as of April 6, 2001, by and between Ferrellgas Partners, L.P. and The Williams Companies, Inc. Incorporated by reference to Exhibit 4.8 to our Annual Report on Form 10‑K filed September 29, 2014.
4.10	Third Amendment to Registration Rights Agreement dated as of June 29, 2005, by and between Ferrellgas Partners, L.P. and JEF Capital Management, Inc. Incorporated by reference to Exhibit 4.13 to our Quarterly Report on Form 10‑Q filed June 9, 2010; File No. 001‑11331; 000‑50182; 000‑50183 and 333‑06693.
4.11	Indenture, dated June 8, 2015, by and among Ferrellgas, L.P., Ferrellgas, Finance Corp. the subsidiary guarantors party thereto, and U.S. Bank National Association, as trustee, relating to $500 million aggregate amount of the Registrant’s 6 3/4% Senior Notes due 2023. Incorporated by reference to Exhibit 4.1 to our Current Report on Form 8‑K filed June 8, 2015.
4.12	Registration Rights Agreement dated as of January 30, 2017 by and among Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the initial purchasers referred to therein. Incorporated by reference to Exhibit 4.4 to our Current Report on Form 8‑K filed January 30, 2017.
10.1	Credit Agreement dated as of November 2, 2009, among Ferrellgas, L.P. as the borrower, Ferrellgas, Inc. as the general partner of the borrower, Bank of America, N.A. as administrative agent, swing line lender and L/C issuer, and the lenders party hereto. Incorporated by reference to Exhibit 10.1 to our Annual Report on Form 10‑K filed September 29, 2014.
10.2	Amendment No. 1 to Credit Agreement dated as of September 23, 2011, by and among Ferrellgas, L.P. as the borrower, Ferrellgas, Inc. as the general partner of the borrower, Bank of America, N.A. as administrative agent, swing line lender and L/C issuer, and the lenders party hereto. Incorporated by reference to Exhibit 10.2 to our Annual Report on Form 10‑K filed September 26, 2011; File No. 001‑11331; 000‑50182; 000‑50183 and 333‑06693.
10.3	Amendment No. 2 to Credit Agreement dated as of October 21, 2013, by and among Ferrellgas, L.P. as the borrower, Ferrellgas, Inc. as the general partner of the borrower, Bank of America, N.A. as administrative agent, swing line lender and L/C issuer, and the lenders party hereto. Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8‑K filed October 23, 2013; File No. 001‑11331; 000‑50182; 000‑50183 and 333‑06693.
10.4	Amendment No. 3 to Credit Agreement dated as of June 6, 2014, by and among Ferrellgas, L.P. as the borrower, Ferrellgas, Inc. as the general partner of the borrower, Bank of America, N.A. as administrative agent, swing line lender and L/C issuer, and the lenders party hereto. Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8‑K filed June 9, 2014.
10.5	Amendment No. 4 to Credit Agreement and Amendment No. 2 to Security Agreement, dated as of May 29, 2015, by and among Ferrellgas, L.P. as the borrower, Ferrellgas, Inc. as the general partner of the borrower, Bank of America, N.A. as administrative agent, swing line lender and L/C issuer, and the lenders party hereto. Incorporated by reference to Exhibit 10.5 to our Quarterly Report on Form 10‑Q filed June 9, 2015.
10.6	Amendment No. 5 to Credit Agreement dated as of September 27, 2016, by and among Ferrellgas, L.P. as the borrower, Ferrellgas, Inc. as the general partner of the borrower, Bank of America, N.A. as administrative agent, swing line lender and L/C issuer, and the lenders party hereto. Incorporated by reference to Exhibit 10.37 to our Current Report on Form 10‑K filed September 28, 2016.
10.7	Amendment No. 6 to Credit Agreement and Amendment No. 3 to Security Agreement, dated as of April 28, 2017, by and among Ferrellgas, L.P. as the borrower, Ferrellgas, Inc. as the general partner of the borrower, Bank of America, N.A. as administrative agent, swing line lender and L/C issuer, and the lenders party hereto. Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8‑K filed May 2, 2017.
+10.8	Financing Agreement, dated as of May 4, 2018, among Ferrellgas, L.P., Ferrellgas, Inc., as the general partner of Ferrellgas, L.P., certain subsidiaries of Ferrellgas, L.P., as guarantors, the lenders party thereto, TPG Specialty Lending, Inc. as administrative agent, collateral agent and lead arranger, and PNC Bank, National Association, as syndication agent. Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8‑K filed September 7, 2018.

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10.9	Amended and Restated Receivable Sale Agreement dated as of January 19, 2012, between Ferrellgas, L.P. and Blue Rhino Global Sourcing, Inc., as originators, and Ferrellgas Receivables, LLC, as buyer. Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8‑K filed January 20, 2012; File No. 001‑11331; 000‑50182; 000‑50183 and 333‑06693.
10.10	Receivables Purchase Agreement dated as of January 19, 2012, among Ferrellgas Receivables, LLC, as seller, Ferrellgas, L.P., as servicer, the purchasers from time to time party hereto, Fifth Third Bank and SunTrust Bank, as co-agents, and Wells Fargo Bank, N.A., as administrative agent. Incorporated by reference to Exhibit 10.2 to our Current Report on Form 8‑K filed January 20, 2012; File No. 001‑11331; 000‑50182; 000‑50183 and 333‑06693.
10.11	First Amendment to Receivables Purchase Agreement dated as of April 30, 2012, among Ferrellgas Receivables, LLC, as seller, Ferrellgas, L.P., as servicer, the purchasers from time to time party hereto, Fifth Third Bank and SunTrust Bank, as co-agents, and Wells Fargo Bank, N.A., as administrative agent. Incorporated by reference to Exhibit 10.5 to our Quarterly Report on Form 10‑Q filed June 8, 2012; File No. 001‑11331; 000‑50182; 000‑50183 and 333‑06693.
10.12	Second Amendment to Receivables Purchase Agreement dated as of April 1, 2014, among Ferrellgas Receivables, LLC, as seller, Ferrellgas, L.P., as servicer, the purchasers from time to time party hereto, Fifth Third Bank and SunTrust Bank, as co-agents, and Wells Fargo Bank, N.A., as administrative agent. Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8‑K filed April 4, 2014.
10.13	Third Amendment to Receivables Purchase Agreement dated as of July 27, 2016, among Ferrellgas Receivables, LLC, as seller, Ferrellgas, L.P., as servicer, the purchasers from time to time party hereto, Fifth Third Bank and SunTrust Bank, as co-agents, and Wells Fargo Bank, N.A., as administrative agent. Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8‑K filed July 27, 2016.
10.14	Fourth Amendment to Receivables Purchase Agreement dated as of September 27, 2016, among Ferrellgas Receivables, LLC, as seller, Ferrellgas, L.P., as servicer, the purchasers from time to time party hereto, Fifth Third Bank and SunTrust Bank, as co-agents, and Wells Fargo Bank, N.A., as administrative agent. Incorporated by reference to Exhibit 10.38 to our Current Report on Form 10‑K filed September 28, 2016.
10.15	Amendment No. 5 to Receivables Purchase Agreement dated as of April 28, 2017, among Ferrellgas Receivables, LLC, as seller, Ferrellgas, L.P., as servicer, the purchasers from time to time party hereto, Fifth Third Bank and SunTrust Bank, as co-agents, and Wells Fargo Bank, N.A., as administrative agent. Incorporated by reference to Exhibit 10.2 to our Current Report on Form 8‑K filed May 2, 2017.
+ 10.16	Amendment No. 7 to Receivables Purchase Agreement, dated as of May 14, 2018, among Ferrellgas Receivables, LLC, as seller, Ferrellgas, L.P., as servicer, the purchasers party thereto, Fifth Third Bank and PNC Bank, National Association, as co-agents, and Wells Fargo Bank, N.A. as administrative agent. Incorporated by reference to Exhibit 10.2 to our Current Report on Form 8‑K filed September 7, 2018.
# 10.17	Ferrell Companies, Inc. Supplemental Savings Plan, as amended and restated effective January 1, 2010. Incorporated by reference to Exhibit 10.14 to our Quarterly Report on Form 10‑Q filed March 10, 2010; File No. 001‑11331; 000‑50182; 000‑50183 and 333‑06693.
# 10.18	Ferrell Companies, Inc. 1998 Incentive Compensation Plan, as amended and restated effective October 11, 2004. Incorporated by reference to Exhibit 10.9 to our Annual Report on Form 10‑K filed September 29, 2014.
# 10.19	Amendment to Ferrell Companies, Inc. 1998 Incentive Compensation Plan, dated as of March 7, 2010. Incorporated by reference to Exhibit 10.7 to our Quarterly Report on Form 10‑Q filed June 9, 2010; File No. 001‑11331; 000‑50182; 000‑50183 and 333‑06693.
# 10.20	Employment, Confidentiality, and Noncompete Agreement dated as of July 17, 1998 by and among Ferrell Companies, Inc. as the company, Ferrellgas, Inc. as the company, James E. Ferrell as the executive and LaSalle National Bank as trustee of the Ferrell Companies, Inc. Employee Stock Ownership Trust. Incorporated by reference to Exhibit 10.11 to our Annual Report on Form 10‑K filed September 29, 2014.
# 10.21	Form of Director/Officer Indemnification Agreement, by and between Ferrellgas, Inc. and each director and executive officer. Incorporated by reference to Exhibit 10.16 to our Quarterly Report on Form 10‑Q filed March 9, 2012; File No. 001‑11331; 000‑50182; 000‑50183 and 333‑06693.
# 10.22	Ferrell Companies, Inc. 2015 Deferred Appreciation Rights Plan, dated as of July 31, 2015. Incorporated by reference to Exhibit 10.23 to our Annual Report on Form 10‑K filed September 29, 2015.

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# 10.23	Employment agreement dated July 10, 2015 by and between Ferrellgas, Inc. as the company and Alan C. Heitmann as the executive. Incorporated by reference to Exhibit 99.1 to our Current Report on Form 8‑K filed July 15, 2015.
# 10.24	Employment agreement dated as of May 28, 2015 by and between Ferrellgas, Inc. as the company and Thomas M. Van Buren as the executive. Incorporated by reference to Exhibit 10.27 to our Annual Report on Form 10‑K filed September 29, 2015.
# 10.25	Thomas M. Van Buren Agreement and Release. Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8‑K filed September 15, 2017.
10.26	Purchase Agreement dated January 24, 2017 by and among Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P., Ferrellgas, Inc. and the initial purchasers named therein. Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8‑K filed January 30, 2017.
# 10.27	Doran N. Schwartz offer letter dated as of September 8, 2017. Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8‑K filed September 22, 2017.
# 10.28	Voluntary Retirement and Release dated March 8, 2018 by and between Randy V. Schott and Ferrellgas, Inc., Ferrell Companies, Inc., Ferrellgas Partners, L.P. and Ferrellgas, L.P. Incorporated by reference to Exhibit 10.45 to our Quarterly Report on Form 10‑Q filed March 8, 2018.
* 10.29	Separation Agreement and release dated December 1, 2018 by and between Doran Schwartz and Ferrellgas, Inc., Ferrell Companies, Inc., Ferrellgas Partners, L.P. and Ferrellgas, L.P.
* 10.30	Separation Agreement and release dated December 1, 2018 by and between Trenton D. Hampton and Ferrellgas, Inc., Ferrell Companies, Inc., Ferrellgas Partners, L.P. and Ferrellgas, L.P.
* 31.1	Certification of Ferrellgas Partners, L.P. pursuant to Rule 13a‑14(a) or Rule 15d‑14(a) of the Exchange Act.
* 31.2	Certification of Ferrellgas Partners Finance Corp. pursuant to Rule 13a‑14(a) or Rule 15d‑14(a) of the Exchange Act.
* 31.3	Certification of Ferrellgas, L.P. pursuant to Rule 13a‑14(a) or Rule 15d‑14(a) of the Exchange Act.
* 31.4	Certification of Ferrellgas Finance Corp. pursuant to Rule 13a‑14(a) or Rule 15d‑14(a) of the Exchange Act.
* 32.1	Certification of Ferrellgas Partners, L.P. pursuant to 18 U.S.C. Section 1350.
* 32.2	Certification of Ferrellgas Partners Finance Corp. pursuant to 18 U.S.C. Section 1350.
* 32.3	Certification of Ferrellgas, L.P. pursuant to 18 U.S.C. Section 1350.
* 32.4	Certification of Ferrellgas Finance Corp. pursuant to 18 U.S.C. Section 1350.
* 101.INS	XBRL Instance Document.
* 101.SCH	XBRL Taxonomy Extension Schema Document.
* 101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
* 101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
* 101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
* 101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.

*Filed herewith

#Management contracts or compensatory plans.

+Confidential treatment has been granted with respect to certain portions of this exhibit. Omitted portions have been filed separately with the SEC.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		FERRELLGAS PARTNERS, L.P.
		By Ferrellgas, Inc. (General Partner)
Date:	March 8, 2019	By	/s/ William E. Ruisinger
			William E. Ruisinger
			Interim Chief Financial Officer; Treasurer (Principal Financial and Accounting Officer)
		FERRELLGAS PARTNERS FINANCE CORP.
Date:	March 8, 2019	By	/s/ William E. Ruisinger
			William E. Ruisinger
			Interim Chief Financial Officer and Sole Director
		FERRELLGAS, L.P.
		By Ferrellgas, Inc. (General Partner)
Date:	March 8, 2019	By	/s/ William E. Ruisinger
			William E. Ruisinger
			Interim Chief Financial Officer; Treasurer (Principal Financial and Accounting Officer)
		FERRELLGAS FINANCE CORP.
Date:	March 8, 2019	By	/s/ William E. Ruisinger
			William E. Ruisinger
			Interim Chief Financial Officer and Sole Director

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EX-10.29

Exhibit 10.29

SEPARATION AGREEMENT AND RELEASE

This Separation Agreement and Release (the " Agreement") is entered into by and between Ferrellgas, Inc., and its parents, subsidiaries and affiliates, including Ferrellgas Partners, L.P., Ferrellgas, L.P. and Ferrell Companies, Inc., (collectively, "Ferrellgas" or the "Company") and Doran Schwartz ("Schwartz") as of December 1, 2018. Ferrellgas and Schwartz are referred to herein as "the Parties."

AGREEMENT

1.          Termination Date. The Parties have determined that it is the best interests of the Company for Schwartz to separate from the Company amicably, and upon the mutually agreeable terms and conditions more fully set forth herein. On November 21, 2018 Schwartz ceased to serve the Company in all capacities held by him. For purposes of this Agreement, Schwartz's separation date of employment with the Company became effective on December 1, 2018 and said date shall constitute his employment termination date ("Termination Date”).

2.          Severance Payment. No later than the earlier of two business days after the Effective Date (defined below) or December 31, 2018, the Company shall pay the  total amount of $690,000, less applicable payroll taxes, (the "Severance Payment") in full and  final satisfaction of any and all claims against the Company, including, without limitation, claims arising from or relating in any way to his employment with the Company, including without limitation all claims for attorneys' fees or costs. The Company shall make the Severance Payment by wire transfer pursuant to instructions to be provided by Schwartz. Schwartz's Company-provided group health plan and other insurance benefits will cease on December 31, 2018, subject to any rights of Schwartz and his eligible dependents to continue the Company's group health plan coverage at his own cost to the extent provided by COBRA. Notwithstanding anything to the contrary in this Agreement, Schwartz shall retain all of his vested interest in his ESOP account, his Supplemental Savings Plan account, his 40l(k), and any other similar account, and the proceeds from those accounts shall be distributed in accordance with the plan documents and the process followed for other employees at the end of their employment.

3.          Representations by Schwartz. Schwartz represents, warrants and covenants the following as of the date of this Agreement and as a material inducement to Ferrellgas entering into this Agreement:

A.         Other than historical information concerning wages, benefits, or similar information that any former employee could reasonably be expected to possess, Schwartz does not possess any Company property, documents, and/or electronic data information or documentation. Any electronic or other equipment purchased for or supplied to Schwartz by the Company has been returned to the Company.

B.          With the exception of claims, complaints, or charges by persons or entities that have previously been reported to the Company in writing while Schwartz was the Chief Financial Officer for the Company, Schwartz is not aware, directly or indirectly, of any claims, complaints, or charges that have been made, or that he expects will (or anticipates might) be made, by any person or entity against the Company, its officers, directors or employees in any court, regulatory body, administrative agency, or other forum.

4.          Release by Schwartz. Except for the obligations set forth in this Agreement, in exchange for valid and sufficient consideration provided hereunder, Schwartz on behalf  of himself and each of his heirs, successors, assigns,  representatives, agents, and anyone claiming by or through Schwartz forever discharges the Company, the Company's officers, directors, employees, and agents (including without limitation, any trustees, ERISA fiduciaries, attorneys, financial advisors, or fiduciary advisors) of the Company and all of its or their  affiliates including without limitation Ferrellgas L.P. and Ferrell Companies, Inc., subsidiaries, parents, members, partners, officers, directors, principals, heirs, predecessors, successors, assigns, representatives, agents and employees, along with the officers, directors,  principals, shareholders, representatives, employees, agents, heirs, beneficiaries, predecessors, successors and assigns of each such person or entity, and anyone claiming by, through or under any of them, from, and covenants not to bring suit or otherwise institute legal proceedings against any of them arising in whole or in part from, all claims that Schwartz now has or may have or that Schwartz may hereafter have of any nature whatsoever, that arose out of or are related to any matter occurring prior to the Effective Date, be they common law or statutory, legal or equitable, in contract or tort, including but not limited to claims arising out of Schwartz's employment  with the Company and/or the termination of that employment, and including but not limited to claims under Title VII of the Civil Rights Act of 1964, as amended (42  U.S.C.  §2000e, et seq.); the Civil Rights Act of 1991; the Civil Rights Acts of 1866 or 1871 (42 U.S.C.  §§1981,  1983,  1985, et seq.); the Americans with Disabilities Act of 1990 ("ADA"); the  Employee  Retirement Income Security Act of 1974, as amended ("ERISA''); the Fair Labor Standards and the Equal Pay Acts ("FLSA"); the Family and Medical Leave Act ("FMLA"); the Age Discrimination in Employment Act ("ADEA"); the Older Worker Benefit Protection Act  ("OWBPA");  the Workers Adjustment and Retraining Notification Act ("WARN''); the Consolidated Omnibus Budget Reconciliation Act of 1986 ("COBRA"); the Missouri  Human Rights Act;  the  Kansas Act Against Discrimination; and any similar state or local or other applicable jurisdiction's laws; claims relating to any rights under company policies or otherwise relating to compensation or benefits, claims for damages of any kind and nature including compensatory, general, special or punitive; and/or claims for attorney's fees and/or costs. This release does not waive any right that cannot be waived by law. This release does not prohibit Schwartz from filing a charge with any government entity (such as the Equal Employment Opportunity Commission or National Labor Relations Board) related to Schwartz's employment or separation of employment. This Agreement also does not waive or release any rights or claims that Schwartz may have under the Age Discrimination in Employment Act that arise after the date that Schwartz signs this Agreement. However, Schwartz does forever waive his right to recover or receive any monetary damages, attorneys' fees, back pay, reinstatement or injunctive relief from the Company and/or the other released parties relating to any matter concerning his employment with the Company. Notwithstanding the above, this release does not release the Company or any other person or entity from any obligation or agreement to defend or indemnify Schwartz for any liabilities, claims, legal expenses, or other costs resulting from his duties as an officer and/or employee of the Company, or as a fiduciary or administrator for any Company purpose or employee plan, and the Company shall cooperate with Schwartz in connection with any such claims. Further, Schwartz does not release and shall retain all of his vested interests and rights in his Employee Stock Ownership Plan ("ESOP") account, his Supplemental Savings Plan account, his 40l(k), or any other similar account, and the proceeds from those accounts shall be distributed in accordance with the plan documents and the process followed for other employees at the end of their employment.

5.          Release of Noncompetition Agreement and Incorporation of Employment Agreement. Ferrellgas releases Schwartz from his noncompetition agreement with Ferrellgas

2

contained in paragraph 6 of his Employment Agreement with the Company dated October 2017 ("Employment Agreement") and his noncompetition agreements contained in any Option Grantee agreement(s), Stock Appreciation Rights Agreement(s), and any other noncompetition provision in any other agreement between Schwartz and the Company or its affiliates. Schwartz acknowledges that all other obligations and restrictive covenants in his Employment Agreement with the Company remain in place and are enforceable notwithstanding his voluntary termination of his employment, including: returning all Ferrellgas property; maintaining confidentiality regarding Ferrellgas confidential, proprietary, or trade secret information; that Schwartz shall not solicit Company employees without the advance written consent of Ferrellgas; and the obligation to arbitrate any claim arising from or relating to his employment relationship with the Company. For the avoidance of any doubt, the terms of the Employment Agreement are expressly incorporated into and survive this Agreement, with the exception of the non-competition provision in paragraph 6 of the Employment Agreement. To the extent there is any conflict between the terms of this Agreement and the Employment Agreement, this Agreement shall control.

6.          Release by the Company. In exchange for the mutual promises made here, Ferrellgas agrees to forever RELEASE and DISCHARGE Schwartz from any and all claims arising on or prior to the date of this Agreement from his employment and/or cessation of employment and all debts, obligations, demands, or causes of action of any kind whatsoever, known or unknown, in tort, contract, by statute or on any other basis, for equitable relief, compensatory, punitive or other damages, expenses (including attorney's fees), reimbursements or costs of any kind, which Ferrellgas could assert against Schwartz; provided, however, that if any of Schwartz's representations or warranties in this Agreement are not true, this release is void ab initio.

7.          Confidentiality. Except as otherwise required by law, the Parties shall treat this Agreement as strictly confidential and will not disclose it or its terms to any person other than attorneys and financial advisor(s) who have a need to know and who acknowledge that they will maintain this Agreement as strictly confidential. Schwartz may also disclose this Agreement to his spouse provided she first assures Schwartz that she is bound by and will honor this confidentiality provision. Ferrellgas may disclose this Agreement to its lawyers, financial advisors, officers, directors, and others with a need to know the terms of this Agreement provided they first acknowledge they will honor this confidentiality provision. The parties may disclose the terms of this Agreement to the extent reasonably necessary to comply with securities laws or to lawyers, accountants, auditors, bankers or tax advisors of any of the parties that might require confidential access to this Agreement for the purpose of properly advising that  party in the ordinary course of its business, provided, however, that such persons shall be advised of and agree to the confidentiality provisions of this Agreement; to the extent necessary to comply with any court process or governmental or legal requirements; to the extent necessary to enforce this Agreement; or to the extent necessary to comply with the reporting requirements of federal, state or local tax laws and regulations. Nothing herein shall preclude Ferrellgas from disclosing this Agreement as may be required by law or regulation, and Schwartz acknowledges that Ferrellgas may have to disclose this Agreement in a public SEC filing. Neither party shall be required to treat as confidential any terms of this Agreement disclosed to the public by Ferrellgas in a public SEC filing or otherwise.

8.          Cooperation and Assistance. Schwartz shall remain available (upon reasonable prior notice) to consult with Ferrellgas, upon the Company's request, with respect to any claims, lawsuits, regulatory proceedings or other actions brought against the Company and/or its

3

officers, directors and employees or with respect to any other reasonable request of the Company related to enforcing the Company's rights under this Agreement. Schwartz also agrees not to support, directly or indirectly, any party (except a state or federal agency) who may assert any such claims or actions against the Company and/or its officers, directors and employees, except to the extent required by law. For the avoidance of any doubt, Schwartz has no restrictions whatsoever in terms of making any report to or cooperating with any state or federal law enforcement or regulatory agency. If Schwartz is served with a subpoena, process, notice, document request or other lawful demand seeking production or disclosure of any documents, work product, or other materials or information related to the affairs of the Company, and if permitted to do so by law, Schwartz shall give written notice to the undersigned as promptly as possible so that Ferrellgas may have a reasonable opportunity to interpose objections with the appropriate tribunal or authority, and Schwartz shall otherwise use reasonable efforts  to cooperate with Ferrellgas in substantively responding to any information  requests. Ferrellgas shall reimburse Schwartz for his reasonable, pre-approved, out-of-pocket expenses in connection with such consultation and cooperation. The parties acknowledge and agree that such cooperation and consultation may require a substantial commitment of time or effort by Schwartz, and to compensate Schwartz for his time, Schwartz and Company shall enter into a consulting agreement in a form substantially similar to the recent agreements in place with other former executives. Nothing in this Agreement shall preclude Schwartz from assisting any future employer in connection with any future dispute that may develop between that employer and the Company, so long as that dispute is unrelated to Schwartz's employment with the Company and provided that the dispute does not involve confidential, proprietary, trade secret, or legally privileged information of the Company to which Schwartz was privy.

9.          Consideration of Agreement by Schwartz. Schwartz acknowledges that, before entering into this Agreement, be had twenty-one (21) calendar days after receipt of this Agreement (the "Consideration Period") to consider this Agreement before signing it. Schwartz and the Company agree that no changes to this Agreement will re-start the Consideration Period. If Schwartz signs this Agreement, the date on which be signs the Agreement shall be the "Execution Date." In the event Schwartz executes and returns this Agreement prior to the end of the Consideration Period, he acknowledges that his decision to do so was voluntary and that he had the opportunity to consider this Agreement for the entire Consideration Period.

The Parties agree that this Agreement will not become effective until seven (7) calendar days after the Execution Date and that Schwartz may, within seven (7) calendar days after the Execution Date, revoke the Agreement in its entirety by providing written notice to Jordan Burns, Vice President, Corporate Counsel, One Liberty Plaza, Liberty, MO 64068. If written notice of revocation is not received by the Company by the 8th day after the execution of this Agreement, this Agreement will become effective and enforceable on that day (the ''Effective Date").

10.        No Oral Modifications. This Agreement may not be modified, amended or varied except by and in accordance with the terms of a written agreement signed by all of the Parties hereto. Should any provision of the Agreement be declared or determined by any court to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and the illegal or invalid part, term or provision shall be deemed not to be a part of the Agreement. The Company hereby advises Schwartz and Schwartz acknowledges that he has been so advised, to consult with an attorney before executing this Agreement.

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11.        Parties Bound. This Agreement shall be binding upon and inure to the benefit of the direct Parties hereto, together with any and all of their owners, shareholders, partners, joint venturers, subsidiaries, affiliates, agents, officers, directors, and employees, together with their successors and assigns.

12.        Governing Law. The Agreement, including all matters of interpretation and construction, shall be governed by the law of the State of Kansas. This Agreement, having been prepared at arm's length by all Parties, shall not be construed as a matter of law to disfavor any of the Parties to it.

13.       Counterparts/Execution. This Agreement may be executed in any number of counterparts with the same effect as if the Parties hereto had signed the same document. All counterparts will be construed together and shall constitute one agreement. Signatures transmitted by facsimile or by e-mail in .pdf format, shall have the same effect as original signatures.

14.        Entire Agreement: This Agreement contains the entire agreement between the Parties with respect to the Separation contemplated by them, and this Agreement shall be deemed to supersede and void any and all prior discussions, agreements or understandings, whether written or oral.

Ferrellgas, Inc.

BY:

Doran Schwartz

5

EX-10.30

Exhibit 10.30

SEPARATION AGREEMENT AND RELEASE

This Separation Agreement and Release (the "Agreement") is entered into by and between Ferrellgas, Inc., and its parents, subsidiaries and affiliates, including Ferrellgas Partners, L.P., Ferrellgas, L.P. and Ferrell Companies, Inc., (collectively, "Ferrellgas" or the "Company") and Trenton D. Hampton ("Hampton") as of December 1, 2018. Ferrellgas and Hampton are referred to herein as "the Parties."

AGREEMENT

1.          Termination Date. The Parties have determined that it is the best interests of the Company for Rampton to separate from the Company amicably, and upon the mutually agreeable terms and conditions more fully set forth herein. On November 21, 2018 Hampton ceased to serve the Company in all capacities held by him. For purposes of this Agreement, Hampton's separation date of employment with the Company became effective on December 1, 2018 and said date shall constitute his employment termination date ("Termination Date").

2.          Severance Payment. No later than the earlier of two business days after the Effective Date (defined below) or December 31, 2018, the Company shall pay the total amount of

$690,000, less applicable payroll taxes, (the "Severance Payment") in full and final satisfaction of any and all claims against the Company, including, without limitation, claims arising from or relating in any way to his employment with the Company, including without limitation all claims for attorneys' fees or costs. The Company shall make the Severance Payment by wire transfer pursuant to instructions to be provided by Hampton. Hampton's Company-provided group health plan and other insurance benefits will cease on December 31, 2018, subject to any rights of Hampton and his eligible dependents to continue the Company's group health plan coverage at his own cost to the extent provided by COBRA. Notwithstanding anything to the contrary in this Agreement, Hampton shall retain all of his vested interest in his ESOP account, his Supplemental Savings Plan account, his 401(k), and any other similar account, and the proceeds from those accounts shall be distributed in accordance with the plan documents and the process followed for other employees at the end of their employment.

3.          Representations by Hampton. Hampton represents, warrants and covenants the following as of the date of this Agreement and as a material inducement to Ferrellgas entering into this Agreement:

A.         Other than historical information concerning wages, benefits, or similar information that any former employee could reasonably be expected to possess, Hampton does not possess any Company property, documents, and/or electronic data information or documentation. Any electronic or other equipment purchased for or supplied to Hampton by the Company has been returned to the Company.

B.         With the exception of claims, complaints, or charges by persons or entities that have previously been reported to the Company in writing while Hampton was the chief legal officer or Chief Operating Officer for the Company, Hampton is not aware, directly or indirectly, of any claims, complaints, or charges that have been made, or that he expects will (or anticipates might) be made, by any person or entity against the Company, its officers, directors or employees in any court, regulatory body, administrative agency, or other forum.

4.          Release by Hampton. Except for the obligations set forth in this Agreement, in exchange for valid and sufficient consideration provided hereunder, Hampton on behalf of himself and each of his heirs, successors, assigns, representatives, agents, and anyone claiming by or through Hampton forever discharges the Company, the Company's officers, directors, employees, and agents (including without lin1itation, any trustees, ERISA fiduciaries, attorneys, financial advisors, or fiduciary advisors) of the Company and all of its or their affiliates including without limitation Ferrellgas L.P. and Ferrell Companies, Inc., subsidiaries, parents, members, partners, officers, directors, principals, heirs, predecessors, successors, assigns, representatives, agents and employees, along with the officers, directors, principals, shareholders, representatives, employees, agents, heirs, beneficiaries, predecessors, successors and assigns of each such person or entity, and anyone claiming by, through or under any of them, from, and covenants not to bring suit or otherwise institute legal proceedings against any of them arising in whole or in part from, all claims that Hampton now has or may have or that Hampton may hereafter have of any nature whatsoever, that arose out of or are related to any matter occurring prior to the Effective Date, be they common law or statutory, legal or equitable, in contract or tort, including but not limited to claims arising out of Hampton's employment with the Company and/or the termination of that employment, and including but not limited to claims under Title VII of the Civil Rights Act of 1964, as amended (42 U.S.C. §2000e, et seq.); the Civil Rights Act of 1991; the Civil Rights Acts of 1866 or 1871 (42 U.S.C. §§1981, 1983, 1985, et seq.); the Americans with Disabilities Act of 1990 ("ADA"); the Employee Retirement Income Security Act of 1974, as amended ("ERISA"); the Fair Labor Standards and the Equal Pay Acts ("FLSA"); the Family and Medical Leave Act ("FMLA"); the Age Discrimination in Employment Act ("ADEA"); the Older Worker Benefit Protection Act ("OWBPA"); the Workers Adjustment and Retraining Notification Act ("WARN"); the Consolidated Omnibus Budget Reconciliation Act of 1986 ("COBRA"); the Missouri Human Rights Act; the Kansas Act Against Discrimination; and any similar state or local or other applicable jurisdiction's laws; claims relating to any rights under company policies or otherwise relating to compensation or benefits, claims for damages of any kind and nature including compensatory, general, special or punitive; and/or claims for attorney's fees and/or costs. This release does not waive any right that cannot be waived by law. This release does not prohibit Hampton from filing a charge with any government entity (such as the Equal Employment Opportunity Commission or National Labor Relations Board) related to Hampton's employment or separation of employment. This Agreement also does not waive or release any rights or claims that Hampton may have under the Age Discrimination in Employment Act that arise after the date that Hampton signs this Agreement. However, Hampton does forever waive his right to recover or receive any monetary damages, attorneys' fees, back pay, reinstatement or injunctive relief from the Company and/or the other released parties relating to any matter concerning his employment with the Company. Notwithstanding the above, this release does not release the Company or any other person or entity from any obligation or agreement to defend or indemnify Hampton for any liabilities, claims, legal expenses, or other costs resulting from his duties as an officer and/or employee of the Company, or as a fiduciary or administrator for any Company purpose or employee plan, and the Company shall cooperate with Hampton in connection with any such claims. Further, Hampton does not release and shall retain all of his vested interests and rights in his Employee Stock Ownership Plan ("ESOP") account, his Supplemental Savings Plan account, his 401(k), or any other similar account, and the proceeds from those accounts shall be distributed in accordance with the plan documents and the process followed for other employees at the end of their employment.

5.          Release of Noncompetition Agreement and Incorporation of Employment Agreement. Ferrellgas release Hampton from his noncompetition agreement with Ferrellgas contained in paragraph 6 of his Employment Agreement with the Company dated November 19,

2

2001 ("Employment Agreement") and his noncompetition agreements contained in any Option Grantee agreement(s), Stock Appreciation Rights Agreement(s), and any other noncompetition provision in any other agreement between Hampton and the Company or its affiliates. Hampton acknowledges that all other obligations and restrictive covenants in his Employment Agreement with the Company remain in place and are enforceable notwithstanding his voluntary termination of his employment, including: returning all Ferrellgas property; maintaining confidentiality regarding Ferrellgas confidential, proprietary, or trade secret information; that Hampton shall not solicit Company employees without the advance written consent of Ferrellgas; and the obligation to arbitrate any claim arising from. or relating to his employment relationship with the Company. For the avoidance of any doubt, the terms of the Employment Agreement are expressly incorporated into and survive this Agreement, with the exception of the non-competition provision in paragraph 6 of the Employment Agreement. To the extent there is any conflict between the terms of this Agreement and the Employment Agreement, this Agreement shall control.

6.          Release by the Company. In exchange for the mutual promises made here, Ferrellgas agrees to forever RELEASE and DISCHARGE Hampton from any and all claims arising on or prior to the date of this Agreement from his employment and/or cessation of employment and all debts, obligations, demands, or causes of action of any kind whatsoever, known or unknown, in tort, contract, by statute or on any other basis, for equitable relief, compensatory, punitive or other damages, expenses (including attorney's fees), reimbursements or costs of any kind, which Ferrellgas could assert against Hampton; provided, however, that if any of Hampton's representations or warranties in this Agreement are not true, this release is void ab initio.

7.          Confidentiality. Except as otherwise required by law, the Parties shall treat this Agreement as strictly confidential and will not disclose it or its terms to any person other than attorneys and financial advisor(s) who have a need to know and who acknowledge that they will maintain this Agreement as strictly confidential. Hampton may also disclose this Agreement to his spouse provided she first assures Hampton that she is bound by and will honor this confidentiality provision. Ferrellgas may disclose this Agreement to its lawyers, financial advisors, officers, directors, and others with a need to know the terms of this Agreement provided they first acknowledge they will honor this confidentiality provision. The parties may disclose the terms of this Agreement to the extent reasonably necessary to comply with securities laws or to lawyers, accountants, auditors, bankers or tax advisors of any of the parties that might require confidential access to this Agreement for the purpose of properly advising that party in the ordinary course of its business, provided, however, that such persons shall be advised of and agree to the confidentiality provisions of this Agreement; to the extent necessary to comply with any court process or governmental or legal requirements; to the extent necessary to enforce this Agreement; or to the extent necessary to comply with the reporting requirements of federal, state or local tax laws and regulations. Nothing herein shall preclude Ferrellgas from disclosing this Agreement as may be required by law or regulation, and Hampton acknowledges that Ferrellgas may have to disclose this Agreement in a public SEC filing. Neither party shall be required to treat as confidential any terms of this Agreement disclosed to the public by Ferrellgas in a public SEC filing or otherwise.

8.          Cooperation and Assistance. Hampton shall remain available (upon reasonable prior notice) to consult with Ferrellgas, upon the Company's request, with respect to any claims, lawsuits, regulatory proceedings or other actions brought against the Company and/or its officers, directors and employees or with respect to any other reasonable request of the Company related to enforcing the Company's rights under this Agreement. Hampton also agrees not to support,

3

directly or indirectly, any party (except a state or federal agency) who may assert any such claims or actions against the Company and/or its officers, directors and employees, except to the extent required by law. For the avoidance of any doubt, Hampton has no restrictions whatsoever in terms of making any report to or cooperating with any state or federal law enforcement or regulatory agency. If Hampton is served with a subpoena, process, notice, document request or other lawful demand seeking production or disclosure of any documents, work product, or other materials or information related to the affairs of the Company, and if permitted to do so bylaw, Hampton shall give written notice to the undersigned as promptly as possible so that Ferrellgas may have a reasonable opportunity to interpose objections with the appropriate tribunal or authority, and Hampton shall otherwise use reasonable efforts to cooperate with Ferrellgas in substantively responding to any information requests. Ferrellgas shall reimburse Hampton for his reasonable, pre-approved, out-of-pocket expenses in connection with such consultation and cooperation. The parties acknowledge and agree that such cooperation and consultation may require a substantial commitment of time or effort by Hampton, and to compensate Hampton for his time, Hampton and Company shall enter into a consulting agreement in a form substantially similar to the recent agreements in place with other former executives. Nothing in this Agreement shall preclude Hampton from assisting any future employer in connection with any future dispute that may develop between that employer and the Company, so long as that dispute is unrelated to Hampton's employment with the Company and provided that the dispute does not involve confidential, proprietary, trade secret, or legally privileged information of the Company to which Hampton was privy.

9.          Consideration of Agreement by Hampton. Hampton acknowledges that, before entering into this Agreement, he had twenty-one (21) calendar days after receipt of this Agreement (the "Consideration Period") to consider this Agreement before signing it. Hampton and the Company agree that no changes to this Agreement will re-start the Consideration Period. If Hampton signs this Agreement, the date on which be signs the Agreement shall be the "Execution Date." In the event Hampton executes and returns this Agreement prior to the end of the Consideration Period, he acknowledges that his decision to do so was voluntary and that he had the opportunity to consider this Agreement for the entire Consideration Period.

The Parties agree that this Agreement will not become effective until seven (7) calendar days after the Execution Date and that Hampton may, within seven (7) calendar days after the Execution Date, revoke the Agreement in its entirety by providing written notice to Jordan Burns, Vice President, Corporate Counsel, One Liberty Plaza, Liberty, MO 64068. If written notice of revocation is not received by the Company by the 8th day after the execution of this Agreement, this Agreement will become effective and enforceable on that day (the ''Effective Date").

10.        No Oral Modifications. This Agreement may not be modified, amended or varied except by and in accordance with the terms of a written agreement signed by all of the Parties hereto. Should any provision of the Agreement be declared or determined by any court to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and the illegal or invalid part, term or provision shall be deemed not to be a part of the Agreement. The Company hereby advises Hampton and Hampton acknowledges that he has been so advised, to consult with an attorney before executing this Agreement.

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11.        Parties Bound. This Agreement shall be binding upon and inure to the benefit of the direct Parties hereto, together with any and all of their owners, shareholders, partners, joint venturers, subsidiaries, affiliates, agents, officers, directors, and employees, together with their successors and assigns.

12.        Governing Law. The Agreement, including all matters of interpretation and construction, shall be governed by the law of the State of Kansas. This Agreement, having been prepared at arm's length by all Parties, shall not be construed as a matter of law to disfavor any of the Parties to it.

13.        Counterparts/Execution. This Agreement may be executed in any number of counterparts with the same effect as if the Parties hereto had signed the same document. All counterparts will be construed together and shall constitute one agreement. Signatures transmitted by facsimile or by e-mail in .pdf format, shall have the same effect as original signatures.

14.        Entire Agreement: This Agreement contains the entire agreement between the Parties with respect to the Separation contemplated by them, and this Agreement shall be deemed to supersede and void any and all prior discussions, agreements or understandings, whether written or oral.

Ferrellgas, Inc.

BY:

Trenton D. Hampton

5

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

FERRELLGAS PARTNERS, L.P.

I, James E. Ferrell, certify that:

1.    I have reviewed this report on Form 10-Q for the period ended January 31, 2019 of Ferrellgas Partners, L.P. (the “Registrant”);

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.    The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.    Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.    Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.    The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a.    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b.    Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: March 8, 2019	/s/ James E. Ferrell
	James E. Ferrell
	Interim Chief Executive Officer and President;
	Chairman of the Board of Directors of Ferrellgas, Inc., general partner of the Registrant

CERTIFICATIONS

FERRELLGAS PARTNERS, L.P.

I, William E. Ruisinger, certify that:

1.    I have reviewed this report on Form 10-Q for the period ended January 31, 2019 of Ferrellgas Partners, L.P. (the “Registrant”);

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.    The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a.    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.    Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.    Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.    The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a.    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b.    Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: March 8, 2019	/s/ William E. Ruisinger
	William E. Ruisinger
	Interim Chief Financial Officer; Treasurer (Principal Financial and Accounting Officer) of Ferrellgas, Inc., general partner of the Registrant

EX-31.2

EXHIBIT 31.2

CERTIFICATIONS

FERRELLGAS PARTNERS FINANCE CORP.

I, James E. Ferrell, certify that:

1.    I have reviewed this report on Form 10-Q for the period ended January 31, 2019 of Ferrellgas Partners Finance Corp. (the “Registrant”);

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.    The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a.    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.    Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.    Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.    The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a.     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b.    Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: March 8, 2019	/s/ James E. Ferrell
	James E. Ferrell
	Interim Chief Executive Officer and President

CERTIFICATIONS

FERRELLGAS PARTNERS FINANCE CORP.

I, William E. Ruisinger, certify that:

1.    I have reviewed this report on Form 10-Q for the period ended January 31, 2019 of Ferrellgas Partners Finance Corp. (the “Registrant”);

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.    The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a.    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.    Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.    Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.    The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a.    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b.    Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: March 8, 2019	/s/ William E. Ruisinger
	William E. Ruisinger
	Interim Chief Financial Officer and Sole Director

EX-31.3

EXHIBIT 31.3

CERTIFICATIONS

FERRELLGAS, L.P.

I, James E. Ferrell, certify that:

1.    I have reviewed this report on Form 10-Q for the period ended January 31, 2019 of Ferrellgas, L.P. (the “Registrant”);

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.    The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a.    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.    Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.    Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.    The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a.     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b.    Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: March 8, 2019	/s/ James E. Ferrell
	James E. Ferrell
	Interim Chief Executive Officer and President; Chairman of the Board of Directors of Ferrellgas, Inc., general partner of the Registrant

CERTIFICATIONS

FERRELLGAS, L.P.

I, William E. Ruisinger, certify that:

1.    I have reviewed this report on Form 10-Q for the period ended January 31, 2019 of Ferrellgas, L.P. (the “Registrant”);

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.    The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a.    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.    Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.    Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.    The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a.     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b.    Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: March 8, 2019	/s/ William E. Ruisinger
	William E. Ruisinger
	Interim Chief Financial Officer; Treasurer (Principal Financial and Accounting Officer) of Ferrellgas, Inc., general partner of the Registrant

EX-31.4

EXHIBIT 31.4

CERTIFICATIONS

FERRELLGAS FINANCE CORP.

I, James E. Ferrell, certify that:

1.    I have reviewed this report on Form 10-Q for the period ended January 31, 2019 of Ferrellgas Finance Corp. (the “Registrant”);

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.    The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a.    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.    Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.    Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.    The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a.     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b.    Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: March 8, 2019	/s/ James E. Ferrell
	James E. Ferrell
	Interim Chief Executive Officer and President

CERTIFICATIONS

FERRELLGAS FINANCE CORP.

I, William E. Ruisinger, certify that:

1.    I have reviewed this report on Form 10-Q for the period ended January 31, 2019 of Ferrellgas Finance Corp. (the “Registrant”);

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.    The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a.    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.    Evaluated the effectiveness of the Registrant’s  disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.    Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5)   The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a.     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b.    Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

arch
Date: March 8, 2019	/s/ William E. Ruisinger
	William E. Ruisinger
	Interim Chief Financial Officer and Sole Director

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. 1350,

AS ADOPTED PURSUANT TO

SECTION 906

OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the accompanying Quarterly Report on Form 10-Q of Ferrellgas Partners, L.P. (the “Partnership”) for the period ended January 31, 2019, as filed with the Securities and Exchange Commission (the “SEC”) on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certify pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.           The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and

2.           The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership at the dates and for the periods indicated within the Report.

The foregoing certification is made solely for purposes of 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and is subject to the “knowledge” and “willfulness” qualifications contained in 18 U.S.C. 1350(c).

This certification is being furnished to the SEC and is not to be deemed “filed” with the SEC for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of Section 18. In addition, this certification is not to be incorporated by reference into any registration statement of the Partnership or other filing of the Partnership made pursuant to the Exchange Act or Securities Act of 1933, as amended, unless specifically identified as being incorporated therein by reference.

Dated: March 8, 2019	/s/ James E. Ferrell
	James E. Ferrell
	Interim Chief Executive Officer and President; Chairman of the Board of Directors of Ferrellgas, Inc., general partner of the Registrant
	/s/ William E. Ruisinger
	William E. Ruisinger
	Interim Chief Financial Officer; Treasurer (Principal Financial and Accounting Officer) of Ferrellgas, Inc., general partner of the Registrant

*As required by 18 U.S.C. 1350, a signed original of this written statement has been provided to the Partnership.

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. 1350,

AS ADOPTED PURSUANT TO

SECTION 906

OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the accompanying Quarterly Report on Form 10-Q of Ferrellgas Partners Finance Corp. for the period ended January 31, 2019, as filed with the Securities and Exchange Commission (the “SEC”) on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certify pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.           The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and

2.           The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Ferrellgas Partners Finance Corp. at the dates and for the periods indicated within the Report.

The foregoing certification is made solely for purposes of 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and is subject to the “knowledge” and “willfulness” qualifications contained in 18 U.S.C. 1350(c).

This certification is being furnished to the SEC and is not to be deemed “filed” with the SEC for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of Section 18. In addition, this certification is not to be incorporated by reference into any registration statement of Ferrellgas Partners Finance Corp. or other filing of Ferrellgas Partners Finance Corp. made pursuant to the Exchange Act or Securities Act of 1933, as amended, unless specifically identified as being incorporated therein by reference.

Dated: March 8, 2019	/s/ James E. Ferrell
	James E. Ferrell
	Interim Chief Executive Officer and President
	/s/ William E. Ruisinger
	William E. Ruisinger
	Interim Chief Financial Officer and Sole Director

*As required by 18 U.S.C. 1350, a signed original of this written statement has been provided to Ferrellgas Partners Finance Corp.

EX-32.3

EXHIBIT 32.3

CERTIFICATION PURSUANT TO

18 U.S.C. 1350,

AS ADOPTED PURSUANT TO

SECTION 906

OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the accompanying Quarterly Report on Form 10-Q of Ferrellgas, L.P. (the “Partnership”) for the period ended January 31, 2019, as filed with the Securities and Exchange Commission (the “SEC”) on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certify pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.           The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and

2.           The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership at the dates and for the periods indicated within the Report.

The foregoing certification is made solely for purposes of 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and is subject to the “knowledge” and “willfulness” qualifications contained in 18 U.S.C. 1350(c).

This certification is being furnished to the SEC and is not to be deemed “filed” with the SEC for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of Section 18. In addition, this certification is not to be incorporated by reference into any registration statement of the Partnership or other filing of the Partnership made pursuant to the Exchange Act or Securities Act of 1933, as amended, unless specifically identified as being incorporated therein by reference.

Dated: March 8, 2019	/s/ James E. Ferrell
	James E. Ferrell
	Interim Chief Executive Officer and President; Chairman of the Board of Directors of Ferrellgas, Inc., general partner of the Registrant
	/s/ William E. Ruisinger
	William E. Ruisinger
	Interim Chief Financial Officer; Treasurer (Principal Financial and Accounting Officer) of Ferrellgas, Inc., general partner of the Registrant

*As required by 18 U.S.C. 1350, a signed original of this written statement has been provided to the Partnership.

EX-32.4

EXHIBIT 32.4

CERTIFICATION PURSUANT TO

18 U.S.C. 1350,

AS ADOPTED PURSUANT TO

SECTION 906

OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the accompanying Quarterly Report on Form 10-Q of Ferrellgas Finance Corp. for the period ended January 31, 2019, as filed with the Securities and Exchange Commission (the “SEC”) on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certify pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.           The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and

2.           The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Ferrellgas Finance Corp. at the dates and for the periods indicated within the Report.

The foregoing certification is made solely for purposes of 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and is subject to the “knowledge” and “willfulness” qualifications contained in 18 U.S.C. 1350(c).

This certification is being furnished to the SEC and is not to be deemed “filed” with the SEC for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of Section 18. In addition, this certification is not to be incorporated by reference into any registration statement of Ferrellgas Finance Corp. or other filing of Ferrellgas Finance Corp. made pursuant to the Exchange Act or Securities Act of 1933, as amended, unless specifically identified as being incorporated therein by reference.

Dated: March 8, 2019	/s/ James E. Ferrell
	James E. Ferrell
	Interim Chief Executive Officer and President
	/s/ William E. Ruisinger
	William E. Ruisinger
	Interim Chief Financial Officer and Sole Director

*As required by 18 U.S.C. 1350, a signed original of this written statement has been provided to Ferrellgas Finance Corp.

XML

Document And Entity Information - shares	6 Months Ended
	Jan. 31, 2019	Feb. 28, 2019
Entity Registrant Name	FERRELLGAS PARTNERS L P
Entity Central Index Key	0000922358
Current Fiscal Year End Date	--07-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jan. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		97,152,665
Trading Symbol	fgp
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Ferrellgas Partners Finance Corp. [Member]
Entity Registrant Name	FERRELLGAS PARTNERS FINANCE CORP
Entity Central Index Key	0001012493
Current Fiscal Year End Date	--07-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jan. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Ferrellgas, L.P. [Member]
Entity Registrant Name	FERRELLGAS L P
Entity Central Index Key	0000922359
Current Fiscal Year End Date	--07-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jan. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Ferrellgas Finance Corp. [Member]
Entity Registrant Name	FERRELLGAS FINANCE CORP
Entity Central Index Key	0000922360
Current Fiscal Year End Date	--07-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jan. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false

XML

Consolidated Balance Sheets - USD ($)	Jan. 31, 2019	Jul. 31, 2018
Current assets:
Cash and cash equivalents	$ 40,647,000	$ 119,311,000
Accounts and notes receivable, net	203,164,000	126,054,000
Inventories	89,784,000	83,694,000
Prepaid expenses and other current assets	36,616,000	34,862,000
Total current assets	370,211,000	363,921,000
Property, plant and equipment, net	584,334,000	557,723,000
Goodwill, net	247,478,000	246,098,000
Intangible assets, net	113,558,000	120,951,000
Other assets, net	72,539,000	74,588,000
Total assets	1,388,120,000	1,363,281,000
Current liabilities:
Accounts payable	63,639,000	46,820,000
Short-term borrowings	0	32,800,000
Collateralized note payable	140,000,000	58,000,000
Other current liabilities	147,253,000	142,025,000
Total current liabilities	350,892,000	279,645,000
Long-term debt	2,083,031,000	2,078,637,000
Other liabilities	37,547,000	39,476,000
Contingencies and commitments
Partners' capital (deficit)
Common unitholders	(997,154,000)	(978,503,000)
General partner unitholder	(69,981,000)	(69,792,000)
Accumulated other comprehensive income (loss)	(9,049,000)	20,510,000
Total Ferrellgas Partners, L.P. partners' deficit	(1,076,184,000)	(1,027,785,000)
Noncontrolling interest	(7,166,000)	(6,692,000)
Total partners' capital (deficit)	(1,083,350,000)	(1,034,477,000)
Total liabilities and partners' capital (deficit)	1,388,120,000	1,363,281,000
Ferrellgas Partners Finance Corp. [Member]
Current assets:
Cash and cash equivalents	1,000	1,000
Prepaid expenses and other current assets	0	1,850
Total assets	1,000	2,850
Current liabilities:
Contingencies and commitments
STOCKHOLDER'S EQUITY
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding	1,000	1,000
Additional paid in capital	29,111	29,020
Accumulated deficit	(29,111)	(27,170)
Total stockholder's equity	1,000	2,850
Ferrellgas, L.P. [Member]
Current assets:
Cash and cash equivalents	40,552,000	119,308,000
Accounts and notes receivable, net	203,164,000	126,054,000
Inventories	89,784,000	83,694,000
Prepaid expenses and other current assets	36,553,000	34,830,000
Total current assets	370,053,000	363,886,000
Property, plant and equipment, net	584,334,000	557,723,000
Goodwill, net	247,478,000	246,098,000
Intangible assets, net	113,558,000	120,951,000
Other assets, net	72,539,000	74,588,000
Total assets	1,387,962,000	1,363,246,000
Current liabilities:
Accounts payable	63,639,000	46,820,000
Short-term borrowings	0	32,800,000
Collateralized note payable	140,000,000	58,000,000
Other current liabilities	143,319,000	138,091,000
Total current liabilities	346,958,000	275,711,000
Long-term debt	1,730,468,000	1,728,137,000
Other liabilities	37,547,000	39,476,000
Contingencies and commitments
Partners' capital (deficit)
Common unitholders	(710,796,000)	(693,896,000)
General partner unitholder	(7,088,000)	(6,915,000)
Accumulated other comprehensive income (loss)	(9,127,000)	20,733,000
Total Ferrellgas Partners, L.P. partners' deficit	(717,884,000)	(700,811,000)
Total partners' capital (deficit)	(727,011,000)	(680,078,000)
Total liabilities and partners' capital (deficit)	1,387,962,000	1,363,246,000
Ferrellgas Finance Corp. [Member]
Current assets:
Cash and cash equivalents	1,100	1,100
Prepaid expenses and other current assets		1,500
Total assets	1,100	2,600
Current liabilities:
Contingencies and commitments
STOCKHOLDER'S EQUITY
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding	1,000	1,000
Additional paid in capital	76,452	72,552
Accumulated deficit	(76,352)	(70,952)
Total stockholder's equity	$ 1,100	$ 2,600

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Accounts receivable pledged as collateral	$ 201,717	$ 120,079
Amortizable intangible assets, accumulated amortization	$ 407,795	$ 399,629
Common unitholders, units outstanding	97,152,665	97,152,665
General partner unitholder, units outstanding	989,926	989,926
Ferrellgas Partners Finance Corp. [Member]
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, L.P. [Member]
Accounts receivable pledged as collateral	$ 201,717	$ 120,079
Amortizable intangible assets, accumulated amortization	$ 407,795	$ 399,629
Ferrellgas Finance Corp. [Member]
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

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Consolidated Statements Of Earnings - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Revenues:
Revenues	$ 573,377,000	$ 755,156,000	$ 925,686,000	$ 1,209,811,000
Costs and expenses:
Operating expense	121,219,000	123,716,000	231,550,000	234,178,000
Depreciation and amortization expense	19,605,000	25,485,000	38,597,000	51,217,000
General and administrative expense	16,342,000	14,891,000	30,521,000	28,055,000
Equipment lease expense	8,415,000	6,954,000	16,278,000	13,695,000
Non-cash employee stock ownership plan compensation charge	1,944,000	4,031,000	4,692,000	7,993,000
Asset impairment charges		10,005,000	0	10,005,000
Loss on asset sales and disposals	2,216,000	39,249,000	6,720,000	40,144,000
Operating income (loss)	88,683,000	40,053,000	75,192,000	32,410,000
Interest expense	(44,891,000)	(42,673,000)	(88,769,000)	(83,480,000)
Other income (expense), net	86,000	684,000	105,000	1,195,000
Earnings (loss) before income taxes	43,878,000	(1,936,000)	(13,472,000)	(49,875,000)
Income tax expense (benefit)	3,000	(162,000)	161,000	215,000
Net earnings (loss)	43,875,000	(1,774,000)	(13,633,000)	(50,090,000)
Net earnings (loss) attributable to noncontrolling interest	531,000	69,000	38,000	(332,000)
Net earnings (loss)	43,344,000	(1,843,000)	(13,671,000)	(49,758,000)
Less: General partner's interest in net earnings (loss)	433,000	(19,000)	(137,000)	(498,000)
Common unitholders' interest in net earnings (loss)	$ 42,911,000	$ (1,824,000)	$ (13,534,000)	$ (49,260,000)
Basic and diluted net earnings (loss) per common unit	$ 0.44	$ (0.02)	$ (0.14)	$ (0.51)
Distributions declared or paid per unit	$ 0.00	$ 0.10	$ 0.00	$ 0.20
Propane [Member]
Revenues:
Revenues	$ 550,112,000	$ 592,239,000	$ 885,078,000	$ 894,997,000
Costs and expenses:
Cost of sales	311,531,000	362,918,000	515,667,000	542,433,000
Midstream Operations [Member]
Revenues:
Revenues	0	117,276,000	0	238,036,000
Costs and expenses:
Cost of sales	0	107,067,000	0	215,192,000
Product and Service, Other [Member]
Revenues:
Revenues	23,265,000	45,641,000	40,608,000	76,778,000
Costs and expenses:
Cost of sales	3,422,000	20,787,000	6,469,000	34,489,000
Ferrellgas Partners Finance Corp. [Member]
Costs and expenses:
General and administrative expense	1,941	225	1,941	275
Net earnings (loss)	(1,941)	(225)	(1,941)	(275)
Ferrellgas, L.P. [Member]
Revenues:
Revenues	573,377,000	755,156,000	925,686,000	1,209,811,000
Costs and expenses:
Operating expense	121,219,000	123,716,000	231,550,000	234,178,000
Depreciation and amortization expense	19,605,000	25,485,000	38,597,000	51,217,000
General and administrative expense	16,341,000	14,890,000	30,516,000	28,054,000
Equipment lease expense	8,415,000	6,954,000	16,278,000	13,695,000
Non-cash employee stock ownership plan compensation charge	1,944,000	4,031,000	4,692,000	7,993,000
Asset impairment charges		10,005,000	0	10,005,000
Loss on asset sales and disposals	2,216,000	39,249,000	6,720,000	40,144,000
Operating income (loss)	88,684,000	40,054,000	75,197,000	32,411,000
Interest expense	(36,150,000)	(34,058,000)	(71,345,000)	(66,254,000)
Other income (expense), net	86,000	684,000	105,000	1,195,000
Earnings (loss) before income taxes	52,620,000	6,680,000	3,957,000	(32,648,000)
Income tax expense (benefit)	3,000	(167,000)	154,000	204,000
Net earnings (loss)	52,617,000	6,847,000	3,803,000	(32,852,000)
Net earnings (loss)	52,617,000	6,847,000	3,803,000	(32,852,000)
Ferrellgas, L.P. [Member] | Propane [Member]
Revenues:
Revenues	550,112,000	592,239,000	885,078,000	894,997,000
Costs and expenses:
Cost of sales	311,531,000	362,918,000	515,667,000	542,433,000
Ferrellgas, L.P. [Member] | Midstream Operations [Member]
Revenues:
Revenues	0	117,276,000	0	238,036,000
Costs and expenses:
Cost of sales	0	107,067,000	0	215,192,000
Ferrellgas, L.P. [Member] | Product and Service, Other [Member]
Revenues:
Revenues	23,265,000	45,641,000	40,608,000	76,778,000
Costs and expenses:
Cost of sales	3,422,000	20,787,000	6,469,000	34,489,000
Ferrellgas Finance Corp. [Member]
Costs and expenses:
General and administrative expense	3,850	3,666	5,400	5,216
Net earnings (loss)	$ (3,850)	$ (3,666)	$ (5,400)	$ (5,216)

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Comprehensive income (loss):
Net earnings (loss)	$ 43,875	$ (1,774)	$ (13,633)	$ (50,090)
Other comprehensive income (loss):
Change in value on risk management derivatives	(21,080)	1,072	(29,234)	23,521
Reclassification of gains on derivatives to earnings, net	3,807	(9,743)	(626)	(13,692)
Other comprehensive income (loss)	(17,273)	(8,671)	(29,860)	9,829
Comprehensive income (loss)	26,602	(10,445)	(43,493)	(40,261)
Less: comprehensive income (loss) attributable to noncontrolling interest	357	(19)	(263)	(234)
Comprehensive income (loss) attributable to Ferrellgas Partners, LP	26,245	(10,426)	(43,230)	(40,027)
Ferrellgas, L.P. [Member]
Comprehensive income (loss):
Net earnings (loss)	52,617	6,847	3,803	(32,852)
Other comprehensive income (loss):
Change in value on risk management derivatives	(21,080)	1,072	(29,234)	23,521
Reclassification of gains on derivatives to earnings, net	3,807	(9,743)	(626)	(13,692)
Other comprehensive income (loss)	(17,273)	(8,671)	(29,860)	9,829
Comprehensive income (loss)	35,344	(1,824)	(26,057)	(23,023)
Comprehensive income (loss) attributable to Ferrellgas Partners, LP	$ 35,344	$ (1,824)	$ (26,057)	$ (23,023)

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Consolidated Statements Of Partners' Deficit - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jan. 31, 2019	Jan. 31, 2019
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance, beginning		$ (1,034,477)
Contributions on connection with non-cash ESOP compensation charges		4,692
Distributions		(10,072)
Net earnings (loss)	$ 43,875	(13,633)
Other comprehensive income (loss)	(17,273)	(29,860)
Partners' capital balance, ending	(1,083,350)	(1,083,350)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance, beginning		20,510
Contributions on connection with non-cash ESOP compensation charges		0
Distributions		0
Net earnings (loss)		0
Other comprehensive income (loss)		(29,559)
Partners' capital balance, ending	(9,049)	(9,049)
Parent [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance, beginning		(1,027,785)
Contributions on connection with non-cash ESOP compensation charges		4,645
Distributions		(9,814)
Net earnings (loss)		(13,671)
Other comprehensive income (loss)		(29,559)
Partners' capital balance, ending	(1,076,184)	(1,076,184)
Non-Controlling Interest [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance, beginning		(6,692)
Contributions on connection with non-cash ESOP compensation charges		47
Distributions		(258)
Net earnings (loss)	531	38
Other comprehensive income (loss)		(301)
Partners' capital balance, ending	$ (7,166)	$ (7,166)
Common Unitholders [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance (in shares)		97,152,700
Partners' capital balance, beginning		$ (978,503)
Contributions on connection with non-cash ESOP compensation charges		4,599
Distributions		(9,716)
Net earnings (loss)		$ (13,534)
Partners' capital balance (in shares)	97,152,700	97,152,700
Partners' capital balance, ending	$ (997,154)	$ (997,154)
General Partner [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance (in shares)		989,900
Partners' capital balance, beginning		$ (69,792)
Contributions on connection with non-cash ESOP compensation charges		46
Distributions		(98)
Net earnings (loss)		$ (137)
Partners' capital balance (in shares)	989,900	989,900
Partners' capital balance, ending	$ (69,981)	$ (69,981)
Ferrellgas, L.P. [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance, beginning		(680,078)
Contributions on connection with non-cash ESOP compensation charges		4,692
Distributions	(15,553)	(25,568)
Net earnings (loss)	52,617	3,803
Other comprehensive income (loss)	(17,273)	(29,860)
Partners' capital balance, ending	(727,011)	(727,011)
Ferrellgas, L.P. [Member] | Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance, beginning		20,733
Contributions on connection with non-cash ESOP compensation charges		0
Distributions		0
Net earnings (loss)		0
Other comprehensive income (loss)		(29,860)
Partners' capital balance, ending	(9,127)	(9,127)
Ferrellgas, L.P. [Member] | Common Unitholders [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance, beginning		(693,896)
Contributions on connection with non-cash ESOP compensation charges		4,645
Distributions		(25,310)
Net earnings (loss)		3,765
Other comprehensive income (loss)		0
Partners' capital balance, ending	(710,796)	(710,796)
Ferrellgas, L.P. [Member] | General Partner [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Partners' capital balance, beginning		(6,915)
Contributions on connection with non-cash ESOP compensation charges		47
Distributions		(258)
Net earnings (loss)		38
Other comprehensive income (loss)		0
Partners' capital balance, ending	$ (7,088)	$ (7,088)

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Consolidated Statements Of Cash Flows - USD ($)	6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Cash flows from operating activities:
Net earnings (loss)	$ (13,633,000)	$ (50,090,000)
Reconciliation of net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization expense	38,597,000	51,217,000
Non-cash employee stock ownership plan compensation charge	4,692,000	7,993,000
Asset impairment charges	0	10,005,000
Loss on asset sales and disposals	6,720,000	40,144,000
Unrealized gain (loss) on derivatives	0	(91,000)
Provision for doubtful accounts	1,576,000	1,688,000
Deferred tax expense (benefit)	141,000	364,000
Other	6,843,000	4,482,000
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts and notes receivable, net of securitization	(78,686,000)	(102,315,000)
Inventories	(6,090,000)	(17,275,000)
Prepaid expenses and other current assets	(16,351,000)	(4,682,000)
Accounts payable	16,441,000	11,510,000
Accrued interest expense	(260,000)	304,000
Other current liabilities	(8,944,000)	13,372,000
Other assets and liabilities	(6,164,000)	(2,920,000)
Net cash used in operating activities	(55,118,000)	(36,294,000)
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(5,069,000)	(14,862,000)
Capital expenditures	(58,330,000)	(35,693,000)
Proceeds from sale of assets	1,960,000	4,207,000
Net cash used in investing activities	(61,439,000)	(46,348,000)
Cash flows from financing activities:
Distributions	(9,814,000)	(19,627,000)
Proceeds from increase in long-term debt	0	23,580,000
Payments on long-term debt	(1,014,000)	(1,267,000)
Net additions to (reductions in) short-term borrowings	(32,800,000)	(7,879,000)
Net additions to collateralized short-term borrowings	82,000,000	97,000,000
Cash paid for financing costs	(221,000)	(395,000)
Noncontrolling interest activity	(258,000)	(357,000)
Net cash provided by (used in) financing activities	37,893,000	91,055,000
Increase (decrease) in cash and cash equivalents	(78,664,000)	8,413,000
Cash and cash equivalents - beginning of year	119,311,000	5,760,000
Cash and cash equivalents - end of year	40,647,000	14,173,000
Ferrellgas Partners Finance Corp. [Member]
Cash flows from operating activities:
Net earnings (loss)	(1,941)	(275)
Changes in operating assets and liabilities, net of effects from business acquisitions:
Prepaid expenses and other current assets	1,850	0
Net cash used in operating activities	(91)	(275)
Cash flows from financing activities:
Capital contribution	91	275
Net cash provided by (used in) financing activities	91	275
Increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents - beginning of year	1,000	1,000
Cash and cash equivalents - end of year	1,000	1,000
Ferrellgas, L.P. [Member]
Cash flows from operating activities:
Net earnings (loss)	3,803,000	(32,852,000)
Reconciliation of net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization expense	38,597,000	51,217,000
Non-cash employee stock ownership plan compensation charge	4,692,000	7,993,000
Asset impairment charges	0	10,005,000
Loss on asset sales and disposals	6,720,000	40,144,000
Unrealized gain (loss) on derivatives	0	(91,000)
Provision for doubtful accounts	1,576,000	1,688,000
Deferred tax expense (benefit)	141,000	364,000
Other	4,736,000	2,650,000
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts and notes receivable, net of securitization	(78,686,000)	(102,315,000)
Inventories	(6,090,000)	(17,275,000)
Prepaid expenses and other current assets	(16,321,000)	(4,637,000)
Accounts payable	16,441,000	11,510,000
Accrued interest expense	(259,000)	304,000
Other current liabilities	(8,944,000)	13,662,000
Other assets and liabilities	(6,120,000)	(3,208,000)
Net cash used in operating activities	(39,714,000)	(20,841,000)
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(5,069,000)	(14,862,000)
Capital expenditures	(58,330,000)	(35,693,000)
Proceeds from sale of assets	1,960,000	4,207,000
Net cash used in investing activities	(61,439,000)	(46,348,000)
Cash flows from financing activities:
Distributions	(25,568,000)	(35,380,000)
Proceeds from increase in long-term debt	0	23,580,000
Payments on long-term debt	(1,014,000)	(1,267,000)
Net additions to (reductions in) short-term borrowings	(32,800,000)	(7,879,000)
Net additions to collateralized short-term borrowings	82,000,000	97,000,000
Cash paid for financing costs	(221,000)	(395,000)
Net cash provided by (used in) financing activities	22,397,000	75,659,000
Increase (decrease) in cash and cash equivalents	(78,756,000)	8,470,000
Cash and cash equivalents - beginning of year	119,308,000	5,701,000
Cash and cash equivalents - end of year	40,552,000	14,171,000
Ferrellgas Finance Corp. [Member]
Cash flows from operating activities:
Net earnings (loss)	(5,400)	(5,216)
Changes in operating assets and liabilities, net of effects from business acquisitions:
Prepaid expenses and other current assets	1,500	1,500
Net cash used in operating activities	(3,900)	(3,716)
Cash flows from financing activities:
Capital contribution	3,900	3,716
Net cash provided by (used in) financing activities	3,900	3,716
Increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents - beginning of year	1,100	1,100
Cash and cash equivalents - end of year	$ 1,100	$ 1,100

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Partnership Organization And Formation

6 Months Ended

Jan. 31, 2019

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

Partnership Organization And Formation

A.    Partnership organization and formation

Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed April 19, 1994, and is a publicly traded limited partnership, owning an approximate 99% limited partner interest in Ferrellgas, L.P. (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. Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. As of January 31, 2019, Ferrell Companies, Inc. ("Ferrell Companies") beneficially owns 22.8 million Ferrellgas Partners common units. Ferrellgas, Inc. (the "general partner"), a wholly-owned subsidiary of Ferrell Companies, has retained an approximate 1% general partner interest in Ferrellgas Partners and also holds an approximate 1% general partner interest in the operating partnership, representing an effective 2% general partner interest in Ferrellgas on a combined basis. As general partner, it performs all management functions required by Ferrellgas. Unless contractually provided for, creditors of the operating partnership have no recourse with regards to Ferrellgas Partners.

Ferrellgas Partners is a holding entity that conducts no operations and has two subsidiaries, Ferrellgas Partners Finance Corp. and 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 debt issued by Ferrellgas Partners. The operating partnership is the only operating subsidiary of Ferrellgas Partners.

Ferrellgas 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.

Due to seasonality, the results of operations for the six months ended January 31, 2019 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2019.

The condensed consolidated financial statements of Ferrellgas reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The information included in this Quarterly Report on Form 10‑Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas’ Annual Report on Form 10‑K for fiscal 2018.

Ferrellgas Partners Finance Corp. [Member]

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

Partnership Organization And Formation

A.    Formation

Ferrellgas Partners Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (the “Partnership”).

The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature.

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

Ferrellgas, L.P. [Member]

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

Partnership Organization And Formation

A.    Partnership organization and formation

Ferrellgas, L.P. is a limited partnership that owns and operates propane distribution and related assets, crude oil transportation and logistics related assets and salt water disposal wells in south Texas. Ferrellgas Partners, L.P. (“Ferrellgas Partners”), a publicly traded limited partnership, holds an approximate 99% limited partner interest in, and consolidates, Ferrellgas, L.P. Ferrellgas, Inc. (the “general partner”), a wholly-owned subsidiary of Ferrell Companies, Inc. (“Ferrell Companies”), holds an approximate 1% general partner interest in Ferrellgas, L.P. and performs all management functions required by Ferrellgas, L.P.

Ferrellgas, L.P. 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 issued by Ferrellgas, L.P.

Ferrellgas, L.P. 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.

Due to seasonality, the results of operations for the six months ended January 31, 2019 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2019.

The condensed consolidated financial statements of Ferrellgas, L.P. and subsidiaries reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The information included in this Quarterly Report on Form 10‑Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas, L.P.’s Annual Report on Form 10‑K for fiscal 2018.

Ferrellgas Finance Corp. [Member]

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 condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature.

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

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Summary Of Significant Accounting Policies

6 Months Ended

Jan. 31, 2019

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 assets, 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 doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations.

(2) New accounting standards:

FASB Accounting Standard Update No. 2014‑09

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ("ASU") 2014‑09, Revenue from Contracts with Customers (“ASU 2014‑09”). The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. Upon adoption, Ferrellgas applied ASU 2014‑09 only to contracts that were not completed, referred to as open contracts.

Ferrellgas adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. This method requires that the cumulative effect of initially applying ASU 2014‑09 be recognized in partner’s deficit at the date of adoption, August 1, 2018. ASU 2014‑09 has not materially impacted Ferrellgas’ consolidated financial statements, and as a result there was no cumulative effect to record as of the date of adoption. Results for reporting periods beginning after August 1, 2018 are presented under ASU 2014‑09, while amounts reported for prior periods have not been adjusted and continue to be reported under accounting standards in effect for those periods. See Note G - Revenue from contracts with customers for additional information related to revenues and contract costs, including qualitative and quantitative disclosures required under ASU 2014‑09.

FASB Accounting Standard Update No. 2016‑02

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 iseffective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standard requires lessees to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. An entity may elect the transition relief option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with an option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption and consequently, continue to report comparative periods in compliance with the prior guidance (ASC 840). Ferrellgas expects to elect this additional transition method.

Ferrellgas is continuing to evaluate the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas has made significant progress in assessing the impact of the standard and planning for the adoption and implementation. The implementation team has completed initial scoping and is substantially complete in the data gathering process of our current lease portfolio. Ferrellgas is currently performing a completeness assessment over the lease population, analyzing the financial statement impact of adopting the standards, and evaluating the impact of adoption on our existing accounting policies and disclosures. Ferrellgas believes that the adoption of this standard, which will be effective for Ferrellgas August 1, 2019, will result in material increases to right of use assets and lease liabilities on our consolidated balance sheet.

FASB Accounting Standard Update No. 2016‑13

In June 2016, the FASB issued ASU 2016‑13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

FASB Accounting Standard Update No. 2017‑12

In August 2017, the FASB issued ASU 2017‑12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

FASB Accounting Standard Update No. 2018‑15

In August 2018, the FASB issued ASU 2018‑15, Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract which is intended to clarify the accounting for implementation costs related to a cloud computing arrangement that is a service contract. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

Ferrellgas, L.P. [Member]

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 assets, 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 doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations.

(2) New accounting standards:

FASB Accounting Standard Update No. 2014‑09

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ("ASU") 2014‑09, Revenue from Contracts with Customers (“ASU 2014‑09”). The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. Upon adoption, Ferrellgas, L.P. applied ASU 2014‑09 only to contracts that were not completed, referred to as open contracts.

Ferrellgas, L.P. adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. This method requires that the cumulative effect of initially applying ASU 2014‑09 be recognized in partner’s deficit at the date of adoption, August 1, 2018. ASU 2014‑09 has not materially impacted Ferrellgas, L.P.’s consolidated financial statements, and as a result there was no cumulative effect to record as of the date of adoption. Results for reporting periods beginning after August 1, 2018 are presented under ASU 2014‑09, while amounts reported for prior periods have not been adjusted and continue to be reported under accounting standards in effect for those periods. See Note G - Revenue from contracts with customers for additional information related to revenues and contract costs, including qualitative and quantitative disclosures required under ASU 2014‑09.

FASB Accounting Standard Update No. 2016‑02

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 iseffective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standard requires lessees to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. An entity may elect the transition relief option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with an option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption and consequently, continue to report comparative periods in compliance with the prior guidance (ASC 840). Ferrellgas, L.P. expects to elect this additional transition method.

Ferrellgas, L.P. is continuing to evaluate the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas, L.P. has made significant progress in assessing the impact of the standard and planning for the adoption and implementation. The implementation team has completed initial scoping and is substantially complete in the data gathering process of our current lease portfolio. Ferrellgas, L.P. is currently performing a completeness assessment over the lease population, analyzing the financial statement impact of adopting the standards, and evaluating the impact of adoption on our existing accounting policies and disclosures. Ferrellgas, L.P. believes that the adoption of this standard, which will be effective for Ferrellgas, L.P. August 1, 2019, will result in material increases to right of use assets and lease liabilities on our consolidated balance sheet.

FASB Accounting Standard Update No. 2016‑13

In June 2016, the FASB issued ASU 2016‑13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

FASB Accounting Standard Update No. 2017‑12

In August 2017, the FASB issued ASU 2017‑12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

FASB Accounting Standard Update No. 2018‑15

In August 2018, the FASB issued ASU 2018‑15, Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract which is intended to clarify the accounting for implementation costs related to a cloud computing arrangement that is a service contract. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

.

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Supplemental Financial Statement Information

6 Months Ended

Jan. 31, 2019

Supplemental Financial Statement Information [Line Items]

Supplemental Financial Statement Information

C.    Supplemental financial statement information

Inventories consist of the following:

	January 31, 2019		July 31, 2018
Propane gas and related products	$	74,964	$	71,180
Appliances, parts and supplies, and other		14,820		12,514
Inventories	$	89,784	$	83,694

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 January 31, 2019, Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 14 million gallons of propane at fixed prices.

Other assets, net consist of the following:

	January 31, 2019		July 31, 2018
Notes receivable, less current portion	$	27,646	$	27,491
Other		44,893		47,097
Other assets, net	$	72,539	$	74,588

Other current liabilities consist of the following:

	January 31, 2019		July 31, 2018
Accrued interest	$	21,963	$	22,222
Customer deposits and advances		26,323		22,829
Other		98,967		96,974
Other current liabilities	$	147,253	$	142,025

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

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Operating expense	$	60,279	$	54,613	$	107,721	$	97,928
Depreciation and amortization expense		1,389		1,123		2,462		2,235
Equipment lease expense		7,869		6,296		15,388		12,364
	$	69,537	$	62,032	$	125,571	$	112,527

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

	For the six months ended January 31,
	2019		2018
Cash paid for:
Interest	$	82,941	$	78,682
Income taxes	$	2	$	12
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	1,174	$	1,508
Change in accruals for property, plant and equipment additions	$	2,815	$	47

Ferrellgas, L.P. [Member]

Supplemental Financial Statement Information [Line Items]

Supplemental Financial Statement Information

C.    Supplemental financial statement information

Inventories consist of the following:

	January 31, 2019		July 31, 2018
Propane gas and related products	$	74,964	$	71,180
Appliances, parts and supplies, and other		14,820		12,514
Inventories	$	89,784	$	83,694

In addition to inventories on hand, Ferrellgas, L.P. enters into contracts to take delivery of propane for supply procurement purposes with terms that generally do not exceed 36 months. Most of these contracts call for payment based on market prices at the date of delivery. As of January 31, 2019, Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 14 million gallons of propane at fixed prices.

Other assets, net consist of the following:

	January 31, 2019		July 31, 2018
Notes receivable, less current portion	$	27,646	$	27,491
Other		44,893		47,097
Other assets, net	$	72,539	$	74,588

Other current liabilities consist of the following:

	January 31, 2019		July 31, 2018
Accrued interest		18,029		18,288
Customer deposits and advances		26,323		22,829
Other		98,967		96,974
Other current liabilities	$	143,319	$	138,091

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

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Operating expense	$	60,279	$	54,613	$	107,721	$	97,928
Depreciation and amortization expense		1,389		1,123		2,462		2,235
Equipment lease expense		7,869		6,296		15,388		12,364
	$	69,537	$	62,032	$	125,571	$	112,527

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

	For the six months ended January 31,
	2019		2018
Cash paid for:
Interest	$	67,546	$	63,286
Income taxes	$	9	$	1
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	1,174	$	1,508
Change in accruals for property, plant and equipment additions	$	2,815	$	47

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Accounts And Notes Receivable, Net And Accounts Receivable Securitization

6 Months Ended

Jan. 31, 2019

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

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

D.  Accounts and notes receivable, net and accounts receivable securitization

Accounts and notes receivable, net consist of the following:

	January 31, 2019		July 31, 2018
Accounts receivable pledged as collateral	$	201,717	$	120,079
Accounts receivable		4,651		8,272
Note receivable - current portion		126		132
Other		27		26
Less: Allowance for doubtful accounts		(3,357)		(2,455)
Accounts and notes receivable, net	$	203,164	$	126,054

At January 31, 2019,  $201.7 million of trade accounts receivable were pledged as collateral against $140.0 million of collateralized notes payable due to a commercial paper conduit. At July 31, 2018,  $120.1 million of trade accounts receivable were pledged as collateral against $58.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from the operating partnership. The operating partnership does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral.

As of January 31, 2019, Ferrellgas had received cash proceeds of $140.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds or issue letters of credit. As of July 31, 2018, Ferrellgas had received cash proceeds of $58.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 5.3% and 5.2% as of January 31, 2019 and July 31, 2018, respectively.

Ferrellgas, L.P. [Member]

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

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

D.    Accounts and notes receivable, net and accounts receivable securitization

Accounts and notes receivable, net consist of the following:

	January 31, 2019		July 31, 2018
Accounts receivable pledged as collateral	$	201,717	$	120,079
Accounts receivable		4,651		8,272
Note receivable - current portion		126		132
Other		27		26
Less: Allowance for doubtful accounts		(3,357)		(2,455)
Accounts and notes receivable, net	$	203,164	$	126,054

At January 31, 2019,  $201.7 million of trade accounts receivable were pledged as collateral against $140.0 million of collateralized notes payable due to a commercial paper conduit. At July 31, 2018,  $120.1 million of trade accounts receivable were pledged as collateral against $58.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from Ferrellgas, L.P. Ferrellgas, L.P. does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral.

As of January 31, 2019, Ferrellgas, L.P. had received cash proceeds of $140.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds or issue letters of credit. As of July 31, 2018, Ferrellgas, L.P. had received cash proceeds of $58.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 5.3% and 5.2% as of January 31, 2019 and July 31, 2018, respectively.

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Debt

6 Months Ended

Jan. 31, 2019

Debt Instrument [Line Items]

Debt Disclosure [Text Block]

E.    Debt

Short-term borrowings

Ferrellgas classifies borrowings on the revolving line of credit portion of its Senior Secured Credit Facility as short-term because they are used to fund working capital needs that management intends to pay down within the twelve month period following the balance sheet date. As of January 31, 2019, there were no amounts classified as short-term borrowings. As of July 31, 2018,  $32.8 million was classified as short-term borrowings. For further discussion see the secured credit facility section below.

Secured credit facilities

As of January 31, 2019, the operating partnership had borrowings of $275.0 million under the Term Loan at a rate of 8.27%, which was classified as long-term debt, and no borrowings under the Revolving Facility. As of January 31, 2019, the operating partnership had available borrowing capacity under its Revolving Facility of $196.2 million. As of July 31, 2018, the operating partnership had borrowings of $275.0 million under the Term Loan at a rate of 7.86%, which was classified as long-term debt, and $32.8 million under the Revolving Facility at a rate of 9.75%, which was classified as short-term borrowings. As of July 31, 2018, the operating partnership had available borrowing capacity under its Revolving Facility of $159.3 million.

Letters of credit outstanding at January 31, 2019 and July 31, 2018 totaled $103.8 million and $107.9 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At January 31, 2019, Ferrellgas had available letter of credit remaining capacity of $21.2 million. At July 31, 2018, Ferrellgas had available letter of credit remaining capacity of $17.1 million.

Debt and interest expense reduction and refinancing strategy

Ferrellgas continues to execute on a strategy to further reduce its debt and interest expense. This strategy included entering into the new Senior Secured Credit Facility and amending its accounts receivable securitization facility in May 2018 and certain asset sales during fiscal 2018. Ferrellgas continues to evaluate its options to address its leverage.

Financial covenants

The indenture governing the outstanding notes of Ferrellgas Partners and the agreements governing the operating partnership’s indebtedness contain various covenants that limit Ferrellgas Partners’ ability and the ability of specified subsidiaries to, among other things, make restricted payments and incur additional indebtedness. The general partner believes that the most restrictive of these covenants are those related to the consolidated fixed charge coverage ratio, as defined in the indenture governing the outstanding notes of Ferrellgas Partners, and the consolidated fixed charge coverage ratio, as defined in the indentures governing the outstanding notes of the operating partnership.

Consolidated fixed charge coverage ratio - Ferrellgas Partners, L.P., the master limited partnership

Under the Ferrellgas Partners indenture, before a restricted payment (as defined in the indenture) can be made by Ferrellgas Partners, Ferrellgas Partners must satisfy a consolidated fixed charge coverage ratio requirement or have unused capacity under a limited exception to the ratio requirement. If Ferrellgas Partners is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to Ferrellgas Partners common unitholders.

The restricted payments covenant requires that, for Ferrellgas Partners to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of Ferrellgas Partners be at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events, subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x, Ferrellgas Partners may make restricted payments of up to $50.0 million in total over a sixteen quarter period. As of January 31, 2019, the ratio was 1.38x. As a result of distributions paid to common unitholders in September 2017, December 2017, March 2018, June 2018, and September 2018, while this ratio was less than 1.75x, Ferrellgas Partners has used substantially all of its capacity under the limited exception and therefore is currently restricted by this covenant from making future restricted payments, including distributions to common unitholders. Accordingly, no distributions were paid to common unitholders in December 2018 for the three months ended October 31, 2018 and no distributions will be paid for the three months ended January 31, 2019. Unless this indenture is amended or replaced, or our consolidated fixed charge coverage ratio improves to at least 1.75x this covenant will continue to restrict us from making common unit distributions.

Consolidated fixed charge coverage ratio - Ferrellgas, L.P., the operating partnership

Under the operating partnership indentures, before a restricted payment (as defined in the indentures) can be made by the operating partnership to Ferrellgas Partners, the operating partnership must satisfy a consolidated fixed charge coverage ratio requirement or have unused capacity under a limited exception to the ratio requirement. If the operating partnership is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to Ferrellgas Partners common unitholders or make interest payments on Ferrellgas Partners’ unsecured senior notes due 2020.

The restricted payment covenants require that, for the operating partnership to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the operating partnership be at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events, subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x, the operating partnership may make restricted payments in limited amounts determined under the indentures. As of January 31, 2019, the ratio was 1.67x. As a result, it’s likely the distribution that will be made by the operating partnership on June 15, 2019 for payment of interest on Ferrellgas Partners’ unsecured senior notes due 2020 will be made from capacity under the limited exception to the ratio requirement. The operating partnership believes that its remaining capacity under the limited exception to the ratio requirement will allow it to make distributions to Ferrellgas Partners sufficient to cover interest payments on Ferrellgas Partners’ unsecured senior notes due 2020 through maturity of those notes.

Ferrellgas, L.P. [Member]

Debt Instrument [Line Items]

Debt Disclosure [Text Block]

E.    Debt

Short-term borrowings

Ferrellgas, L.P. classifies borrowings on the revolving line of credit portion of its Senior Secured Credit Facility as short-term because they are used to fund working capital needs that management intends to pay down within the twelve month period following the balance sheet date. As of January 31, 2019, there were no amounts classified as short-term borrowings. As of July 31, 2018,  $32.8 million was classified as short-term borrowings. For further discussion see the secured credit facility section below.

Secured credit facilities

As of January 31, 2019, Ferrellgas, L.P. had borrowings of $275.0 million under the Term Loan at a rate of 8.27%, which was classified as long-term debt, and no borrowings under the Revolving Facility. As of January 31, 2019, Ferrellgas, L.P. had available borrowing capacity under its Revolving Facility of $196.2 million. As of July 31, 2018, Ferrellgas, L.P. had borrowings of $275.0 million under the Term Loan at a rate of 7.86%, which was classified as long-term debt, and $32.8 million under the Revolving Facility at a rate of 9.75%, which was classified as short-term borrowings. As of July 31, 2018, Ferrellgas, L.P. had available borrowing capacity under its Revolving Facility of $159.3 million.

Letters of credit outstanding at January 31, 2019 and July 31, 2018 totaled $103.8 million and $107.9 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At January 31, 2019, Ferrellgas, L.P. had available letter of credit remaining capacity of $21.2 million. At July 31, 2018, Ferrellgas, L.P. had available letter of credit remaining capacity of $17.1 million.

Debt and interest expense reduction and refinancing strategy

Ferrellgas, L.P. continues to execute on a strategy to further reduce its debt and interest expense. This strategy included entering into the new Senior Secured Credit Facility and amending its accounts receivable securitization facility in May 2018 and certain asset sales during fiscal 2018. Ferrellgas, L.P. continues to evaluate its options to address its leverage.

Financial covenants

The agreements governing Ferrellgas, L.P.’s indebtedness contain various covenants that limit Ferrellgas, L.P.’s ability and the ability of specified subsidiaries to, among other things, make restricted payments and incur additional indebtedness. The general partner believes that the most restrictive of these covenants are those related to the consolidated fixed charge coverage ratio, as defined in the indentures governing the outstanding notes of Ferrellgas, L.P.

Under the indentures governing the outstanding notes of Ferrellgas, L.P., before a restricted payment (as defined in the indentures) can be made by Ferrellgas, L.P. to Ferrellgas Partners, Ferrellgas, L.P. must be satisfy a consolidated fixed charge coverage ratio requirement or have unused capacity under a limited exception to the ratio requirement. If Ferrellgas, L.P. is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to its common unitholders or make interest payments on its unsecured senior notes due 2020.

The restricted payments covenants require that, for Ferrellgas, L.P. to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of Ferrellgas, L.P. be at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events, subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x, Ferrellgas, L.P. may make restricted payments in limited amounts determined under the indentures. As of January 31, 2019, the ratio was 1.67x. As a result, it’s likely the distribution that will be made by Ferrellgas, L.P. on June 15, 2019 for payment of interest on Ferrellgas Partners’ unsecured senior notes due 2020 will be made from capacity under the limited exception to the ratio requirement. Ferrellgas, L.P. believes that its remaining capacity under the limited exception to the ratio requirement will allow it to make distributions to Ferrellgas Partners’ to cover interest payments on Ferrellgas Partners’ unsecured senior notes due 2020 through the maturity of those notes. 

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Partners' deficit

6 Months Ended

Jan. 31, 2019

Limited Partners' Capital Account [Line Items]

Partners' deficit

F.    Partners’ deficit

As of January 31, 2019 and July 31, 2018, Ferrellgas Partners limited partner units, which are listed on the New York Stock Exchange under the symbol “FGP,” were beneficially owned by the following:

	January 31, 2019	July 31, 2018
Public common unitholders	69,612,939	69,612,939
Ferrell Companies (1)	22,529,361	22,529,361
FCI Trading Corp. (2)	195,686	195,686
Ferrell Propane, Inc. (3)	51,204	51,204
James E. Ferrell (4)	4,763,475	4,763,475

(1) Ferrell Companies is the owner of the general partner and is an approximate 23% direct owner of Ferrellgas Partners’ common units and thus a related party. Ferrell Companies also beneficially owns 195,686 and 51,204 common units of Ferrellgas Partners held by FCI Trading Corp. ("FCI Trading") and Ferrell Propane, Inc. ("Ferrell Propane"), respectively, bringing Ferrell Companies’ beneficial ownership to 23.4% at January 31, 2019.

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

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

(4) James E. Ferrell is the Interim Chief Executive Officer and President of our general partner; and is the Chairman of the Board of Directors of our general partner and a related party. JEF Capital Management owns 4,758,859 of these common 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 4,616 common 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.

Partnership distributions

Ferrellgas Partners has recognized the following distributions:

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Public common unitholders	$	—	$	6,962	$	6,962	$	13,923
Ferrell Companies		—		2,253		2,253		4,506
FCI Trading Corp.		—		20		20		40
Ferrell Propane, Inc.		—		5		5		10
James E. Ferrell		—		476		476		952
General partner		—		98		98		196
	$	—	$	9,814	$	9,814	$	19,627

Ferrellgas Partners paid cash distributions as detailed in the table above. Ferrellgas Partners did not declare a cash distribution related to the three months ended October 31, 2018 or related to the three months ended January 31, 2019. As discussed in Note E – Debt, Ferrellgas Partners was not permitted, pursuant to the consolidated fixed charge coverage ratio under its note indenture, to make restricted payments, including distributions to unitholders.

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

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

See Note I – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and six months ended January 31, 2019 and 2018.

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 concurrent with the issuance of other additional equity.

During the six months ended January 31, 2019, the general partner made non-cash contributions of $0.1 million to Ferrellgas to maintain its effective 2% general partner interest.

During the six months ended January 31, 2018, the general partner made non-cash contributions of $0.2 million to Ferrellgas to maintain its effective 2% general partner interest.

Ferrellgas, L.P. [Member]

Limited Partners' Capital Account [Line Items]

Partners' deficit

F.    Partners’ deficit

Partnership distributions

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

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Ferrellgas Partners	$	15,396	$	25,210	$	25,310	$	35,023
General partner		157		257		258		357
	$	15,553	$	25,467	$	25,568	$	35,380

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

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

See Note I – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and six months ended January 31, 2019 and 2018.

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 concurrent with the issuance of other additional equity.

During the six months ended January 31, 2019, the general partner made non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest.

During the six months ended January 31, 2018, the general partner made non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest.

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Revenue from contracts with customers

6 Months Ended

Jan. 31, 2019

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer [Text Block]

G.    Revenue from contracts with customers

Ferrellgas adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. 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, 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. Upon adoption, Ferrellgas applied ASU 2014‑09 only to contracts that were not completed.

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 thus 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, Ferrellgas bills customers upon delivery and payment is generally due within 30 days. With its 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 make 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 three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Retail - Sales to End Users	$	415,827	$	417,472	$	633,591	$	601,266
Wholesale - Sales to Resellers		115,392		128,654		209,336		227,083
Other Gas Sales		18,893		46,113		42,151		66,648
Other		23,265		45,641		40,608		76,778
Propane and related equipment revenues	$	573,377	$	637,880	$	925,686	$	971,775

Contract assets and liabilities

Ferrellgas’ performance obligations are generally limited to the delivery of propane for our 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 our revenue is recognized at the time the goods, including propane, are delivered or installed. Ferrellgas offers “even pay” 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, thus Ferrellgas does not capitalize these costs.

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

	January 31, 2019		July 31, 2018
Accounts receivable	$	189,151	$	119,818
Contract assets	$	18,519	$	8,691
Contract liabilities
Deferred revenue (1)	$	35,609	$	29,933

(1) Of the beginning balance of deferred revenue, $17.1 million was recognized as revenue during the six months ended January 31, 2019.

Remaining performance obligations

Ferrellgas’ remaining performance obligations are generally limited to situations where its customers have remitted payment but have not yet received deliveries of propane. This most commonly occurs in Ferrellgas’ 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.

Ferrellgas, L.P. [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer [Text Block]

G.    Revenue from contracts with customers

Ferrellgas, L.P. adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. Ferrellgas, L.P. 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, 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. Upon adoption, Ferrellgas, L.P. applied ASU 2014‑09 only to contracts that were not completed.

Contracts with customers

Ferrellgas, L.P.’s 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, L.P. sells propane to a wide variety of customers, including residential, industrial/commercial, portable tank exchange, agricultural, wholesale and others. Ferrellgas, L.P.’s performance obligations in these contracts are generally limited to the delivery of propane thus revenues from these contracts are earned at the time product is delivered or in the case of some of Ferrellgas, L.P.’s 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, Ferrellgas, L.P. bills customers upon delivery and payment is generally due within 30 days. With its residential customers, Ferrellgas, L.P 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, L.P. charges other amounts to customers associated with the delivery of propane including hazardous materials fees and fuel surcharge fees. In some regions, Ferrellgas, L.P. also sells appliances and related parts and fittings as well as other retail propane related services. Ferrellgas, L.P. 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, L.P. make 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, L.P. disaggregates revenues based upon the type of customer and on the type of revenue. The following table presents retail propane revenues, wholesale propane revenues and other revenues. Retail revenues result from sales to end use customers, wholesale revenues result from sales to or through resellers and all other revenues include sales of appliances and other materials, other fees charged to customers and equipment rental charges.

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Retail - Sales to End Users	$	415,827	$	417,472	$	633,591	$	601,266
Wholesale - Sales to Resellers		115,392		128,654		209,336		227,083
Other Gas Sales		18,893		46,113		42,151		66,648
Other		23,265		45,641		40,608		76,778
Propane and related equipment revenues	$	573,377	$	637,880	$	925,686	$	971,775

Contract assets and liabilities

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

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

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

	January 31, 2019		July 31, 2018
Accounts receivable	$	189,151	$	119,818
Contract assets	$	18,519	$	8,691
Contract liabilities
Deferred revenue (1)	$	35,609	$	29,933

(1) Of the beginning balance of deferred revenue, $17.1 million was recognized as revenue during the six months ended January 31, 2019.

Remaining performance obligations

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

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Fair Value Measurements

6 Months Ended

Jan. 31, 2019

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

Fair Value Measurements

H.    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 January 31, 2019 and July 31, 2018:

	Asset (Liability)
	Quoted Prices in Active
	Markets for Identical		Significant Other
	Assets and Liabilities		Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
January 31, 2019:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	5,848	$	—	$	5,848
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(15,148)	$	—	$	(15,148)
July 31, 2018:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	22,470	$	—	$	22,470
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(1,910)	$	—	$	(1,910)

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.

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. The estimated fair value of various note receivable financial instruments classified in "Other assets, net" on the condensed consolidated balance sheets, are approximately $24.2 million, or $3.4 million less than their carrying amount as of January 31, 2019. The estimated fair values of these notes receivable were calculated using a discounted cash flow method which relied on significant unobservable inputs. At January 31, 2019 and July 31, 2018, the estimated fair value of Ferrellgas’ long-term debt instruments was $1,825.1 million and $1,935.1 million, respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities.

Ferrellgas 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.

Ferrellgas, L.P. [Member]

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

Fair Value Measurements

H.    Fair value measurements

Derivative financial instruments

The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of January 31, 2019 and July 31, 2018:

	Asset (Liability)
	Quoted Prices in Active
	Markets for Identical		Significant Other
	Assets and Liabilities		Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
January 31, 2019:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	5,848	$	—	$	5,848
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(15,148)	$	—	$	(15,148)
July 31, 2018:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	22,470	$	—	$	22,470
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(1,910)	$	—	$	(1,910)

Methodology

The fair values of Ferrellgas, L.P.’s non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators.

Other financial instruments

The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. The estimated fair value of various note receivable financial instruments classified in "Other assets, net" on the condensed consolidated balance sheets, are approximately $24.2 million, or $3.4 million less than their carrying amount as of January 31, 2019. The estimated fair values of these notes receivable were calculated using a discounted cash flow method which relied on significant unobservable inputs. At January 31, 2019 and July 31, 2018, the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $1,560.0 million and $1,591.5 million, respectively. Ferrellgas, L.P. estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities.

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

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Derivative Instruments and Hedging Activities

6 Months Ended

Jan. 31, 2019

Derivative [Line Items]

Derivative Instruments and Hedging Activities

I.    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. Prior to the sale of Bridger Energy, LLC in January 2018, all other commodity derivative instruments were neither qualified nor were designated as cash flow hedges, therefore, changes in their fair value were recorded currently in earnings. Ferrellgas also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates.

Derivative instruments and hedging activity

During the six months ended January 31, 2019 and 2018, 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 in Ferrellgas’ condensed consolidated balance sheets as of January 31, 2019 and July 31, 2018:

	January 31, 2019
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments
Commodity derivatives-propane	Prepaid expenses and other current assets	$	5,408	Other current liabilities	$	13,859
Commodity derivatives-propane	Other assets, net		440	Other liabilities		1,289
	Total	$	5,848	Total	$	15,148

	July 31, 2018
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments
Commodity derivatives-propane	Prepaid expenses and other current assets	$	17,123	Other current liabilities	$	1,832
Commodity derivatives-propane	Other assets, net		5,347	Other liabilities		78
	Total	$	22,470	Total	$	1,910

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 January 31, 2019 and July 31, 2018, respectively:

	January 31, 2019
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	10,977	Other current liabilities	$	1,734
	Other assets, net		2,617	Other liabilities		3
		$	13,594		$	1,737

	July 31, 2018
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	2,851	Other current liabilities	$	12,308
	Other assets, net		927	Other liabilities		4,235
		$	3,778		$	16,543

The following table provides a summary of the effect on Ferrellgas’ condensed consolidated statements of operations for the three and six months ended January 31, 2019 and 2018 due to derivatives that were designated as fair value hedging instruments:

						Amount of Interest Expense
		Amount of Gain Recognized on				Recognized on Fixed-Rated Debt
	Location of Gain	Derivative				(Related Hedged Item)
	Recognized on	For the three months ended January 31,				For the three months ended January 31,
Derivative Instrument	Derivative	2019		2018		2019		2018
Interest rate swap agreements	Interest expense	$	—	$	88	$	—	$	(2,275)

						Amount of Interest Expense
		Amount of Gain Recognized on				Recognized on Fixed-Rated Debt
	Location of Amounts	Derivative				(Related Hedged Item)
	Recognized on	For the six months ended January 31,				For the six months ended January 31,
Derivative Instrument	Derivative	2019		2018		2019		2018
Interest rate swap agreements	Interest expense	$	—	$	226	$	—	$	(4,550)

The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income (loss) for the three and six months ended January 31, 2019 and 2018 due to derivatives designated as cash flow hedging instruments:

	For the three months ended January 31, 2019
				Amount of Gain (Loss)
	Amount of Gain		Location of Gain (Loss)	Reclassified from
	(Loss) Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	(21,080)	Cost of product sold- propane and other gas liquids sales	$	3,807	$	—
	$	(21,080)		$	3,807	$	—

	For the three months ended January 31, 2018
				Amount of Gain (Loss)
	Amount of Gain (Loss)		Location of Gain (Loss)	Reclassified from
	Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	960	Cost of sales-propane and other gas liquids sales	$	9,886	$	—
Interest rate swap agreements		112	Interest expense		(143)		—
	$	1,072		$	9,743	$	—

	For the six months ended January 31, 2019
				Amount of Gain (Loss)
	Amount of Gain (Loss)		Location of Gain (Loss)	Reclassified from
	Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	(29,234)	Cost of sales-propane and other gas liquids sales	$	(626)	$	—
	$	(29,234)		$	(626)	$	—

	For the six months ended January 31, 2018
				Amount of Gain (Loss)
	Amount of Gain (Loss)		Location of Gain (Loss)	Reclassified from
	Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	23,283	Cost of product sold- propane and other gas liquids sales	$	14,018	$	—
Interest rate swap agreements		238	Interest expense		(326)		—
	$	23,521		$	13,692	$	—

The following table provides a summary of the effect on Ferrellgas’ condensed consolidated statements of operations for the three and six months ended January 31, 2019 and 2018 due to the change in fair value of derivatives not designated as hedging instruments:

	For the three months ended January 31, 2019
	Amount of Gain (Loss)		Location of Gain (Loss)
Derivatives Not Designated as Hedging Instruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	—	Cost of sales - midstream operations

	For the three months ended January 31, 2018
	Amount of Gain (Loss)		Location of Gain (Loss)
Derivatives Not Designated as Hedging Instruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	(2,080)	Cost of sales - midstream operations

	For the six months ended January 31, 2019
	Amount of Gain (Loss)		Location of Gain (Loss)
Derivatives Not Designated as Hedging Instruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	—	Cost of sales - midstream operations

	For the six months ended January 31, 2018
	Amount of Gain (Loss)		Location of Gain (Loss)
Derivatives Not Designated as Hedging Instruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	(3,470)	Cost of sales - midstream operations

The changes in derivatives included in AOCI for the six months ended January 31, 2019 and 2018 were as follows:

	For the six months ended January 31,
Gains and losses on derivatives included in AOCI	2019		2018
Beginning balance	$	20,560	$	14,648
Change in value of risk management commodity derivatives		(29,234)		23,283
Reclassification of gains on commodity hedges to cost of sales - propane and other gas liquids sales, net		(626)		(14,018)
Change in value of risk management interest rate derivatives		—		238
Reclassification of losses on interest rate hedges to interest expense		—		326
Ending balance	$	(9,300)	$	24,477

Ferrellgas expects to reclassify net losses related to the risk management commodity derivatives of approximately $8.5 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sales exception.

During the six months ended January 31, 2019 and 2018, 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 January 31, 2019, Ferrellgas had financial derivative contracts covering 3.9 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 its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas 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 January 31, 2019, the maximum amount of loss due to credit risk that Ferrellgas would incur is $0.5 million, which is based upon the gross fair values of the derivative financial instruments.

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 January 31, 2019.

Ferrellgas, L.P. [Member]

Derivative [Line Items]

Derivative Instruments and Hedging Activities

I.    Derivative instruments and hedging activities

Ferrellgas, L.P. is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas, L.P. utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. Prior to the sale of Bridger Energy, LLC in January 2018, all other commodity derivative instruments were neither qualified nor were designated as cash flow hedges, therefore, changes in their fair value were recorded currently in earnings. Ferrellgas, L.P. also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates.

Derivative instruments and hedging activity

During the six months ended January 31, 2019 and 2018, Ferrellgas, L.P. did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges.

The following tables provide a summary of the fair value of derivatives in Ferrellgas, L.P.’s condensed consolidated balance sheets as of January 31, 2019 and July 31, 2018:

	January 31, 2019
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments
Commodity derivatives-propane	Prepaid expenses and other current assets	$	5,408	Other current liabilities	$	13,859
Commodity derivatives-propane	Other assets, net		440	Other liabilities		1,289
	Total	$	5,848	Total	$	15,148

	July 31, 2018
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments
Commodity derivatives-propane	Prepaid expenses and other current assets	$	17,123	Other current liabilities	$	1,832
Commodity derivatives-propane	Other assets, net		5,347	Other liabilities		78
	Total	$	22,470	Total	$	1,910

Ferrellgas, L.P.’s exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. Liabilities represent cash margin deposits received by Ferrellgas, L.P. for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of January 31, 2019 and July 31, 2018, respectively:

	January 31, 2019
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	10,977	Other current liabilities	$	1,734
	Other assets, net		2,617	Other liabilities		3
		$	13,594		$	1,737

	July 31, 2018
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	2,851	Other current liabilities	$	12,308
	Other assets, net		927	Other liabilities		4,235
		$	3,778		$	16,543

The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of operations for the three and six months ended January 31, 2019 and 2018 due to derivatives that were designated as fair value hedging instruments:

						Amount of Interest Expense
	Location of Amounts	Amount of Gain Recognized on				Recognized on Fixed-Rated Debt
	Recognized on	Derivative				(Related Hedged Item)
Derivative Instrument	Derivative	For the three months ended January 31,				For the three months ended January 31,
		2019		2018		2019		2018
Interest rate swap agreements	Interest expense	$	—	$	88	$	—	$	(2,275)

						Amount of Interest Expense
	Location of Gain	Amount of Gain Recognized on				Recognized on Fixed-Rated Debt
	Recognized on	Derivative				(Related Hedged Item)
Derivative Instrument	Derivative	For the six months ended January 31,				For the six months ended January 31,
		2019		2018		2019		2018
Interest rate swap agreements	Interest expense	$	—	$	226	$	—	$	(4,550)

The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income (loss) for the three and six months ended January 31, 2019 and 2018 due to derivatives designated as cash flow hedging instruments:

	For the three months ended January 31, 2019
				Amount of Gain (Loss)
			Location of Gain (Loss)	Reclassified from
	Amount of Gain (Loss)		Reclassified from AOCI	AOCI into Income
DerivativeInstrument	Recognized in AOCI		into Income	Effective portion		Ineffective portion
Commodity derivatives	$	(21,080)	Cost of product sold- propane and other gas liquids sales	$	3,807	$	—
	$	(21,080)		$	3,807	$	—

	For the three months ended January 31, 2018
				Amount of Gain (Loss)
			Location of Gain (Loss)	Reclassified from
	Amount of Gain (Loss)		Reclassified from AOCI	AOCI into Income
DerivativeInstrument	Recognized in AOCI		into Income	Effective portion		Ineffective portion
Commodity derivatives	$	960	Cost of sales-propane and other gas liquids sales	$	9,886	$	—
Interest rate swap agreements		112	Interest expense		(143)		—
	$	1,072		$	9,743	$	—

	For the six months ended January 31, 2019
				Amount of Gain (Loss)
			Location of Gain (Loss)	Reclassified from
	Amount of Gain (Loss)		Reclassified from AOCI	AOCI into Income
DerivativeInstrument	Recognized in AOCI		into Income	Effective portion		Ineffective portion
Commodity derivatives	$	(29,234)	Cost of sales-propane and other gas liquids sales	$	(626)	$	—
	$	(29,234)		$	(626)	$	—

	For the six months ended January 31, 2018
				Amount of Gain (Loss)
			Location of Gain (Loss)	Reclassified from
	Amount of Gain (Loss)		Reclassified from AOCI	AOCI into Income
DerivativeInstrument	Recognized in AOCI		into Income	Effective portion		Ineffective portion
Commodity derivatives	$	23,283	Cost of product sold- propane and other gas liquids sales	$	14,018	$	—
Interest rate swap agreements		238	Interest expense		(326)		—
	$	23,521		$	13,692	$	—

The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of operations for the three and six months ended January 31, 2019 and 2018 due to the change in fair value of derivatives not designated as hedging instruments:

	For the three months ended January 31, 2019
	Amount of Gain (Loss)		Location of Gain (Loss)
DerivativesNotDesignatedasHedgingInstruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	—	Cost of sales - midstream operations

	For the three months ended January 31, 2018
	Amount of Gain (Loss)		Location of Gain (Loss)
Derivatives Not Designated as Hedging Instruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	(2,080)	Cost of sales - midstream operations

	For the six months ended January 31, 2019
	Amount of Gain (Loss)		Location of Gain (Loss)
DerivativesNotDesignatedasHedgingInstruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	—	Cost of sales - midstream operations

	For the six months ended January 31, 2018
	Amount of Gain (Loss)		Location of Gain (Loss)
DerivativesNotDesignatedasHedgingInstruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	(3,470)	Cost of sales - midstream operations

The changes in derivatives included in AOCI for the six months ended January 31, 2019 and 2018 were as follows:

	For the six months ended January 31,
Gains and losses on derivatives included in AOCI	2019		2018
Beginning balance	$	20,560	$	14,648
Change in value of risk management commodity derivatives		(29,234)		23,283
Reclassification of gains on commodity hedges to cost of sales - propane and other gas liquids sales, net		(626)		(14,018)
Change in value of risk management interest rate derivatives		—		238
Reclassification of losses on interest rate hedges to interest expense		—		326
Ending balance	$	(9,300)	$	24,477

Ferrellgas, L.P. expects to reclassify net losses related to the risk management commodity derivatives of approximately $8.5 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas, L.P. has with its customers that qualify for the normal purchase normal sales exception.

During the six months ended January 31, 2019 and 2018, Ferrellgas, L.P. had no reclassifications to operations resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship.

As of January 31, 2019, Ferrellgas, L.P. had financial derivative contracts covering 3.9 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, L.P. is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas, L.P.’s counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas, L.P. maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas, L.P. in the forms of letters of credit, parent guarantees or cash. Ferrellgas, L.P. has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at January 31, 2019, the maximum amount of loss due to credit risk that Ferrellgas, L.P. would incur is $0.5 million, which is based upon the gross fair values of the derivative financial instruments.

From time to time Ferrellgas, L.P. enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas, L.P.’s debt rating. There were no open derivative contracts with credit-risk-related contingent features as of January 31, 2019.

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Transactions With Related Parties

6 Months Ended

Jan. 31, 2019

Related Party Transaction [Line Items]

Related Party Transactions Disclosure [Text Block]

J.    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 the 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 condensed consolidated statements of operations as follows:

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Operating expense	$	69,285	$	65,291	$	129,243	$	122,642
General and administrative expense	$	7,197	$	8,422	$	13,309	$	15,930

See additional discussions about transactions with the general partner and related parties in Note F – Partners’ deficit.

Ferrellgas, L.P. [Member]

Related Party Transaction [Line Items]

Related Party Transactions Disclosure [Text Block]

J.    Transactions with related parties

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

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Operating expense	$	69,285	$	65,291	$	129,243	$	122,642
General and administrative expense	$	7,197	$	8,422	$	13,309	$	15,930

See additional discussions about transactions with the general partner and related parties in Note F – Partners’ deficit.

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Contingencies And Commitments

6 Months Ended

Jan. 31, 2019

Loss Contingencies [Line Items]

Contingencies And Commitments

K.    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, Ferrellgas can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas is 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 the consolidated financial condition, results of operations and cash flows of Ferrellgas.

Ferrellgas has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits, which were consolidated in the Western District of Missouri on October 16, 2014, allege that Ferrellgas and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Federal Court for the Western District of Missouri initially dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs filed an appeal, which resulted in a reversal of the district court’s dismissal. We filed a petition for a writ of certiorari which was denied. An appeal by the indirect customer plaintiffs resulted in the court of appeals affirming the dismissal of the federal claims and remanding the case to the district court to decide whether to exercise supplemental jurisdiction over the remaining state law claims. Ferrellgas believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit.

Ferrellgas has been named, along with several former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas and several current and former officers and directors as defendants. On April 2, 2018, the securities class action lawsuits were dismissed with prejudice. On April 30, 2018, the plaintiffs filed a notice of appeal to the United States Court of Appeals for the Second Circuit. The parties have completed briefing and are preparing for oral argument. At this time the derivative lawsuits remain stayed by agreement. Ferrellgas believes that it has defenses and will vigorously defend these cases. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative actions.

Ferrellgas and Bridger Logistics, LLC, have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“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 under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas. Ferrellgas believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas believes that the amount of such damage claims, if ultimately owed to Eddystone, could be material to Ferrellgas. Ferrellgas intends to vigorously defend this claim. The lawsuit is in its early stages; as such, management does not currently believe a loss is probable or reasonably estimable at this time. On August 24, 2017, Ferrellgas filed a third-party complaint against JTS, Jamex Transfer Holdings, and other related persons and entities (the "Third-Party Defendants"), asserting claims for breach of contract, indemnification of any losses in the EDPA Lawsuit, tortious interference with contract, and contribution. On June 25, 2018, Ferrellgas entered into an agreement with the Third-Party Defendants which, among other things, resulted in a dismissal of the claims against the Third-Party Defendants from the lawsuit. On January 25, 2019, Ferrellgas, Bridger Logistics, LLC and all other defendants filed a Motion to Dismiss Plaintiff’s First Amended Complaint for Lack of Subject Matter Jurisdiction.

Ferrellgas Partners Finance Corp. [Member]

Loss Contingencies [Line Items]

Contingencies And Commitments

B.    Contingencies and commitments

The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership.

The indenture governing the senior unsecured notes contains various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness and restricted payments. As of January 31, 2019, the Partnership is in compliance with all requirements, tests, limitations and covenants related to this debt agreement, except for the consolidated fixed charge coverage ratio.

The indenture governing the outstanding notes of the Partnership includes a consolidated fixed charge coverage ratio test for the incurrence of debt and the making of restricted payments. The restricted payments covenant requires that, for the Partnership to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the Partnership be at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events, subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x,  the Partnership may make restricted payments of up to $50.0 million in total over a 16 quarter period. As of January 31, 2019, the ratio was 1.67x. As a result of distributions paid to common unitholders in September 2017, December 2017, March 2018, June 2018, and September 2018 while this ratio was less than 1.75x,  the Partnership has used substantially all of its capacity under the limited exception and therefore is currently restricted by this covenant from making future restricted payments, including distributions to common unitholders. Accordingly, no distributions will be paid to common unitholders in December 2018 for the three and six months ended January 31, 2019. Unless this indenture is amended or replaced, or the Partnership’s consolidated fixed charge coverage ratio improves to at least 1.75x, this covenant will continue to restrict the Partnership from making common unit distributions.

Ferrellgas, L.P. [Member]

Loss Contingencies [Line Items]

Contingencies And Commitments

K.    Contingencies and commitments

Litigation

Ferrellgas, L.P.’s 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, Ferrellgas, L.P. can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas, L.P. is 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 the consolidated financial condition, results of operations and cash flows of Ferrellgas, L.P.

Ferrellgas, L.P. has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits, which were consolidated in the Western District of Missouri on October 16, 2014, allege that Ferrellgas, L.P. and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Federal Court for the Western District of Missouri initially dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs filed an appeal, which resulted in a reversal of the district court’s dismissal. We filed a petition for a writ of certiorari which was denied. An appeal by the indirect customer plaintiffs resulted in the court of appeals affirming the dismissal of the federal claims and remanding the case to the district court to decide whether to exercise supplemental jurisdiction over the remaining state law claims. Ferrellgas, L.P. believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit.

Ferrellgas, L.P. has been named, along with several former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas, L.P. and several current and former officers and directors as defendants. On April 2, 2018, the securities class action lawsuits were dismissed with prejudice. On April 30, 2018, the plaintiffs filed a notice of appeal to the United States Court of Appeals for the Second Circuit. The parties have completed briefing and are preparing for oral argument. At this time the derivative lawsuits remain stayed by agreement. Ferrellgas, L.P. believes that it has defenses and will vigorously defend these cases. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative actions.

Ferrellgas, L.P. and Bridger Logistics, LLC, have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“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, L.P. 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 under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas, L.P. Ferrellgas, L.P. believes that Ferrellgas, L.P. and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas, L.P. believes that the amount of such damage claims, if ultimately owed to Eddystone, could be material to Ferrellgas, L.P. Ferrellgas, L.P. intends to vigorously defend this claim. The lawsuit is in its early stages; as such, management does not currently believe a loss is probable or reasonably estimable at this time. On August 24, 2017, Ferrellgas, L.P. filed a third-party complaint against JTS, Jamex Transfer Holdings, and other related persons and entities (the "Third-Party Defendants"), asserting claims for breach of contract, indemnification of any losses in the EDPA Lawsuit, tortious interference with contract, and contribution. On June 25, 2018, Ferrellgas, L.P. entered into an agreement with the Third-Party Defendants which, among other things, resulted in a dismissal of the claims against the Third-Party Defendants from the lawsuit. On January 25, 2019, Ferrellgas, L.P., Bridger Logistics, LLC and all other defendants filed a Motion to Dismiss Plaintiff’s First Amended Complaint for Lack of Subject Matter Jurisdiction.

Ferrellgas Finance Corp. [Member]

Loss Contingencies [Line Items]

Contingencies And Commitments

B.    Contingencies and commitments

The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership.

The indentures governing the senior notes agreements contains various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness and restricted payments. The restricted payments covenants require that, for the Partnership to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the Partnership be at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events, subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x, the Partnership may make restricted payments in limited amounts determined under the indentures. As of January 31, 2019, the ratio was 1.67x. As a result, it’s likely the distribution that will be made by the Partnership on June 15, 2019 for payment of interest on Ferrellgas Partners’ unsecured senior notes due 2020 will be made from capacity under the limited exception to the ratio requirement. the Partnership believes that its remaining capacity under the limited exception to the ratio requirement will allow it to make distributions to Ferrellgas Partners’ to cover interest payments on Ferrellgas Partners’ unsecured senior notes due 2020 through the maturity of those notes.

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Net Earnings (Loss) Per Common Unitholders' Interest

6 Months Ended

Jan. 31, 2019

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Common Unitholders' Interest

L.    Net earnings (loss) per common unit

Below is a calculation of the basic and diluted net earnings (loss) per common unit in the condensed consolidated statements of operations for the periods indicated. Ferrellgas calculates net earnings (loss) per common unit 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 according to the incentive distribution rights in the Ferrellgas partnership agreement. Due to the seasonality of the propane business, the dilutive effect of the two-class method typically impacts only the three months ending January 31.  In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows:

	Ratio of total distributions payable to:
Quarterly distribution per common unit	Common unitholder		General partner
$0.56 to $0.63	86.9	%	13.1	%
$0.64 to $0.82	76.8	%	23.2	%
$0.83 and above	51.5	%	48.5	%

There was no dilutive effect resulting from this method based on basic and diluted net earnings (loss) per common unit for the three and six months ended January 31, 2019 or 2018.

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, there are no dilutive securities in periods with net losses.

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
	(in thousands, except per common unit amounts)
Common unitholders’ interest in net earnings (loss)	$	42,911	$	(1,824)	$	(13,534)	$	(49,260)
Weighted average common units outstanding (in thousands)		97,152.7		97,152.7		97,152.7		97,152.7
Basic and diluted net earnings (loss) per common unit	$	0.44	$	(0.02)	$	(0.14)	$	(0.51)

A.

XML

Segment Reporting Segment Reporting

6 Months Ended

Jan. 31, 2019

Segment Reporting Information [Line Items]

Segment Reporting Disclosure

M.    Segment reporting

As of January 31, 2019, Ferrellgas has one reportable operating segment: propane operations and related equipment sales. All remaining activities are included in Corporate and other.

Following is a summary of segment information for the three and six months ended January 31, 2019 and 2018:

	Three months ended January 31, 2019
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	573,377	$	—	$	573,377
Direct costs (1)		443,533		10,188		453,721
Adjusted EBITDA	$	129,844	$	(10,188)	$	119,656

	Three months ended January 31, 2018
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	637,880	$	117,276	$	755,156
Direct costs (1)		507,386		127,143		634,529
Adjusted EBITDA	$	130,494	$	(9,867)	$	120,627

	Six months ended January 31, 2019
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	925,686	$	—	$	925,686
Direct costs (1)		767,127		21,062		788,189
Adjusted EBITDA	$	158,559	$	(21,062)	$	137,497

	Six months ended January 31, 2018
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	971,775	$	238,036	$	1,209,811
Direct costs (1)		810,715		252,253		1,062,968
Adjusted EBITDA	$	161,060	$	(14,217)	$	146,843

(1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of sales- midstream operations", "cost of sales-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "severance charge", "legal fees and settlements", "unrealized (non-cash) losses on changes in fair value of derivatives not designated as hedging instruments" and "multi-employer pension plan withdrawal settlement".

Following is a reconciliation of Ferrellgas’ total segment performance measure to condensed consolidated net loss:

	Three months ended January 31,				Six months ended January 31,
	2019		2018		2019		2018
Net earnings (loss) attributable to Ferrellgas Partners, L.P.	$	43,344	$	(1,843)	$	(13,671)	$	(49,758)
Income tax expense (benefit)		3		(162)		161		215
Interest expense		44,891		42,673		88,769		83,480
Depreciation and amortization expense		19,605		25,485		38,597		51,217
EBITDA		107,843		66,153		113,856		85,154
Non-cash employee stock ownership plan compensation charge		1,944		4,031		4,692		7,993
Asset impairments		—		10,005		—		10,005
Loss on asset sales and disposals		2,216		39,249		6,720		40,144
Other income, net		(86)		(684)		(105)		(1,195)
Severance costs		1,600		—		1,600		1,663
Legal fees and settlements		5,608		2,118		9,172		2,118
Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments		—		(314)		—		1,293
Multi-employer pension plan withdrawal settlement		—		—		1,524		—
Net earnings (loss) attributable to noncontrolling interest		531		69		38		(332)
Adjusted EBITDA	$	119,656	$	120,627	$	137,497	$	146,843

Following are total assets by segment:

Assets	January 31, 2019		July 31, 2018
Propane operations and related equipment sales	$	1,315,233	$	1,196,084
Corporate and other		72,887		167,197
Total consolidated assets	$	1,388,120	$	1,363,281

Following are capital expenditures by segment:

	Six months ended January 31, 2019
	Propane operations and
	related equipment sales		Corporate and other		Total
Capital expenditures:
Maintenance	$	31,460	$	549	$	32,009
Growth		23,316		—		23,316
Total	$	54,776	$	549	$	55,325

	Six months ended January 31, 2018
	Propane operations and
	related equipment sales		Corporate and other		Total
Capital expenditures:
Maintenance	$	12,016	$	1,427	$	13,443
Growth		18,311		1,013		19,324
Total	$	30,327	$	2,440	$	32,767

Ferrellgas, L.P. [Member]

Segment Reporting Information [Line Items]

Segment Reporting Disclosure

L.    Segment reporting

As of January 31, 2019, Ferrellgas, L.P. has one reportable operating segment: propane operations and related equipment sales. All remaining activities are included in Corporate and other.

Following is a summary of segment information for the three and six months ended January 31, 2019 and 2018

	Three months ended January 31, 2019
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	573,377	$	—	$	573,377
Direct costs (1)		443,533		10,187		453,720
Adjusted EBITDA	$	129,844	$	(10,187)	$	119,657

	Three months ended January 31, 2018
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	637,880	$	117,276	$	755,156
Direct costs (1)		507,386		127,142		634,528
Adjusted EBITDA	$	130,494	$	(9,866)	$	120,628

	Six months ended January 31, 2019
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	925,686	$	—	$	925,686
Direct costs (1)		767,127		21,057		788,184
Adjusted EBITDA	$	158,559	$	(21,057)	$	137,502

	Six months ended January 31, 2018
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	971,775	$	238,036	$	1,209,811
Direct costs (1)		810,715		252,252		1,062,967
Adjusted EBITDA	$	161,060	$	(14,216)	$	146,844

(1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of sales- midstream operations", "cost of sales-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "severance charge", "legal fees and settlements", "unrealized (non-cash) losses on changes in fair value of derivatives not designated as hedging instruments" and "multi-employer pension plan withdrawal settlement".

Following is a reconciliation of Ferrellgas, L.P.’s total segment performance measure to condensed consolidated net loss:

	Three months ended January 31,				Six months ended January 31,
	2019		2018		2019		2018
Net earnings (loss)	$	52,617	$	6,847	$	3,803	$	(32,852)
Income tax expense (benefit)		3		(167)		154		204
Interest expense		36,150		34,058		71,345		66,254
Depreciation and amortization expense		19,605		25,485		38,597		51,217
EBITDA		108,375		66,223		113,899		84,823
Non-cash employee stock ownership plan compensation charge		1,944		4,031		4,692		7,993
Asset impairments		—		10,005		—		10,005
Loss on asset sales and disposals		2,216		39,249		6,720		40,144
Other income, net		(86)		(684)		(105)		(1,195)
Severance costs		1,600		—		1,600		1,663
Legal fees and settlements		5,608		2,118		9,172		2,118
Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments		—		(314)		—		1,293
Multi-employer pension plan withdrawal settlement		—		—		1,524		—
Adjusted EBITDA	$	119,657	$	120,628	$	137,502	$	146,844

Following are total assets by segment:

	January 31, 2019		July 31, 2018
Assets
Propane operations and related equipment sales	$	1,315,233	$	1,196,084
Corporate and other		72,729		167,162
Total consolidated assets	$	1,387,962	$	1,363,246

Following are capital expenditures by segment:

	Six months ended January 31, 2019
	Propane operations and
	related equipment sales		Corporate and other		Total
Capital expenditures:
Maintenance	$	31,460	$	549	$	32,009
Growth		23,316		—		23,316
Total	$	54,776	$	549	$	55,325

	Six months ended January 31, 2018
	Propane operations and
	related equipment sales		Corporate and other		Total
Capital expenditures:
Maintenance	$	12,016	$	1,427	$	13,443
Growth		18,311		1,013		19,324
Total	$	30,327	$	2,440	$	32,767

XML

Guarantor financial information

6 Months Ended

Jan. 31, 2019

Ferrellgas, L.P. [Member]

Condensed Financial Statements, Captions [Line Items]

Guarantor financial information

M.    Guarantor financial information

The $500.0 million aggregate principal amount of 6.75% senior notes due 2023 co-issued by Ferrellgas, L.P. and Ferrellgas Finance Corp. are fully and unconditionally and jointly and severally guaranteed by all of Ferrellgas, L.P.’s 100% owned subsidiaries except: (i) Ferrellgas Finance Corp; (ii) certain special purposes subsidiaries formed for use in connection with our accounts receivable securitization; and (iii) foreign subsidiaries. Guarantees of these senior notes will be released under certain circumstances, including (i) in connection with any sale or other disposition of (a) all or substantially all of the assets of a guarantor or (b) all of the capital stock of such guarantor (including by way of merger or consolidation), in each case, to a person that is not Ferrellgas, L.P. or a restricted subsidiary of Ferrellgas, L.P., (ii) if Ferrellgas, L.P. designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary, (iii) upon defeasance or discharge of the notes, (iv) upon the liquidation or dissolution of such guarantor, or (v) at such time as such guarantor ceases to guarantee any other indebtedness of either of the issuers and any other guarantor.

The guarantor financial information discloses in separate columns the financial position, results of operations and the cash flows of Ferrellgas, L.P. (Parent), Ferrellgas Finance Corp. (co-issuer), Ferrellgas, L.P.’s guarantor subsidiaries on a combined basis, and Ferrellgas, L.P.’s non-guarantor subsidiaries on a combined basis. The dates and the periods presented in the guarantor financial information are consistent with the periods presented in Ferrellgas, L.P.’s condensed consolidated financial statements.

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	As of January 31, 2019
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	40,305	$	1	$	246	$	—	$	—	$	40,552
Accounts and notes receivable, net		(3,661)		—		150		206,675		—		203,164
Intercompany receivables		(9,201)		—		—		—		9,201		—
Inventories		89,784		—		—		—		—		89,784
Prepaid expenses and other current assets		36,551		—		(1)		3		—		36,553
Total current assets		153,778		1		395		206,678		9,201		370,053
Property, plant and equipment, net		584,335		—		(1)		—		—		584,334
Goodwill, net		247,478		—		—		—		—		247,478
Intangible assets, net		113,558		—		—		—		—		113,558
Investments in consolidated subsidiaries		74,072		—		—		—		(74,072)		—
Other assets, net		68,659		—		2,875		1,005		—		72,539
Total assets	$	1,241,880	$	1	$	3,269	$	207,683	$	(64,871)	$	1,387,962
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Current liabilities:
Accounts payable	$	63,526	$	—	$	—	$	113	$	—	$	63,639
Collateralized note payable		—		—		—		140,000		—		140,000
Intercompany payables		—		—		(192)		(9,009)		9,201		—
Other current liabilities		137,417		—		388		5,514		—		143,319
Total current liabilities		200,943		—		196		136,618		9,201		346,958
Long-term debt		1,730,468		—		—		—		—		1,730,468
Other liabilities		37,480		—		67		—		—		37,547
Contingencies and commitments
Partners' capital (deficit):
Partners' equity		(717,884)		1		3,006		71,065		(74,072)		(717,884)
Accumulated other comprehensive loss		(9,127)		—		—		—		—		(9,127)
Total partners' capital (deficit)		(727,011)		1		3,006		71,065		(74,072)		(727,011)
Total liabilities and partners' capital (deficit)	$	1,241,880	$	1	$	3,269	$	207,683	$	(64,871)	$	1,387,962

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	As of July 31, 2018
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	119,133	$	1	$	174	$	—	$	—	$	119,308
Accounts and notes receivable, net		(3,420)		—		9,395		120,079		—		126,054
Intercompany receivables		15,660		—		—		—		(15,660)		—
Inventories		83,694		—		—		—		—		83,694
Prepaid expenses and other current assets		34,050		—		775		5		—		34,830
Total current assets		249,117		1		10,344		120,084		(15,660)		363,886
Property, plant and equipment, net		557,689		—		34		—		—		557,723
Goodwill, net		246,098		—		—		—		—		246,098
Intangible assets, net		120,951		—		—		—		—		120,951
Investments in consolidated subsidiaries		59,937		—		—		—		(59,937)		—
Other assets, net		63,411		—		9,961		1,216		—		74,588
Total assets	$	1,297,203	$	1	$	20,339	$	121,300	$	(75,597)	$	1,363,246
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Current liabilities:
Accounts payable	$	45,171	$	—	$	1,547	$	102	$	—	$	46,820
Short-term borrowings		32,800		—		—		—		—		32,800
Collateralized note payable		—		—		—		58,000		—		58,000
Intercompany payables		—		—		(143)		15,803		(15,660)		—
Other current liabilities		131,702		—		6,036		353		—		138,091
Total current liabilities		209,673		—		7,440		74,258		(15,660)		275,711
Long-term debt		1,728,137		—		—		—		—		1,728,137
Other liabilities		39,471		—		5		—		—		39,476
Contingencies and commitments
Partners' capital (deficit):
Partners' equity		(700,811)		1		12,894		47,042		(59,937)		(700,811)
Accumulated other comprehensive income		20,733		—		—		—		—		20,733
Total partners' capital (deficit)		(680,078)		1		12,894		47,042		(59,937)		(680,078)
Total liabilities and partners' capital (deficit)	$	1,297,203	$	1	$	20,339	$	121,300	$	(75,597)	$	1,363,246

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)

	For the three months ended January 31, 2019
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues:
Propane and other gas liquids sales	$	550,112	$	—	$	—	$	—	$	—	$	550,112
Other		23,216		—		49		—		—		23,265
Total revenues		573,328		—		49		—		—		573,377
Costs and expenses:
Cost of sales - propane and other gas liquids sales		311,531		—		—		—		—		311,531
Cost of sales - other		3,308		—		114		—		—		3,422
Operating expense		121,180		—		39		1,884		(1,884)		121,219
Depreciation and amortization expense		19,493		—		—		112		—		19,605
General and administrative expense		16,338		3		—		—		—		16,341
Equipment lease expense		8,415		—		—		—		—		8,415
Non-cash employee stock ownership plan compensation charge		1,944		—		—		—		—		1,944
Loss on asset sales and disposals		2,045		—		171		—		—		2,216
Operating income (loss)		89,074		(3)		(275)		(1,996)		1,884		88,684
Interest expense		(34,655)		—		(38)		(1,457)		—		(36,150)
Other income (expense), net		96		—		(10)		2,916		(2,916)		86
Earnings (loss) before income taxes		54,515		(3)		(323)		(537)		(1,032)		52,620
Income tax expense		3		—		—		—		—		3
Equity in earnings (loss) of subsidiaries		(863)		—		—		—		863		—
Net earnings (loss)		53,649		(3)		(323)		(537)		(169)		52,617
Other comprehensive loss		(17,273)		—		—		—		—		(17,273)
Comprehensive income (loss)	$	36,376	$	(3)	$	(323)	$	(537)	$	(169)	$	35,344

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)

	For the three months ended January 31, 2018
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues:
Propane and other gas liquids sales	$	592,275	$	—	$	(36)	$	—	$	—	$	592,239
Midstream operations		—		—		117,276		—		—		117,276
Other		22,707		—		22,934		—		—		45,641
Total revenues		614,982		—		140,174		—		—		755,156
Costs and expenses:
Cost of sales - propane and other gas liquids sales		362,927		—		(9)		—		—		362,918
Cost of sales - midstream operations		—		—		107,067		—		—		107,067
Cost of sales - other		2,853		—		17,934		—		—		20,787
Operating expense		114,096		—		9,795		1,833		(2,008)		123,716
Depreciation and amortization expense		18,521		—		6,893		71		—		25,485
General and administrative expense		13,833		3		1,054		—		—		14,890
Equipment lease expense		6,862		—		92		—		—		6,954
Non-cash employee stock ownership plan compensation charge		4,031		—		—		—		—		4,031
Asset impairments		—				10,005				—		10,005
Loss on asset sales and disposals		555		—		38,694		—		—		39,249
Operating income (loss)		91,304		(3)		(51,351)		(1,904)		2,008		40,054
Interest expense		(21,212)		—		(11,739)		(1,107)		—		(34,058)
Other income (expense), net		408		—		276		2,008		(2,008)		684
Earnings (loss) before income taxes		70,500		(3)		(62,814)		(1,003)		—		6,680
Income tax expense (benefit)		82		—		(249)		—		—		(167)
Equity in earnings (loss) of subsidiaries		(63,571)		—		—		—		63,571		—
Net earnings (loss)		6,847		(3)		(62,565)		(1,003)		63,571		6,847
Other comprehensive income		(8,671)		—		—		—		—		(8,671)
Comprehensive income (loss)	$	(1,824)	$	(3)	$	(62,565)	$	(1,003)	$	63,571	$	(1,824)

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)

	For the six months ended January 31, 2019
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues:
Propane and other gas liquids sales	$	885,078	$	—	$	—	$	—	$	—	$	885,078
Other		40,559		—		49		—		—		40,608
Total revenues		925,637		—		49		—		—		925,686
Costs and expenses:
Cost of sales - propane and other gas liquids sales		515,667		—		—		—		—		515,667
Cost of sales - other		6,355		—		114		—		—		6,469
Operating expense		231,511		—		39		2,901		(2,901)		231,550
Depreciation and amortization expense		38,374		—		—		223		—		38,597
General and administrative expense		30,511		5		—		—		—		30,516
Equipment lease expense		16,278		—		—		—		—		16,278
Non-cash employee stock ownership plan compensation charge		4,692		—		—		—		—		4,692
Asset impairments		—		—		—		—		—		—
Loss on asset sales and disposals		4,041		—		2,679		—		—		6,720
Operating income (loss)		78,208		(5)		(2,783)		(3,124)		2,901		75,197
Interest expense		(69,003)		—		(38)		(2,304)		—		(71,345)
Other income (expense), net		115		—		(10)		5,119		(5,119)		105
Earnings (loss) before income taxes		9,320		(5)		(2,831)		(309)		(2,218)		3,957
Income tax expense		154		—		—		—		—		154
Equity in earnings (loss) of subsidiary		(3,145)		—		—		—		3,145		—
Net earnings (loss)		6,021		(5)		(2,831)		(309)		927		3,803
Other comprehensive loss		(29,860)		—		—		—		—		(29,860)
Comprehensive income (loss)	$	(23,839)	$	(5)	$	(2,831)	$	(309)	$	927	$	(26,057)

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)

	For the six months ended January 31, 2018
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues:
Propane and other gas liquids sales	$	894,392	$	—	$	605	$	—	$	—	$	894,997
Midstream operations		—		—		238,036		—		—		238,036
Other		39,384		—		37,394		—		—		76,778
Total revenues		933,776		—		276,035		—		—		1,209,811
Costs and expenses:
Cost of sales - propane and other gas liquids sales		541,746		—		687		—		—		542,433
Cost of sales - midstream operations		—		—		215,192		—		—		215,192
Cost of sales - other		5,562		—		28,927		—		—		34,489
Operating expense		215,328		—		19,058		3,015		(3,223)		234,178
Depreciation and amortization expense		36,868		—		14,206		143		—		51,217
General and administrative expense		24,588		5		3,461		—		—		28,054
Equipment lease expense		13,510		—		185		—		—		13,695
Non-cash employee stock ownership plan compensation charge		7,993		—		—		—		—		7,993
Asset impairments		—		—		10,005		—		—		10,005
Loss on asset sales and disposals		1,463		—		38,681		—		—		40,144
Operating income (loss)		86,718		(5)		(54,367)		(3,158)		3,223		32,411
Interest expense		(41,606)		—		(22,924)		(1,724)		—		(66,254)
Other income (expense), net		623		—		572		3,223		(3,223)		1,195
Earnings (loss) before income taxes		45,735		(5)		(76,719)		(1,659)		—		(32,648)
Income tax expense		72		—		132		—		—		204
Equity in earnings (loss) of subsidiary		(78,515)		—		—		—		78,515		—
Net earnings (loss)		(32,852)		(5)		(76,851)		(1,659)		78,515		(32,852)
Other comprehensive income		9,829		—		—		—		—		9,829
Comprehensive income (loss)	$	(23,023)	$	(5)	$	(76,851)	$	(1,659)	$	78,515	$	(23,023)

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	For the six months ended January 31, 2019
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	98,494	$	(5)	$	24,696	$	(80,899)	$	(82,000)	$	(39,714)
Cash flows from investing activities:
Business acquisitions, net of cash acquired		(5,069)		—		—		—		—		(5,069)
Capital expenditures		(58,330)		—		—		—		—		(58,330)
Proceeds from sale of assets		1,960		—		—		—		—		1,960
Cash collected for purchase of interest in accounts receivable		—		—		—		710,497		(710,497)		—
Cash remitted to Ferrellgas, L.P. for accounts receivable		—		—		—		(792,497)		792,497		—
Net changes in advances with consolidated entities		(56,291)		—		—		—		56,291		—
Other		—		—		—		—		—		—
Net cash provided by (used in) investing activities		(117,730)		—		—		(82,000)		138,291		(61,439)
Cash flows from financing activities:
Distributions		(25,568)		—		—		—		—		(25,568)
Payments on long-term debt		(1,014)		—		—		—		—		(1,014)
Net reductions in short-term borrowings		(32,800)		—		—		—		—		(32,800)
Net additions to collateralized short-term borrowings		—		—		—		82,000		—		82,000
Net changes in advances with parent		—		5		(24,624)		80,910		(56,291)		—
Cash paid for financing costs		(210)		—		—		(11)		—		(221)
Net cash provided by (used in) financing activities		(59,592)		5		(24,624)		162,899		(56,291)		22,397
Net change in cash and cash equivalents		(78,828)		—		72		—		—		(78,756)
Cash and cash equivalents - beginning of year		119,133		1		174		—		—		119,308
Cash and cash equivalents - end of year	$	40,305	$	1	$	246	$	—	$	—	$	40,552

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	For the six months ended January 31, 2018
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	(57,734)	$	(5)	$	13,335	$	120,563	$	(97,000)	$	(20,841)
Cash flows from investing activities:
Business acquisitions, net of cash acquired		(14,862)		—		—		—		—		(14,862)
Capital expenditures		(34,391)		—		(1,302)		—		—		(35,693)
Proceeds from sale of assets		4,207		—		—		—		—		4,207
Cash collected for purchase of interest in accounts receivable		—		—		—		574,783		(574,783)		—
Cash remitted to Ferrellgas, L.P. for accounts receivable		—		—		—		(671,783)		671,783		—
Net changes in advances with consolidated entities		132,748		—		—		—		(132,748)		—
Net cash provided by (used in) investing activities		87,702		—		(1,302)		(97,000)		(35,748)		(46,348)
Cash flows from financing activities:
Distributions		(35,380)		—		—		—		—		(35,380)
Proceeds from increase in long-term debt		23,580		—		—		—		—		23,580
Payments on long-term debt		(1,267)		—		—		—		—		(1,267)
Net reductions in short-term borrowings		(7,879)		—		—		—		—		(7,879)
Net additions to collateralized short-term borrowings		—		—		—		97,000		—		97,000
Net changes in advances with parent		—		5		(12,190)		(120,563)		132,748		—
Cash paid for financing costs		(395)		—		—		—		—		(395)
Net cash provided by (used in) financing activities		(21,341)		5		(12,190)		(23,563)		132,748		75,659
Net change in cash and cash equivalents		8,627		—		(157)		—		—		8,470
Cash and cash equivalents - beginning of year		5,327		1		373		—		—		5,701
Cash and cash equivalents - end of year	$	13,954	$	1	$	216	$	—	$	—	$	14,171

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Subsequent Events

6 Months Ended

Jan. 31, 2019

Subsequent Event [Line Items]

Subsequent Events

N.    Subsequent events

Ferrellgas evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas’ condensed consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements.

Ferrellgas, L.P. [Member]

Subsequent Event [Line Items]

Subsequent Events

N.    Subsequent events

Ferrellgas, L.P. evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas, L.P.’s condensed consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements.

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Summary Of Significant Accounting Policies (Policy)

6 Months Ended

Jan. 31, 2019

Significant Accounting Policies

Accounting estimates

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 assets, 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 doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations.

New accounting standards

New accounting standards:

FASB Accounting Standard Update No. 2014‑09

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ("ASU") 2014‑09, Revenue from Contracts with Customers (“ASU 2014‑09”). The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. Upon adoption, Ferrellgas applied ASU 2014‑09 only to contracts that were not completed, referred to as open contracts.

Ferrellgas adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. This method requires that the cumulative effect of initially applying ASU 2014‑09 be recognized in partner’s deficit at the date of adoption, August 1, 2018. ASU 2014‑09 has not materially impacted Ferrellgas’ consolidated financial statements, and as a result there was no cumulative effect to record as of the date of adoption. Results for reporting periods beginning after August 1, 2018 are presented under ASU 2014‑09, while amounts reported for prior periods have not been adjusted and continue to be reported under accounting standards in effect for those periods. See Note G - Revenue from contracts with customers for additional information related to revenues and contract costs, including qualitative and quantitative disclosures required under ASU 2014‑09.

FASB Accounting Standard Update No. 2016‑02

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 iseffective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standard requires lessees to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. An entity may elect the transition relief option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with an option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption and consequently, continue to report comparative periods in compliance with the prior guidance (ASC 840). Ferrellgas expects to elect this additional transition method.

Ferrellgas is continuing to evaluate the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas has made significant progress in assessing the impact of the standard and planning for the adoption and implementation. The implementation team has completed initial scoping and is substantially complete in the data gathering process of our current lease portfolio. Ferrellgas is currently performing a completeness assessment over the lease population, analyzing the financial statement impact of adopting the standards, and evaluating the impact of adoption on our existing accounting policies and disclosures. Ferrellgas believes that the adoption of this standard, which will be effective for Ferrellgas August 1, 2019, will result in material increases to right of use assets and lease liabilities on our consolidated balance sheet.

FASB Accounting Standard Update No. 2016‑13

In June 2016, the FASB issued ASU 2016‑13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

FASB Accounting Standard Update No. 2017‑12

In August 2017, the FASB issued ASU 2017‑12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

FASB Accounting Standard Update No. 2018‑15

In August 2018, the FASB issued ASU 2018‑15, Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract which is intended to clarify the accounting for implementation costs related to a cloud computing arrangement that is a service contract. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

Ferrellgas, L.P. [Member]

Significant Accounting Policies

Accounting estimates

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 assets, 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 doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations.

New accounting standards

New accounting standards:

FASB Accounting Standard Update No. 2014‑09

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ("ASU") 2014‑09, Revenue from Contracts with Customers (“ASU 2014‑09”). The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. Upon adoption, Ferrellgas, L.P. applied ASU 2014‑09 only to contracts that were not completed, referred to as open contracts.

Ferrellgas, L.P. adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. This method requires that the cumulative effect of initially applying ASU 2014‑09 be recognized in partner’s deficit at the date of adoption, August 1, 2018. ASU 2014‑09 has not materially impacted Ferrellgas, L.P.’s consolidated financial statements, and as a result there was no cumulative effect to record as of the date of adoption. Results for reporting periods beginning after August 1, 2018 are presented under ASU 2014‑09, while amounts reported for prior periods have not been adjusted and continue to be reported under accounting standards in effect for those periods. See Note G - Revenue from contracts with customers for additional information related to revenues and contract costs, including qualitative and quantitative disclosures required under ASU 2014‑09.

FASB Accounting Standard Update No. 2016‑02

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 iseffective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standard requires lessees to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. An entity may elect the transition relief option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with an option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption and consequently, continue to report comparative periods in compliance with the prior guidance (ASC 840). Ferrellgas, L.P. expects to elect this additional transition method.

Ferrellgas, L.P. is continuing to evaluate the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas, L.P. has made significant progress in assessing the impact of the standard and planning for the adoption and implementation. The implementation team has completed initial scoping and is substantially complete in the data gathering process of our current lease portfolio. Ferrellgas, L.P. is currently performing a completeness assessment over the lease population, analyzing the financial statement impact of adopting the standards, and evaluating the impact of adoption on our existing accounting policies and disclosures. Ferrellgas, L.P. believes that the adoption of this standard, which will be effective for Ferrellgas, L.P. August 1, 2019, will result in material increases to right of use assets and lease liabilities on our consolidated balance sheet.

FASB Accounting Standard Update No. 2016‑13

In June 2016, the FASB issued ASU 2016‑13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

FASB Accounting Standard Update No. 2017‑12

In August 2017, the FASB issued ASU 2017‑12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

FASB Accounting Standard Update No. 2018‑15

In August 2018, the FASB issued ASU 2018‑15, Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract which is intended to clarify the accounting for implementation costs related to a cloud computing arrangement that is a service contract. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements.

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Supplemental Financial Statement Information (Tables)

6 Months Ended

Jan. 31, 2019

Supplemental Financial Statement Information [Line Items]

Schedule Of Inventories

	January 31, 2019		July 31, 2018
Propane gas and related products	$	74,964	$	71,180
Appliances, parts and supplies, and other		14,820		12,514
Inventories	$	89,784	$	83,694

Other Assets

	January 31, 2019		July 31, 2018
Notes receivable, less current portion	$	27,646	$	27,491
Other		44,893		47,097
Other assets, net	$	72,539	$	74,588

Other Current Liabilities

	January 31, 2019		July 31, 2018
Accrued interest	$	21,963	$	22,222
Customer deposits and advances		26,323		22,829
Other		98,967		96,974
Other current liabilities	$	147,253	$	142,025

Shipping And Handling Expenses

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Operating expense	$	60,279	$	54,613	$	107,721	$	97,928
Depreciation and amortization expense		1,389		1,123		2,462		2,235
Equipment lease expense		7,869		6,296		15,388		12,364
	$	69,537	$	62,032	$	125,571	$	112,527

Cash Flow Supplemental Disclosures

	For the six months ended January 31,
	2019		2018
Cash paid for:
Interest	$	82,941	$	78,682
Income taxes	$	2	$	12
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	1,174	$	1,508
Change in accruals for property, plant and equipment additions	$	2,815	$	47

Ferrellgas, L.P. [Member]

Supplemental Financial Statement Information [Line Items]

Schedule Of Inventories

	January 31, 2019		July 31, 2018
Propane gas and related products	$	74,964	$	71,180
Appliances, parts and supplies, and other		14,820		12,514
Inventories	$	89,784	$	83,694

Other Assets

	January 31, 2019		July 31, 2018
Notes receivable, less current portion	$	27,646	$	27,491
Other		44,893		47,097
Other assets, net	$	72,539	$	74,588

Other Current Liabilities

	January 31, 2019		July 31, 2018
Accrued interest		18,029		18,288
Customer deposits and advances		26,323		22,829
Other		98,967		96,974
Other current liabilities	$	143,319	$	138,091

Shipping And Handling Expenses

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Operating expense	$	60,279	$	54,613	$	107,721	$	97,928
Depreciation and amortization expense		1,389		1,123		2,462		2,235
Equipment lease expense		7,869		6,296		15,388		12,364
	$	69,537	$	62,032	$	125,571	$	112,527

Cash Flow Supplemental Disclosures

	For the six months ended January 31,
	2019		2018
Cash paid for:
Interest	$	67,546	$	63,286
Income taxes	$	9	$	1
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	1,174	$	1,508
Change in accruals for property, plant and equipment additions	$	2,815	$	47

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Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables)

6 Months Ended

Jan. 31, 2019

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

Accounts And Notes Receivable

	January 31, 2019		July 31, 2018
Accounts receivable pledged as collateral	$	201,717	$	120,079
Accounts receivable		4,651		8,272
Note receivable - current portion		126		132
Other		27		26
Less: Allowance for doubtful accounts		(3,357)		(2,455)
Accounts and notes receivable, net	$	203,164	$	126,054

Ferrellgas, L.P. [Member]

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

Accounts And Notes Receivable

	January 31, 2019		July 31, 2018
Accounts receivable pledged as collateral	$	201,717	$	120,079
Accounts receivable		4,651		8,272
Note receivable - current portion		126		132
Other		27		26
Less: Allowance for doubtful accounts		(3,357)		(2,455)
Accounts and notes receivable, net	$	203,164	$	126,054

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Partners' deficit (Tables)

6 Months Ended

Jan. 31, 2019

Limited Partners' Capital Account [Line Items]

Limited Partner Units

	January 31, 2019	July 31, 2018
Public common unitholders	69,612,939	69,612,939
Ferrell Companies (1)	22,529,361	22,529,361
FCI Trading Corp. (2)	195,686	195,686
Ferrell Propane, Inc. (3)	51,204	51,204
James E. Ferrell (4)	4,763,475	4,763,475

(1) Ferrell Companies is the owner of the general partner and is an approximate 23% direct owner of Ferrellgas Partners’ common units and thus a related party. Ferrell Companies also beneficially owns 195,686 and 51,204 common units of Ferrellgas Partners held by FCI Trading Corp. ("FCI Trading") and Ferrell Propane, Inc. ("Ferrell Propane"), respectively, bringing Ferrell Companies’ beneficial ownership to 23.4% at January 31, 2019.

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

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

(4) James E. Ferrell is the Interim Chief Executive Officer and President of our general partner; and is the Chairman of the Board of Directors of our general partner and a related party. JEF Capital Management owns 4,758,859 of these common 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 4,616 common units are held by Ferrell Resources Holdings, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary.

Ferrellgas Recognized Cash Distributions

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Public common unitholders	$	—	$	6,962	$	6,962	$	13,923
Ferrell Companies		—		2,253		2,253		4,506
FCI Trading Corp.		—		20		20		40
Ferrell Propane, Inc.		—		5		5		10
James E. Ferrell		—		476		476		952
General partner		—		98		98		196
	$	—	$	9,814	$	9,814	$	19,627

Ferrellgas, L.P. [Member]

Limited Partners' Capital Account [Line Items]

Ferrellgas Recognized Cash Distributions

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Ferrellgas Partners	$	15,396	$	25,210	$	25,310	$	35,023
General partner		157		257		258		357
	$	15,553	$	25,467	$	25,568	$	35,380

XML

Revenue from contracts with customers (Tables)

6 Months Ended

Jan. 31, 2019

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Retail - Sales to End Users	$	415,827	$	417,472	$	633,591	$	601,266
Wholesale - Sales to Resellers		115,392		128,654		209,336		227,083
Other Gas Sales		18,893		46,113		42,151		66,648
Other		23,265		45,641		40,608		76,778
Propane and related equipment revenues	$	573,377	$	637,880	$	925,686	$	971,775

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

	January 31, 2019		July 31, 2018
Accounts receivable	$	189,151	$	119,818
Contract assets	$	18,519	$	8,691
Contract liabilities
Deferred revenue (1)	$	35,609	$	29,933

(1) Of the beginning balance of deferred revenue, $17.1 million was recognized as revenue during the six months ended January 31, 2019.

Ferrellgas, L.P. [Member]

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Retail - Sales to End Users	$	415,827	$	417,472	$	633,591	$	601,266
Wholesale - Sales to Resellers		115,392		128,654		209,336		227,083
Other Gas Sales		18,893		46,113		42,151		66,648
Other		23,265		45,641		40,608		76,778
Propane and related equipment revenues	$	573,377	$	637,880	$	925,686	$	971,775

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

	January 31, 2019		July 31, 2018
Accounts receivable	$	189,151	$	119,818
Contract assets	$	18,519	$	8,691
Contract liabilities
Deferred revenue (1)	$	35,609	$	29,933

(1) Of the beginning balance of deferred revenue, $17.1 million was recognized as revenue during the six months ended January 31, 2019.

XML

Fair Value Measurement (Tables)

6 Months Ended

Jan. 31, 2019

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

Assets and Liabilities Fair Value Hierarchy

	Asset (Liability)
	Quoted Prices in Active
	Markets for Identical		Significant Other
	Assets and Liabilities		Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
January 31, 2019:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	5,848	$	—	$	5,848
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(15,148)	$	—	$	(15,148)
July 31, 2018:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	22,470	$	—	$	22,470
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(1,910)	$	—	$	(1,910)

Ferrellgas, L.P. [Member]

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

Assets and Liabilities Fair Value Hierarchy

	Asset (Liability)
	Quoted Prices in Active
	Markets for Identical		Significant Other
	Assets and Liabilities		Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
January 31, 2019:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	5,848	$	—	$	5,848
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(15,148)	$	—	$	(15,148)
July 31, 2018:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	22,470	$	—	$	22,470
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(1,910)	$	—	$	(1,910)

XML

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jan. 31, 2019

Fair Value of Financial Derivatives Balance Sheet Locations

	January 31, 2019
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments
Commodity derivatives-propane	Prepaid expenses and other current assets	$	5,408	Other current liabilities	$	13,859
Commodity derivatives-propane	Other assets, net		440	Other liabilities		1,289
	Total	$	5,848	Total	$	15,148

	July 31, 2018
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments
Commodity derivatives-propane	Prepaid expenses and other current assets	$	17,123	Other current liabilities	$	1,832
Commodity derivatives-propane	Other assets, net		5,347	Other liabilities		78
	Total	$	22,470	Total	$	1,910

Offsetting Assets And Liabilities [Table Text Block]

	January 31, 2019
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	10,977	Other current liabilities	$	1,734
	Other assets, net		2,617	Other liabilities		3
		$	13,594		$	1,737

	July 31, 2018
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	2,851	Other current liabilities	$	12,308
	Other assets, net		927	Other liabilities		4,235
		$	3,778		$	16,543

Fair Value Hedge Derivative Effect on Earnings

						Amount of Interest Expense
		Amount of Gain Recognized on				Recognized on Fixed-Rated Debt
	Location of Gain	Derivative				(Related Hedged Item)
	Recognized on	For the three months ended January 31,				For the three months ended January 31,
Derivative Instrument	Derivative	2019		2018		2019		2018
Interest rate swap agreements	Interest expense	$	—	$	88	$	—	$	(2,275)

						Amount of Interest Expense
		Amount of Gain Recognized on				Recognized on Fixed-Rated Debt
	Location of Amounts	Derivative				(Related Hedged Item)
	Recognized on	For the six months ended January 31,				For the six months ended January 31,
Derivative Instrument	Derivative	2019		2018		2019		2018
Interest rate swap agreements	Interest expense	$	—	$	226	$	—	$	(4,550)

Cash Flow Hedge Derivative Effect on Comprehensive Income

	For the three months ended January 31, 2019
				Amount of Gain (Loss)
	Amount of Gain		Location of Gain (Loss)	Reclassified from
	(Loss) Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	(21,080)	Cost of product sold- propane and other gas liquids sales	$	3,807	$	—
	$	(21,080)		$	3,807	$	—

	For the three months ended January 31, 2018
				Amount of Gain (Loss)
	Amount of Gain (Loss)		Location of Gain (Loss)	Reclassified from
	Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	960	Cost of sales-propane and other gas liquids sales	$	9,886	$	—
Interest rate swap agreements		112	Interest expense		(143)		—
	$	1,072		$	9,743	$	—

	For the six months ended January 31, 2019
				Amount of Gain (Loss)
	Amount of Gain (Loss)		Location of Gain (Loss)	Reclassified from
	Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	(29,234)	Cost of sales-propane and other gas liquids sales	$	(626)	$	—
	$	(29,234)		$	(626)	$	—

	For the six months ended January 31, 2018
				Amount of Gain (Loss)
	Amount of Gain (Loss)		Location of Gain (Loss)	Reclassified from
	Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	23,283	Cost of product sold- propane and other gas liquids sales	$	14,018	$	—
Interest rate swap agreements		238	Interest expense		(326)		—
	$	23,521		$	13,692	$	—

Derivatives not designated as hedging instruments effect on earnings

	For the three months ended January 31, 2019
	Amount of Gain (Loss)		Location of Gain (Loss)
Derivatives Not Designated as Hedging Instruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	—	Cost of sales - midstream operations

	For the three months ended January 31, 2018
	Amount of Gain (Loss)		Location of Gain (Loss)
Derivatives Not Designated as Hedging Instruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	(2,080)	Cost of sales - midstream operations

	For the six months ended January 31, 2019
	Amount of Gain (Loss)		Location of Gain (Loss)
Derivatives Not Designated as Hedging Instruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	—	Cost of sales - midstream operations

	For the six months ended January 31, 2018
	Amount of Gain (Loss)		Location of Gain (Loss)
Derivatives Not Designated as Hedging Instruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	(3,470)	Cost of sales - midstream operations

Changes in Derivative Value Effect on Other Comprehensive Income Loss

	For the six months ended January 31,
Gains and losses on derivatives included in AOCI	2019		2018
Beginning balance	$	20,560	$	14,648
Change in value of risk management commodity derivatives		(29,234)		23,283
Reclassification of gains on commodity hedges to cost of sales - propane and other gas liquids sales, net		(626)		(14,018)
Change in value of risk management interest rate derivatives		—		238
Reclassification of losses on interest rate hedges to interest expense		—		326
Ending balance	$	(9,300)	$	24,477

Ferrellgas, L.P. [Member]

Fair Value of Financial Derivatives Balance Sheet Locations

	January 31, 2019
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments
Commodity derivatives-propane	Prepaid expenses and other current assets	$	5,408	Other current liabilities	$	13,859
Commodity derivatives-propane	Other assets, net		440	Other liabilities		1,289
	Total	$	5,848	Total	$	15,148

	July 31, 2018
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments
Commodity derivatives-propane	Prepaid expenses and other current assets	$	17,123	Other current liabilities	$	1,832
Commodity derivatives-propane	Other assets, net		5,347	Other liabilities		78
	Total	$	22,470	Total	$	1,910

Offsetting Assets And Liabilities [Table Text Block]

	January 31, 2019
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	10,977	Other current liabilities	$	1,734
	Other assets, net		2,617	Other liabilities		3
		$	13,594		$	1,737

	July 31, 2018
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	2,851	Other current liabilities	$	12,308
	Other assets, net		927	Other liabilities		4,235
		$	3,778		$	16,543

Fair Value Hedge Derivative Effect on Earnings

						Amount of Interest Expense
	Location of Amounts	Amount of Gain Recognized on				Recognized on Fixed-Rated Debt
	Recognized on	Derivative				(Related Hedged Item)
Derivative Instrument	Derivative	For the three months ended January 31,				For the three months ended January 31,
		2019		2018		2019		2018
Interest rate swap agreements	Interest expense	$	—	$	88	$	—	$	(2,275)

						Amount of Interest Expense
	Location of Gain	Amount of Gain Recognized on				Recognized on Fixed-Rated Debt
	Recognized on	Derivative				(Related Hedged Item)
Derivative Instrument	Derivative	For the six months ended January 31,				For the six months ended January 31,
		2019		2018		2019		2018
Interest rate swap agreements	Interest expense	$	—	$	226	$	—	$	(4,550)

Cash Flow Hedge Derivative Effect on Comprehensive Income

	For the three months ended January 31, 2019
				Amount of Gain (Loss)
			Location of Gain (Loss)	Reclassified from
	Amount of Gain (Loss)		Reclassified from AOCI	AOCI into Income
DerivativeInstrument	Recognized in AOCI		into Income	Effective portion		Ineffective portion
Commodity derivatives	$	(21,080)	Cost of product sold- propane and other gas liquids sales	$	3,807	$	—
	$	(21,080)		$	3,807	$	—

	For the three months ended January 31, 2018
				Amount of Gain (Loss)
			Location of Gain (Loss)	Reclassified from
	Amount of Gain (Loss)		Reclassified from AOCI	AOCI into Income
DerivativeInstrument	Recognized in AOCI		into Income	Effective portion		Ineffective portion
Commodity derivatives	$	960	Cost of sales-propane and other gas liquids sales	$	9,886	$	—
Interest rate swap agreements		112	Interest expense		(143)		—
	$	1,072		$	9,743	$	—

	For the six months ended January 31, 2019
				Amount of Gain (Loss)
			Location of Gain (Loss)	Reclassified from
	Amount of Gain (Loss)		Reclassified from AOCI	AOCI into Income
DerivativeInstrument	Recognized in AOCI		into Income	Effective portion		Ineffective portion
Commodity derivatives	$	(29,234)	Cost of sales-propane and other gas liquids sales	$	(626)	$	—
	$	(29,234)		$	(626)	$	—

	For the six months ended January 31, 2018
				Amount of Gain (Loss)
			Location of Gain (Loss)	Reclassified from
	Amount of Gain (Loss)		Reclassified from AOCI	AOCI into Income
DerivativeInstrument	Recognized in AOCI		into Income	Effective portion		Ineffective portion
Commodity derivatives	$	23,283	Cost of product sold- propane and other gas liquids sales	$	14,018	$	—
Interest rate swap agreements		238	Interest expense		(326)		—
	$	23,521		$	13,692	$	—

Derivatives not designated as hedging instruments effect on earnings

	For the three months ended January 31, 2019
	Amount of Gain (Loss)		Location of Gain (Loss)
DerivativesNotDesignatedasHedgingInstruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	—	Cost of sales - midstream operations

	For the three months ended January 31, 2018
	Amount of Gain (Loss)		Location of Gain (Loss)
Derivatives Not Designated as Hedging Instruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	(2,080)	Cost of sales - midstream operations

	For the six months ended January 31, 2019
	Amount of Gain (Loss)		Location of Gain (Loss)
DerivativesNotDesignatedasHedgingInstruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	—	Cost of sales - midstream operations

	For the six months ended January 31, 2018
	Amount of Gain (Loss)		Location of Gain (Loss)
DerivativesNotDesignatedasHedgingInstruments	Recognized in Income		Reclassified in Income
Commodity derivatives - crude oil	$	(3,470)	Cost of sales - midstream operations

Changes in Derivative Value Effect on Other Comprehensive Income Loss

	For the six months ended January 31,
Gains and losses on derivatives included in AOCI	2019		2018
Beginning balance	$	20,560	$	14,648
Change in value of risk management commodity derivatives		(29,234)		23,283
Reclassification of gains on commodity hedges to cost of sales - propane and other gas liquids sales, net		(626)		(14,018)
Change in value of risk management interest rate derivatives		—		238
Reclassification of losses on interest rate hedges to interest expense		—		326
Ending balance	$	(9,300)	$	24,477

XML

Transactions With Related Parties (Tables)

6 Months Ended

Jan. 31, 2019

Related Party Transaction [Line Items]

Allocation Of Transactions With Related Parties

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Operating expense	$	69,285	$	65,291	$	129,243	$	122,642
General and administrative expense	$	7,197	$	8,422	$	13,309	$	15,930

Ferrellgas, L.P. [Member]

Related Party Transaction [Line Items]

Allocation Of Transactions With Related Parties

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
Operating expense	$	69,285	$	65,291	$	129,243	$	122,642
General and administrative expense	$	7,197	$	8,422	$	13,309	$	15,930

XML

Net Earnings (Loss) Per Common Unitholders' Interest (Tables)

6 Months Ended

Jan. 31, 2019

Earnings Per Share [Abstract]

Earnings Distribution Allocation

	Ratio of total distributions payable to:
Quarterly distribution per common unit	Common unitholder		General partner
$0.56 to $0.63	86.9	%	13.1	%
$0.64 to $0.82	76.8	%	23.2	%
$0.83 and above	51.5	%	48.5	%

Basic And Diluted Net Earnings Per Common Unitholders' Interest

	For the three months ended January 31,				For the six months ended January 31,
	2019		2018		2019		2018
	(in thousands, except per common unit amounts)
Common unitholders’ interest in net earnings (loss)	$	42,911	$	(1,824)	$	(13,534)	$	(49,260)
Weighted average common units outstanding (in thousands)		97,152.7		97,152.7		97,152.7		97,152.7
Basic and diluted net earnings (loss) per common unit	$	0.44	$	(0.02)	$	(0.14)	$	(0.51)

XML

Segment Reporting (Tables)

6 Months Ended

Jan. 31, 2019

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information, by Segment

	Three months ended January 31, 2019
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	573,377	$	—	$	573,377
Direct costs (1)		443,533		10,188		453,721
Adjusted EBITDA	$	129,844	$	(10,188)	$	119,656

	Three months ended January 31, 2018
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	637,880	$	117,276	$	755,156
Direct costs (1)		507,386		127,143		634,529
Adjusted EBITDA	$	130,494	$	(9,867)	$	120,627

	Six months ended January 31, 2019
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	925,686	$	—	$	925,686
Direct costs (1)		767,127		21,062		788,189
Adjusted EBITDA	$	158,559	$	(21,062)	$	137,497

	Six months ended January 31, 2018
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	971,775	$	238,036	$	1,209,811
Direct costs (1)		810,715		252,253		1,062,968
Adjusted EBITDA	$	161,060	$	(14,217)	$	146,843

(1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of sales- midstream operations", "cost of sales-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "severance charge", "legal fees and settlements", "unrealized (non-cash) losses on changes in fair value of derivatives not designated as hedging instruments" and "multi-employer pension plan withdrawal settlement".

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated

	Three months ended January 31,				Six months ended January 31,
	2019		2018		2019		2018
Net earnings (loss) attributable to Ferrellgas Partners, L.P.	$	43,344	$	(1,843)	$	(13,671)	$	(49,758)
Income tax expense (benefit)		3		(162)		161		215
Interest expense		44,891		42,673		88,769		83,480
Depreciation and amortization expense		19,605		25,485		38,597		51,217
EBITDA		107,843		66,153		113,856		85,154
Non-cash employee stock ownership plan compensation charge		1,944		4,031		4,692		7,993
Asset impairments		—		10,005		—		10,005
Loss on asset sales and disposals		2,216		39,249		6,720		40,144
Other income, net		(86)		(684)		(105)		(1,195)
Severance costs		1,600		—		1,600		1,663
Legal fees and settlements		5,608		2,118		9,172		2,118
Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments		—		(314)		—		1,293
Multi-employer pension plan withdrawal settlement		—		—		1,524		—
Net earnings (loss) attributable to noncontrolling interest		531		69		38		(332)
Adjusted EBITDA	$	119,656	$	120,627	$	137,497	$	146,843

Reconciliation of Assets from Segment to Consolidated

Assets	January 31, 2019		July 31, 2018
Propane operations and related equipment sales	$	1,315,233	$	1,196,084
Corporate and other		72,887		167,197
Total consolidated assets	$	1,388,120	$	1,363,281

Schedule Of Capital Expenditures By Segment [Table Text Block]

	Six months ended January 31, 2019
	Propane operations and
	related equipment sales		Corporate and other		Total
Capital expenditures:
Maintenance	$	31,460	$	549	$	32,009
Growth		23,316		—		23,316
Total	$	54,776	$	549	$	55,325

	Six months ended January 31, 2018
	Propane operations and
	related equipment sales		Corporate and other		Total
Capital expenditures:
Maintenance	$	12,016	$	1,427	$	13,443
Growth		18,311		1,013		19,324
Total	$	30,327	$	2,440	$	32,767

Ferrellgas, L.P. [Member]

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information, by Segment

	Three months ended January 31, 2019
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	573,377	$	—	$	573,377
Direct costs (1)		443,533		10,187		453,720
Adjusted EBITDA	$	129,844	$	(10,187)	$	119,657

	Three months ended January 31, 2018
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	637,880	$	117,276	$	755,156
Direct costs (1)		507,386		127,142		634,528
Adjusted EBITDA	$	130,494	$	(9,866)	$	120,628

	Six months ended January 31, 2019
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	925,686	$	—	$	925,686
Direct costs (1)		767,127		21,057		788,184
Adjusted EBITDA	$	158,559	$	(21,057)	$	137,502

	Six months ended January 31, 2018
	Propane operations
	and related equipment		Corporate and
	sales		other		Total
Segment revenues	$	971,775	$	238,036	$	1,209,811
Direct costs (1)		810,715		252,252		1,062,967
Adjusted EBITDA	$	161,060	$	(14,216)	$	146,844

(1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of sales- midstream operations", "cost of sales-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "severance charge", "legal fees and settlements", "unrealized (non-cash) losses on changes in fair value of derivatives not designated as hedging instruments" and "multi-employer pension plan withdrawal settlement".

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated

	Three months ended January 31,				Six months ended January 31,
	2019		2018		2019		2018
Net earnings (loss)	$	52,617	$	6,847	$	3,803	$	(32,852)
Income tax expense (benefit)		3		(167)		154		204
Interest expense		36,150		34,058		71,345		66,254
Depreciation and amortization expense		19,605		25,485		38,597		51,217
EBITDA		108,375		66,223		113,899		84,823
Non-cash employee stock ownership plan compensation charge		1,944		4,031		4,692		7,993
Asset impairments		—		10,005		—		10,005
Loss on asset sales and disposals		2,216		39,249		6,720		40,144
Other income, net		(86)		(684)		(105)		(1,195)
Severance costs		1,600		—		1,600		1,663
Legal fees and settlements		5,608		2,118		9,172		2,118
Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments		—		(314)		—		1,293
Multi-employer pension plan withdrawal settlement		—		—		1,524		—
Adjusted EBITDA	$	119,657	$	120,628	$	137,502	$	146,844

Reconciliation of Assets from Segment to Consolidated

	January 31, 2019		July 31, 2018
Assets
Propane operations and related equipment sales	$	1,315,233	$	1,196,084
Corporate and other		72,729		167,162
Total consolidated assets	$	1,387,962	$	1,363,246

Schedule Of Capital Expenditures By Segment [Table Text Block]

	Six months ended January 31, 2019
	Propane operations and
	related equipment sales		Corporate and other		Total
Capital expenditures:
Maintenance	$	31,460	$	549	$	32,009
Growth		23,316		—		23,316
Total	$	54,776	$	549	$	55,325

	Six months ended January 31, 2018
	Propane operations and
	related equipment sales		Corporate and other		Total
Capital expenditures:
Maintenance	$	12,016	$	1,427	$	13,443
Growth		18,311		1,013		19,324
Total	$	30,327	$	2,440	$	32,767

XML

Guarantor financial information (Tables) - Ferrellgas, L.P. [Member]

6 Months Ended

Jan. 31, 2019

Condensed Financial Statements, Captions [Line Items]

Condensed Balance Sheet [Table Text Block]

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	As of January 31, 2019
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	40,305	$	1	$	246	$	—	$	—	$	40,552
Accounts and notes receivable, net		(3,661)		—		150		206,675		—		203,164
Intercompany receivables		(9,201)		—		—		—		9,201		—
Inventories		89,784		—		—		—		—		89,784
Prepaid expenses and other current assets		36,551		—		(1)		3		—		36,553
Total current assets		153,778		1		395		206,678		9,201		370,053
Property, plant and equipment, net		584,335		—		(1)		—		—		584,334
Goodwill, net		247,478		—		—		—		—		247,478
Intangible assets, net		113,558		—		—		—		—		113,558
Investments in consolidated subsidiaries		74,072		—		—		—		(74,072)		—
Other assets, net		68,659		—		2,875		1,005		—		72,539
Total assets	$	1,241,880	$	1	$	3,269	$	207,683	$	(64,871)	$	1,387,962
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Current liabilities:
Accounts payable	$	63,526	$	—	$	—	$	113	$	—	$	63,639
Collateralized note payable		—		—		—		140,000		—		140,000
Intercompany payables		—		—		(192)		(9,009)		9,201		—
Other current liabilities		137,417		—		388		5,514		—		143,319
Total current liabilities		200,943		—		196		136,618		9,201		346,958
Long-term debt		1,730,468		—		—		—		—		1,730,468
Other liabilities		37,480		—		67		—		—		37,547
Contingencies and commitments
Partners' capital (deficit):
Partners' equity		(717,884)		1		3,006		71,065		(74,072)		(717,884)
Accumulated other comprehensive loss		(9,127)		—		—		—		—		(9,127)
Total partners' capital (deficit)		(727,011)		1		3,006		71,065		(74,072)		(727,011)
Total liabilities and partners' capital (deficit)	$	1,241,880	$	1	$	3,269	$	207,683	$	(64,871)	$	1,387,962

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

(in thousands)

	As of July 31, 2018
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	119,133	$	1	$	174	$	—	$	—	$	119,308
Accounts and notes receivable, net		(3,420)		—		9,395		120,079		—		126,054
Intercompany receivables		15,660		—		—		—		(15,660)		—
Inventories		83,694		—		—		—		—		83,694
Prepaid expenses and other current assets		34,050		—		775		5		—		34,830
Total current assets		249,117		1		10,344		120,084		(15,660)		363,886
Property, plant and equipment, net		557,689		—		34		—		—		557,723
Goodwill, net		246,098		—		—		—		—		246,098
Intangible assets, net		120,951		—		—		—		—		120,951
Investments in consolidated subsidiaries		59,937		—		—		—		(59,937)		—
Other assets, net		63,411		—		9,961		1,216		—		74,588
Total assets	$	1,297,203	$	1	$	20,339	$	121,300	$	(75,597)	$	1,363,246
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Current liabilities:
Accounts payable	$	45,171	$	—	$	1,547	$	102	$	—	$	46,820
Short-term borrowings		32,800		—		—		—		—		32,800
Collateralized note payable		—		—		—		58,000		—		58,000
Intercompany payables		—		—		(143)		15,803		(15,660)		—
Other current liabilities		131,702		—		6,036		353		—		138,091
Total current liabilities		209,673		—		7,440		74,258		(15,660)		275,711
Long-term debt		1,728,137		—		—		—		—		1,728,137
Other liabilities		39,471		—		5		—		—		39,476
Contingencies and commitments
Partners' capital (deficit):
Partners' equity		(700,811)		1		12,894		47,042		(59,937)		(700,811)
Accumulated other comprehensive income		20,733		—		—		—		—		20,733
Total partners' capital (deficit)		(680,078)		1		12,894		47,042		(59,937)		(680,078)
Total liabilities and partners' capital (deficit)	$	1,297,203	$	1	$	20,339	$	121,300	$	(75,597)	$	1,363,246

Condensed Income Statement [Table Text Block]

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)

	For the three months ended January 31, 2019
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues:
Propane and other gas liquids sales	$	550,112	$	—	$	—	$	—	$	—	$	550,112
Other		23,216		—		49		—		—		23,265
Total revenues		573,328		—		49		—		—		573,377
Costs and expenses:
Cost of sales - propane and other gas liquids sales		311,531		—		—		—		—		311,531
Cost of sales - other		3,308		—		114		—		—		3,422
Operating expense		121,180		—		39		1,884		(1,884)		121,219
Depreciation and amortization expense		19,493		—		—		112		—		19,605
General and administrative expense		16,338		3		—		—		—		16,341
Equipment lease expense		8,415		—		—		—		—		8,415
Non-cash employee stock ownership plan compensation charge		1,944		—		—		—		—		1,944
Loss on asset sales and disposals		2,045		—		171		—		—		2,216
Operating income (loss)		89,074		(3)		(275)		(1,996)		1,884		88,684
Interest expense		(34,655)		—		(38)		(1,457)		—		(36,150)
Other income (expense), net		96		—		(10)		2,916		(2,916)		86
Earnings (loss) before income taxes		54,515		(3)		(323)		(537)		(1,032)		52,620
Income tax expense		3		—		—		—		—		3
Equity in earnings (loss) of subsidiaries		(863)		—		—		—		863		—
Net earnings (loss)		53,649		(3)		(323)		(537)		(169)		52,617
Other comprehensive loss		(17,273)		—		—		—		—		(17,273)
Comprehensive income (loss)	$	36,376	$	(3)	$	(323)	$	(537)	$	(169)	$	35,344

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)

	For the three months ended January 31, 2018
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues:
Propane and other gas liquids sales	$	592,275	$	—	$	(36)	$	—	$	—	$	592,239
Midstream operations		—		—		117,276		—		—		117,276
Other		22,707		—		22,934		—		—		45,641
Total revenues		614,982		—		140,174		—		—		755,156
Costs and expenses:
Cost of sales - propane and other gas liquids sales		362,927		—		(9)		—		—		362,918
Cost of sales - midstream operations		—		—		107,067		—		—		107,067
Cost of sales - other		2,853		—		17,934		—		—		20,787
Operating expense		114,096		—		9,795		1,833		(2,008)		123,716
Depreciation and amortization expense		18,521		—		6,893		71		—		25,485
General and administrative expense		13,833		3		1,054		—		—		14,890
Equipment lease expense		6,862		—		92		—		—		6,954
Non-cash employee stock ownership plan compensation charge		4,031		—		—		—		—		4,031
Asset impairments		—				10,005				—		10,005
Loss on asset sales and disposals		555		—		38,694		—		—		39,249
Operating income (loss)		91,304		(3)		(51,351)		(1,904)		2,008		40,054
Interest expense		(21,212)		—		(11,739)		(1,107)		—		(34,058)
Other income (expense), net		408		—		276		2,008		(2,008)		684
Earnings (loss) before income taxes		70,500		(3)		(62,814)		(1,003)		—		6,680
Income tax expense (benefit)		82		—		(249)		—		—		(167)
Equity in earnings (loss) of subsidiaries		(63,571)		—		—		—		63,571		—
Net earnings (loss)		6,847		(3)		(62,565)		(1,003)		63,571		6,847
Other comprehensive income		(8,671)		—		—		—		—		(8,671)
Comprehensive income (loss)	$	(1,824)	$	(3)	$	(62,565)	$	(1,003)	$	63,571	$	(1,824)

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)

	For the six months ended January 31, 2019
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues:
Propane and other gas liquids sales	$	885,078	$	—	$	—	$	—	$	—	$	885,078
Other		40,559		—		49		—		—		40,608
Total revenues		925,637		—		49		—		—		925,686
Costs and expenses:
Cost of sales - propane and other gas liquids sales		515,667		—		—		—		—		515,667
Cost of sales - other		6,355		—		114		—		—		6,469
Operating expense		231,511		—		39		2,901		(2,901)		231,550
Depreciation and amortization expense		38,374		—		—		223		—		38,597
General and administrative expense		30,511		5		—		—		—		30,516
Equipment lease expense		16,278		—		—		—		—		16,278
Non-cash employee stock ownership plan compensation charge		4,692		—		—		—		—		4,692
Asset impairments		—		—		—		—		—		—
Loss on asset sales and disposals		4,041		—		2,679		—		—		6,720
Operating income (loss)		78,208		(5)		(2,783)		(3,124)		2,901		75,197
Interest expense		(69,003)		—		(38)		(2,304)		—		(71,345)
Other income (expense), net		115		—		(10)		5,119		(5,119)		105
Earnings (loss) before income taxes		9,320		(5)		(2,831)		(309)		(2,218)		3,957
Income tax expense		154		—		—		—		—		154
Equity in earnings (loss) of subsidiary		(3,145)		—		—		—		3,145		—
Net earnings (loss)		6,021		(5)		(2,831)		(309)		927		3,803
Other comprehensive loss		(29,860)		—		—		—		—		(29,860)
Comprehensive income (loss)	$	(23,839)	$	(5)	$	(2,831)	$	(309)	$	927	$	(26,057)

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)

	For the six months ended January 31, 2018
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Revenues:
Propane and other gas liquids sales	$	894,392	$	—	$	605	$	—	$	—	$	894,997
Midstream operations		—		—		238,036		—		—		238,036
Other		39,384		—		37,394		—		—		76,778
Total revenues		933,776		—		276,035		—		—		1,209,811
Costs and expenses:
Cost of sales - propane and other gas liquids sales		541,746		—		687		—		—		542,433
Cost of sales - midstream operations		—		—		215,192		—		—		215,192
Cost of sales - other		5,562		—		28,927		—		—		34,489
Operating expense		215,328		—		19,058		3,015		(3,223)		234,178
Depreciation and amortization expense		36,868		—		14,206		143		—		51,217
General and administrative expense		24,588		5		3,461		—		—		28,054
Equipment lease expense		13,510		—		185		—		—		13,695
Non-cash employee stock ownership plan compensation charge		7,993		—		—		—		—		7,993
Asset impairments		—		—		10,005		—		—		10,005
Loss on asset sales and disposals		1,463		—		38,681		—		—		40,144
Operating income (loss)		86,718		(5)		(54,367)		(3,158)		3,223		32,411
Interest expense		(41,606)		—		(22,924)		(1,724)		—		(66,254)
Other income (expense), net		623		—		572		3,223		(3,223)		1,195
Earnings (loss) before income taxes		45,735		(5)		(76,719)		(1,659)		—		(32,648)
Income tax expense		72		—		132		—		—		204
Equity in earnings (loss) of subsidiary		(78,515)		—		—		—		78,515		—
Net earnings (loss)		(32,852)		(5)		(76,851)		(1,659)		78,515		(32,852)
Other comprehensive income		9,829		—		—		—		—		9,829
Comprehensive income (loss)	$	(23,023)	$	(5)	$	(76,851)	$	(1,659)	$	78,515	$	(23,023)

Condensed Cash Flow Statement [Table Text Block]

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	For the six months ended January 31, 2019
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	98,494	$	(5)	$	24,696	$	(80,899)	$	(82,000)	$	(39,714)
Cash flows from investing activities:
Business acquisitions, net of cash acquired		(5,069)		—		—		—		—		(5,069)
Capital expenditures		(58,330)		—		—		—		—		(58,330)
Proceeds from sale of assets		1,960		—		—		—		—		1,960
Cash collected for purchase of interest in accounts receivable		—		—		—		710,497		(710,497)		—
Cash remitted to Ferrellgas, L.P. for accounts receivable		—		—		—		(792,497)		792,497		—
Net changes in advances with consolidated entities		(56,291)		—		—		—		56,291		—
Other		—		—		—		—		—		—
Net cash provided by (used in) investing activities		(117,730)		—		—		(82,000)		138,291		(61,439)
Cash flows from financing activities:
Distributions		(25,568)		—		—		—		—		(25,568)
Payments on long-term debt		(1,014)		—		—		—		—		(1,014)
Net reductions in short-term borrowings		(32,800)		—		—		—		—		(32,800)
Net additions to collateralized short-term borrowings		—		—		—		82,000		—		82,000
Net changes in advances with parent		—		5		(24,624)		80,910		(56,291)		—
Cash paid for financing costs		(210)		—		—		(11)		—		(221)
Net cash provided by (used in) financing activities		(59,592)		5		(24,624)		162,899		(56,291)		22,397
Net change in cash and cash equivalents		(78,828)		—		72		—		—		(78,756)
Cash and cash equivalents - beginning of year		119,133		1		174		—		—		119,308
Cash and cash equivalents - end of year	$	40,305	$	1	$	246	$	—	$	—	$	40,552

FERRELLGAS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)

	For the six months ended January 31, 2018
	Ferrellgas, L.P.		Ferrellgas
	(Parent and		Finance Corp.		Guarantor		Non-Guarantor
	Co-Issuer)		(Co-Issuer)		Subsidiaries		Subsidiaries		Eliminations		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	(57,734)	$	(5)	$	13,335	$	120,563	$	(97,000)	$	(20,841)
Cash flows from investing activities:
Business acquisitions, net of cash acquired		(14,862)		—		—		—		—		(14,862)
Capital expenditures		(34,391)		—		(1,302)		—		—		(35,693)
Proceeds from sale of assets		4,207		—		—		—		—		4,207
Cash collected for purchase of interest in accounts receivable		—		—		—		574,783		(574,783)		—
Cash remitted to Ferrellgas, L.P. for accounts receivable		—		—		—		(671,783)		671,783		—
Net changes in advances with consolidated entities		132,748		—		—		—		(132,748)		—
Net cash provided by (used in) investing activities		87,702		—		(1,302)		(97,000)		(35,748)		(46,348)
Cash flows from financing activities:
Distributions		(35,380)		—		—		—		—		(35,380)
Proceeds from increase in long-term debt		23,580		—		—		—		—		23,580
Payments on long-term debt		(1,267)		—		—		—		—		(1,267)
Net reductions in short-term borrowings		(7,879)		—		—		—		—		(7,879)
Net additions to collateralized short-term borrowings		—		—		—		97,000		—		97,000
Net changes in advances with parent		—		5		(12,190)		(120,563)		132,748		—
Cash paid for financing costs		(395)		—		—		—		—		(395)
Net cash provided by (used in) financing activities		(21,341)		5		(12,190)		(23,563)		132,748		75,659
Net change in cash and cash equivalents		8,627		—		(157)		—		—		8,470
Cash and cash equivalents - beginning of year		5,327		1		373		—		—		5,701
Cash and cash equivalents - end of year	$	13,954	$	1	$	216	$	—	$	—	$	14,171

XML

Partnership Organization And Formation (Details) shares in Millions	6 Months Ended
	Jan. 31, 2019 subsidiary shares	Jan. 31, 2018
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of subsidiaries | subsidiary	2
Number of states in which entity operates	50
Ferrellgas, L.P. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership interest	1.0101%	1.0101%
Number of states in which entity operates	50
Ferrellgas [Member] | Ferrellgas Inc., General Partner [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership interest	2.00%	2.00%
Ferrellgas Partners LP [Member] | Ferrell Companies [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock shares outstanding | shares	22.8
Ferrellgas Partners LP [Member] | Ferrellgas Inc., General Partner [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership interest	1.00%
Ferrellgas, L.P. [Member] | Ferrellgas Partners LP [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partner interest	99.00%
Ferrellgas, L.P. [Member] | Ferrellgas Inc., General Partner [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership interest	1.00%
Ferrellgas Partners Finance Corp. [Member] | Ferrellgas Partners LP [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership Percentage	100.00%
Ferrellgas Finance Corp. [Member] | Ferrellgas, L.P. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership Percentage	100.00%

XML

Supplemental Financial Statement Information - Inventories (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Supplemental Financial Statement Information [Line Items]
Propane gas and related products	$ 74,964	$ 71,180
Appliances, parts and supplies	14,820	12,514
Inventories	89,784	83,694
Ferrellgas, L.P. [Member]
Supplemental Financial Statement Information [Line Items]
Propane gas and related products	74,964	71,180
Appliances, parts and supplies	14,820	12,514
Inventories	$ 89,784	$ 83,694

XML

Supplemental Financial Statement Information - Narrative (Details) $ in Thousands, gal in Millions	6 Months Ended
	Jan. 31, 2019 USD ($) gal	Jul. 31, 2018 USD ($)
Supplemental Financial Statement Information [Line Items]
Notes, Loans and Financing Receivable, Net, Noncurrent | $	$ 27,646	$ 27,491
Maximum term of supply procurement contracts	36 months
Net procurement of fixed priced propane by Ferrellgas in gallons | gal	14.0
Ferrellgas, L.P. [Member]
Supplemental Financial Statement Information [Line Items]
Notes, Loans and Financing Receivable, Net, Noncurrent | $	$ 27,646	$ 27,491
Maximum term of supply procurement contracts	36 months
Net procurement of fixed priced propane by Ferrellgas in gallons | gal	14.0

XML

Supplemental Financial Statement Information - Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Supplemental Financial Statement Information [Line Items]
Notes receivable, less current portion	$ 27,646	$ 27,491
Other	44,893	47,097
Other assets, net	72,539	74,588
Ferrellgas, L.P. [Member]
Supplemental Financial Statement Information [Line Items]
Notes receivable, less current portion	27,646	27,491
Other	44,893	47,097
Other assets, net	$ 72,539	$ 74,588

XML

Supplemental Financial Statement Information - Other Current Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Supplemental Financial Statement Information [Line Items]
Accrued interest	$ 21,963	$ 22,222
Customer deposits and advances	26,323	22,829
Other	98,967	96,974
Other current liabilities	147,253	142,025
Ferrellgas, L.P. [Member]
Supplemental Financial Statement Information [Line Items]
Accrued interest	18,029	18,288
Customer deposits and advances	26,323	22,829
Other	98,967	96,974
Other current liabilities	$ 143,319	$ 138,091

XML

Supplemental Financial Statement Information - Shipping and Handling (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Supplemental Financial Statement Information [Line Items]
Operating expense	$ 121,219	$ 123,716	$ 231,550	$ 234,178
Depreciation and amortization expense	19,605	25,485	38,597	51,217
Equipment lease expense	8,415	6,954	16,278	13,695
Costs and Expenses, Total	453,721	634,529	788,189	1,062,968
Ferrellgas, L.P. [Member]
Supplemental Financial Statement Information [Line Items]
Operating expense	121,219	123,716	231,550	234,178
Depreciation and amortization expense	19,605	25,485	38,597	51,217
Equipment lease expense	8,415	6,954	16,278	13,695
Costs and Expenses, Total	453,720	634,528	788,184	1,062,967
Shipping and Handling [Member]
Supplemental Financial Statement Information [Line Items]
Operating expense	60,279	54,613	107,721	97,928
Depreciation and amortization expense	1,389	1,123	2,462	2,235
Equipment lease expense	7,869	6,296	15,388	12,364
Costs and Expenses, Total	69,537	62,032	125,571	112,527
Shipping and Handling [Member] | Ferrellgas, L.P. [Member]
Supplemental Financial Statement Information [Line Items]
Operating expense	60,279	54,613	107,721	97,928
Depreciation and amortization expense	1,389	1,123	2,462	2,235
Equipment lease expense	7,869	6,296	15,388	12,364
Costs and Expenses, Total	$ 69,537	$ 62,032	$ 125,571	$ 112,527

XML

Supplemental Financial Statement Information - Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Supplemental Financial Statement Information [Line Items]
Interest Paid	$ 82,941	$ 78,682
Income Taxes Paid	2	12
Noncash Investing and Financing Items [Abstract]
Liabilities incurred in connection with acquisitions	1,174	1,508
Change in accruals for property, plant and equipment additions	2,815	47
Ferrellgas, L.P. [Member]
Supplemental Financial Statement Information [Line Items]
Interest Paid	67,546	63,286
Income Taxes Paid	9	1
Noncash Investing and Financing Items [Abstract]
Liabilities incurred in connection with acquisitions	1,174	1,508
Change in accruals for property, plant and equipment additions	$ 2,815	$ 47

XML

Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable pledged as collateral	$ 201,717	$ 120,079
Accounts receivable, unpledged	4,651	8,272
Notes receivable, current portion	126	132
Other	27	26
Less: Allowance for doubtful accounts	(3,357)	(2,455)
Accounts and notes receivable, net	203,164	126,054
Ferrellgas, L.P. [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable pledged as collateral	201,717	120,079
Accounts receivable, unpledged	4,651	8,272
Notes receivable, current portion	126	132
Other	27	26
Less: Allowance for doubtful accounts	(3,357)	(2,455)
Accounts and notes receivable, net	$ 203,164	$ 126,054

XML

Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Narrative) (Details) - USD ($)	Jan. 31, 2019	Jul. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable pledged as collateral	$ 201,717,000	$ 120,079,000
Ferrellgas, L.P. [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable pledged as collateral	201,717,000	120,079,000
Secured Credit Facility [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateralized notes payable	140,000,000	58,000,000
Capacity to receive additional proceeds	$ 0	$ 0
Weighted average interest rate of debt	5.30%	5.20%
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateralized notes payable	$ 140,000,000	$ 58,000,000
Capacity to receive additional proceeds	$ 0	$ 0
Weighted average interest rate of debt	5.30%	5.20%

XML

Debt - Short-Term Borrowings (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Debt Instrument [Line Items]
Short-term borrowings	$ 0	$ 32,800
Ferrellgas, L.P. [Member]
Debt Instrument [Line Items]
Short-term borrowings	$ 0	$ 32,800

XML

Debt - Secured Credit Facilities (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jan. 31, 2019	Jul. 31, 2018
Debt Instrument [Line Items]
Short-term borrowings	$ 0	$ 32,800,000
Letters of credit outstanding	103,800,000	107,900,000
Term Loan Due 2023 May 4 [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 275,000,000	$ 275,000,000
Term loan rate, as a percent	8.27%	7.86%
Revolving Facility Under Senior Secured Credit Facility Entered 2018 May [Member]
Debt Instrument [Line Items]
Available borrowing capacity	$ 196,200,000	$ 159,300,000
Short-term borrowings	0	$ 32,800,000
Credit facility interest rate		9.75%
Letter of Credit [Member]
Debt Instrument [Line Items]
Available borrowing capacity	21,200,000	$ 17,100,000
Ferrellgas, L.P. [Member]
Debt Instrument [Line Items]
Short-term borrowings	0	32,800,000
Letters of credit outstanding	103,800,000	107,900,000
Ferrellgas, L.P. [Member] | Term Loan Due 2023 May 4 [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 275,000,000	$ 275,000,000
Term loan rate, as a percent	8.27%	7.86%
Ferrellgas, L.P. [Member] | Revolving Facility Under Senior Secured Credit Facility Entered 2018 May [Member]
Debt Instrument [Line Items]
Available borrowing capacity	$ 196,200,000	$ 159,300,000
Short-term borrowings	0	$ 32,800,000
Credit facility interest rate		9.75%
Ferrellgas, L.P. [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Available borrowing capacity	$ 21,200,000	$ 17,100,000

XML

Debt - Covenants (Details)	6 Months Ended
	Jan. 31, 2019 USD ($) item
Debt Instrument [Line Items]
Number of quarters for required fixed charge coverage ratio	4
Maximum restricted payments | $	$ 50,000,000
Number of quarters for restricted payments	16
Current fixed charge coverage ratio	1.38
Dividends allowed | $	$ 0
Minimum [Member]
Debt Instrument [Line Items]
Required fixed charge coverage ratio	1.75
Ferrellgas, L.P. [Member]
Debt Instrument [Line Items]
Number of quarters for required fixed charge coverage ratio	4
Current fixed charge coverage ratio	1.67
Ferrellgas, L.P. [Member] | Minimum [Member]
Debt Instrument [Line Items]
Required fixed charge coverage ratio	1.75

XML

Partners' Deficit - Limited Partner Units (Details) - shares	Jan. 31, 2019	Jul. 31, 2018
Capital Unit [Line Items]
Common unitholders, units outstanding	97,152,665	97,152,665
Ferrell Companies [Member]
Capital Unit [Line Items]
Common unitholders, units outstanding	22,529,361	22,529,361
FCI Trading Corp. [Member]
Capital Unit [Line Items]
Common unitholders, units outstanding	195,686	195,686
Ferrell Propane, Inc. [Member]
Capital Unit [Line Items]
Common unitholders, units outstanding	51,204	51,204
James E. Ferrell [Member]
Capital Unit [Line Items]
Common unitholders, units outstanding	4,763,475	4,763,475
Public Common Unitholders [Member]
Capital Unit [Line Items]
Common unitholders, units outstanding	69,612,939	69,612,939

XML

Partners' Deficit - Narrative (Details) - shares	6 Months Ended
	Jan. 31, 2019	Jul. 31, 2018
Capital Unit [Line Items]
Common unitholders, units outstanding	97,152,665	97,152,665
Ferrell Companies [Member] | Ferrellgas Partners LP [Member]
Capital Unit [Line Items]
Limited partner ownership interest	23.00%
Ferrell Companies [Member]
Capital Unit [Line Items]
Common unitholders, units outstanding	22,529,361	22,529,361
Ferrell Companies [Member] | Ferrellgas Partners LP [Member]
Capital Unit [Line Items]
Limited partner ownership interest	23.40%
Ferrell Companies [Member] | FCI Trading Corp. [Member] | Ferrellgas Partners LP [Member]
Capital Unit [Line Items]
Common unitholders, units outstanding	195,686
Ferrell Companies [Member] | Ferrell Propane, Inc. [Member] | Ferrellgas Partners LP [Member]
Capital Unit [Line Items]
Common unitholders, units outstanding	51,204
James E. Ferrell [Member]
Capital Unit [Line Items]
Common unitholders, units outstanding	4,763,475	4,763,475
James E. Ferrell [Member] | JEF Capital Management [Member] | Ferrellgas Partners LP [Member]
Capital Unit [Line Items]
Common unitholders, units outstanding	4,758,859
James E. Ferrell [Member] | Ferrell Resources Holdings, Inc. [Member] | Ferrellgas Partners LP [Member]
Capital Unit [Line Items]
Common unitholders, units outstanding	4,616

XML

Partners' Deficit - Paid Distributions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Limited Partners' Capital Account [Line Items]
Distributions paid		$ 9,814	$ 10,072
Ferrellgas, L.P. [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid	$ 15,553	25,467	25,568	$ 35,380
Ferrell Companies [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid		2,253
FCI Trading Corp. [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid		20
Ferrell Propane, Inc. [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid		5
James E. Ferrell [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid		476
Ferrellgas Inc., General Partner [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid		98
Ferrellgas Inc., General Partner [Member] | Ferrellgas, L.P. [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid	157	257	258	357
Ferrellgas Partners LP [Member] | Ferrellgas, L.P. [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid	$ 15,396	25,210	25,310	35,023
Parent [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid			9,814	19,627
Parent [Member] | Ferrell Companies [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid			2,253	4,506
Parent [Member] | FCI Trading Corp. [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid			20	40
Parent [Member] | Ferrell Propane, Inc. [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid			5	10
Parent [Member] | James E. Ferrell [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid			476	952
Parent [Member] | Ferrellgas Inc., General Partner [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid			98	196
Common Unitholders [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid			9,716
Common Unitholders [Member] | Ferrellgas, L.P. [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid			25,310
Public Common Unitholders [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid		$ 6,962
Public Common Unitholders [Member] | Parent [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid			$ 6,962	$ 13,923

XML

Partners' Deficit - General partner's commitment (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Ferrellgas, L.P. [Member]
Capital Unit [Line Items]
General partner ownership interest	1.0101%	1.0101%
Ferrellgas [Member] | Ferrellgas Inc., General Partner [Member]
Capital Unit [Line Items]
General partner ownership interest	2.00%	2.00%
General Partner [Member]
Capital Unit [Line Items]
Non-cash contribution	$ 0.1	$ 0.2
General Partner [Member] | Ferrellgas, L.P. [Member]
Capital Unit [Line Items]
Non-cash contribution	$ 0.1	$ 0.1

XML

Revenue from contracts with customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018	Jul. 31, 2018
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
Revenues	$ 573,377	$ 755,156	$ 925,686	$ 1,209,811
Contract assets and liabilities
Accounts receivable	189,151		189,151		$ 119,818
Contract assets	18,519		18,519		8,691
Contract liabilities
Deferred revenue	$ 35,609		35,609		29,933
Deferred revenue recognized			$ 17,100
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-02-01
Contract liabilities
Remaining performance obligation recognition period	1 year		1 year
Propane And Related Equipment [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 573,377		$ 925,686
Retail Sales To End Users [Member]
Disaggregation of Revenue [Line Items]
Revenues	415,827		633,591
Wholesale Sales To Resellers [Member]
Disaggregation of Revenue [Line Items]
Revenues	115,392		209,336
Other Gas Sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	18,893		42,151
Product and Service, Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	23,265	45,641	$ 40,608	76,778
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Propane And Related Equipment [Member]
Disaggregation of Revenue [Line Items]
Revenues		637,880		971,775
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Retail Sales To End Users [Member]
Disaggregation of Revenue [Line Items]
Revenues		417,472		601,266
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Wholesale Sales To Resellers [Member]
Disaggregation of Revenue [Line Items]
Revenues		128,654		227,083
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Other Gas Sales [Member]
Disaggregation of Revenue [Line Items]
Revenues		46,113		66,648
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Product and Service, Other [Member]
Disaggregation of Revenue [Line Items]
Revenues		45,641		76,778
Ferrellgas, L.P. [Member]
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
Revenues	573,377	755,156	$ 925,686	1,209,811
Contract assets and liabilities
Accounts receivable	189,151		189,151		119,818
Contract assets	18,519		18,519		8,691
Contract liabilities
Deferred revenue	$ 35,609		35,609		$ 29,933
Deferred revenue recognized			$ 17,100
Ferrellgas, L.P. [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-02-01
Contract liabilities
Remaining performance obligation recognition period	1 year		1 year
Ferrellgas, L.P. [Member] | Propane And Related Equipment [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 573,377		$ 925,686
Ferrellgas, L.P. [Member] | Retail Sales To End Users [Member]
Disaggregation of Revenue [Line Items]
Revenues	415,827		633,591
Ferrellgas, L.P. [Member] | Wholesale Sales To Resellers [Member]
Disaggregation of Revenue [Line Items]
Revenues	115,392		209,336
Ferrellgas, L.P. [Member] | Other Gas Sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	18,893		42,151
Ferrellgas, L.P. [Member] | Product and Service, Other [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 23,265	45,641	$ 40,608	76,778
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Disaggregation of Revenue [Line Items]
Revenues		755,156		1,209,811
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Propane And Related Equipment [Member]
Disaggregation of Revenue [Line Items]
Revenues		637,880		971,775
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Retail Sales To End Users [Member]
Disaggregation of Revenue [Line Items]
Revenues		417,472		601,266
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Wholesale Sales To Resellers [Member]
Disaggregation of Revenue [Line Items]
Revenues		128,654		227,083
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Other Gas Sales [Member]
Disaggregation of Revenue [Line Items]
Revenues		46,113		66,648
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Product and Service, Other [Member]
Disaggregation of Revenue [Line Items]
Revenues		$ 45,641		$ 76,778

XML

Fair Value Measurements - Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivatives propane swap assets	$ 5,848	$ 22,470
Commodity derivatives propane swap liabilities	(15,148)	(1,910)
Ferrellgas, L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivatives propane swap assets	5,848	22,470
Commodity derivatives propane swap liabilities	(15,148)	(1,910)
Fair Value, Inputs, Level 1 [Member]
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
Fair Value, Inputs, Level 1 [Member] | Ferrellgas, L.P. [Member]
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 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivatives propane swap assets	5,848	22,470
Commodity derivatives propane swap liabilities	(15,148)	(1,910)
Level 2 [Member] | Ferrellgas, L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivatives propane swap assets	5,848	22,470
Commodity derivatives propane swap liabilities	(15,148)	(1,910)
Fair Value, Inputs, Level 3 [Member]
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
Fair Value, Inputs, Level 3 [Member] | Ferrellgas, L.P. [Member]
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

XML

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Jan. 31, 2019	Jul. 31, 2018
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 1,825.1	$ 1,935.1
Level 2 [Member] | Ferrellgas, L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	1,560.0	$ 1,591.5
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable, fair value	24.2
Notes receivable, carrying amount in excess of fair value	3.4
Fair Value, Inputs, Level 3 [Member] | Ferrellgas, L.P. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable, fair value	24.2
Notes receivable, carrying amount in excess of fair value	$ 3.4

XML

Derivative Instruments and Hedging Activities - Balance Sheet (Details) - USD ($)	6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jul. 31, 2018
Derivatives, Fair Value [Line Items]
Gain (loss) recognized due to ineffectiveness	$ 0	$ 0
Derivative Asset, Fair Value, Gross Asset	5,848,000		$ 22,470,000
Derivative Liability, Fair Value, Gross Liability	15,148,000		1,910,000
Ferrellgas, L.P. [Member]
Derivatives, Fair Value [Line Items]
Gain (loss) recognized due to ineffectiveness	0	$ 0
Derivative Asset, Fair Value, Gross Asset	5,848,000		22,470,000
Derivative Liability, Fair Value, Gross Liability	15,148,000		1,910,000
Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap assets	5,408,000		17,123,000
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member]
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap assets	5,408,000		17,123,000
Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap liabilities	13,859,000		1,832,000
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member]
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap liabilities	13,859,000		1,832,000
Other Assets, Net [Member]
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap assets	440,000		5,347,000
Other Assets, Net [Member] | Ferrellgas, L.P. [Member]
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap assets	440,000		5,347,000
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap liabilities	1,289,000		78,000
Other Liabilities [Member] | Ferrellgas, L.P. [Member]
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap liabilities	$ 1,289,000		$ 78,000

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Derivative Instruments and Hedging Activities - Derivative Collateral (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Derivative [Line Items]
Derivative Asset, Fair Value of Collateral	$ 13,594	$ 3,778
Derivative Liability, Fair Value of Collateral	1,737	16,543
Prepaid Expenses and Other Current Assets [Member]
Derivative [Line Items]
Derivative Asset, Fair Value of Collateral	10,977	2,851
Other Current Liabilities [Member]
Derivative [Line Items]
Derivative Liability, Fair Value of Collateral	1,734	12,308
Other Assets, Net [Member]
Derivative [Line Items]
Derivative Asset, Fair Value of Collateral	2,617	927
Other Liabilities [Member]
Derivative [Line Items]
Derivative Liability, Fair Value of Collateral	3	4,235
Ferrellgas, L.P. [Member]
Derivative [Line Items]
Derivative Asset, Fair Value of Collateral	13,594	3,778
Derivative Liability, Fair Value of Collateral	1,737	16,543
Ferrellgas, L.P. [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivative [Line Items]
Derivative Asset, Fair Value of Collateral	10,977	2,851
Ferrellgas, L.P. [Member] | Other Current Liabilities [Member]
Derivative [Line Items]
Derivative Liability, Fair Value of Collateral	1,734	12,308
Ferrellgas, L.P. [Member] | Other Assets, Net [Member]
Derivative [Line Items]
Derivative Asset, Fair Value of Collateral	2,617	927
Ferrellgas, L.P. [Member] | Other Liabilities [Member]
Derivative [Line Items]
Derivative Liability, Fair Value of Collateral	$ 3	$ 4,235

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Derivative Instruments and Hedging Activities - Effect on Earnings (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jan. 31, 2018	Jan. 31, 2018
Derivative [Line Items]
Amount of Gain Recognized	$ 88	$ 226
Amount of Interest Expense Recognized	(2,275)	(4,550)
Ferrellgas, L.P. [Member]
Derivative [Line Items]
Amount of Gain Recognized	88	226
Amount of Interest Expense Recognized	$ (2,275)	$ (4,550)

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Derivative Instruments and Hedging Activities - Effect on Comprehensive Income and Change in FV (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI(L) on derivative	$ (21,080)	$ 1,072	$ (29,234)	$ 23,521
Amount of gain (loss) reclassified from AOCI into income	3,807	9,743	(626)	13,692
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	314	0	(1,293)
Ferrellgas, L.P. [Member]
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI(L) on derivative	(21,080)	1,072	(29,234)	23,521
Amount of gain (loss) reclassified from AOCI into income	3,807	9,743	(626)	13,692
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		314	0	(1,293)
Commodity Derivatives Propane [Member]
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI(L) on derivative	(21,080)	960	(29,234)	23,283
Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member]
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI(L) on derivative	(21,080)	960	(29,234)	23,283
Interest Rate Swap [Member]
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI(L) on derivative		112		238
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member]
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI(L) on derivative		112		238
Interest Expense [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Amount of gain (loss) reclassified from AOCI into income		(143)		(326)
Interest Expense [Member] | Interest Rate Swap [Member] | Ferrellgas, L.P. [Member]
Derivative [Line Items]
Amount of gain (loss) reclassified from AOCI into income		(143)		(326)
Midstream Operations [Member] | Cost of Sales [Member] | Ferrellgas, L.P. [Member]
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(2,080)
Midstream Operations [Member] | Operating Expense [Member] | Commodity Derivatives Crude Oil [Member]
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(2,080)		(3,470)
Midstream Operations [Member] | Operating Expense [Member] | Commodity Derivatives Crude Oil [Member] | Ferrellgas, L.P. [Member]
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net				(3,470)
Propane [Member] | Cost of Sales [Member] | Commodity Derivatives Propane [Member]
Derivative [Line Items]
Amount of gain (loss) reclassified from AOCI into income	3,807	9,886	(626)	14,018
Propane [Member] | Cost of Sales [Member] | Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member]
Derivative [Line Items]
Amount of gain (loss) reclassified from AOCI into income	$ 3,807	$ 9,886	$ (626)	$ 14,018

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Derivative Instruments and Hedging Activities - AOCI Rollforward (Details) $ in Thousands, MMBbls in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2019 USD ($)	Jan. 31, 2018 USD ($)	Jan. 31, 2019 USD ($) MMBbls	Jan. 31, 2018 USD ($)
Derivative [Line Items]
Partners' capital balance, beginning			$ (1,034,477)
Change in value of derivative	$ (21,080)	$ 1,072	(29,234)	$ 23,521
Reclassification of gains on derivatives to earnings, net	3,807	(9,743)	(626)	(13,692)
Partners' capital balance, ending	(1,083,350)		(1,083,350)
Reclassification of net losses to earnings during next 12 months			8,500
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net			$ 0	0
Number of barrels of propane covered by cash flow hedges | MMBbls			3.9
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Derivative [Line Items]
Partners' capital balance, beginning			$ 20,560	14,648
Partners' capital balance, ending	(9,300)	24,477	(9,300)	24,477
Ferrellgas, L.P. [Member]
Derivative [Line Items]
Partners' capital balance, beginning			(680,078)
Change in value of derivative	(21,080)	1,072	(29,234)	23,521
Reclassification of gains on derivatives to earnings, net	3,807	(9,743)	(626)	(13,692)
Partners' capital balance, ending	(727,011)		(727,011)
Reclassification of net losses to earnings during next 12 months			8,500
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net			$ 0	0
Number of barrels of propane covered by cash flow hedges | MMBbls			3.9
Ferrellgas, L.P. [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Derivative [Line Items]
Partners' capital balance, beginning			$ 20,560	14,648
Partners' capital balance, ending	$ (9,300)	$ 24,477	(9,300)	24,477
Commodity Derivatives Propane [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Derivative [Line Items]
Change in value of derivative			(29,234)	23,283
Reclassification of gains on derivatives to earnings, net			(626)	(14,018)
Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Derivative [Line Items]
Change in value of derivative			(29,234)	23,283
Reclassification of gains on derivatives to earnings, net			$ (626)	(14,018)
Interest Rate Swap [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Derivative [Line Items]
Change in value of derivative				238
Reclassification of gains on derivatives to earnings, net				326
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Derivative [Line Items]
Change in value of derivative				238
Reclassification of gains on derivatives to earnings, net				$ 326

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Derivative Instruments and Hedging Activities - Credit Risk (Details)	Jan. 31, 2019 USD ($)
Derivative [Line Items]
Maximum loss due to credit risk	$ 500,000
Open derivative contracts with credit risk features	0
Ferrellgas, L.P. [Member]
Derivative [Line Items]
Maximum loss due to credit risk	500,000
Open derivative contracts with credit risk features	$ 0

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Transactions With Related Parties (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019 USD ($) employee	Jan. 31, 2018 USD ($)	Jan. 31, 2019 USD ($) employee	Jan. 31, 2018 USD ($)
Related Party Transaction [Line Items]
Entity Number of Employees | employee	0		0
Ferrellgas, L.P. [Member]
Related Party Transaction [Line Items]
Entity Number of Employees | employee	0		0
Ferrellgas Finance Corp. [Member]
Related Party Transaction [Line Items]
Entity Number of Employees | employee	0		0
Ferrellgas Partners Finance Corp. [Member]
Related Party Transaction [Line Items]
Entity Number of Employees | employee	0		0
Operating Expense [Member]
Related Party Transaction [Line Items]
Expenses reimbursed to related party	$ 69,285	$ 65,291
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Expenses reimbursed to related party	7,197	8,422
Ferrellgas Inc., General Partner [Member] | Operating Expense [Member]
Related Party Transaction [Line Items]
Expenses reimbursed to related party			$ 129,243	$ 122,642
Ferrellgas Inc., General Partner [Member] | Operating Expense [Member] | Ferrellgas, L.P. [Member]
Related Party Transaction [Line Items]
Expenses reimbursed to related party	69,285	65,291	129,243	122,642
Ferrellgas Inc., General Partner [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Expenses reimbursed to related party			13,309	15,930
Ferrellgas Inc., General Partner [Member] | General and Administrative Expense [Member] | Ferrellgas, L.P. [Member]
Related Party Transaction [Line Items]
Expenses reimbursed to related party	$ 7,197	$ 8,422	$ 13,309	$ 15,930

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Contingencies And Commitments (Narrative) (Details)		6 Months Ended
	Feb. 02, 2017 item	Jan. 31, 2019 USD ($) item
Loss Contingencies [Line Items]
Number of quarters for required fixed charge coverage ratio		4
Maximum restricted payments | $		$ 50,000,000
Number of quarters for restricted payments		16
Current fixed charge coverage ratio		1.38
Dividends allowed | $		$ 0
Minimum [Member]
Loss Contingencies [Line Items]
Required fixed charge coverage ratio		1.75
Class Action Related To Cylinder Fill Level [Member]
Loss Contingencies [Line Items]
Number of cases		1
Lawsuit Related To Sale Of Jamex Transfer Services [Member]
Loss Contingencies [Line Items]
Number of former officers	2
Ferrellgas Partners Finance Corp. [Member]
Loss Contingencies [Line Items]
Number of quarters for required fixed charge coverage ratio		4
Maximum restricted payments | $		$ 50,000,000
Number of quarters for restricted payments		16
Current fixed charge coverage ratio		1.67
Dividends allowed | $		$ 0
Ferrellgas Partners Finance Corp. [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Required fixed charge coverage ratio		1.75
Ferrellgas, L.P. [Member]
Loss Contingencies [Line Items]
Number of quarters for required fixed charge coverage ratio		4
Current fixed charge coverage ratio		1.67
Ferrellgas, L.P. [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Required fixed charge coverage ratio		1.75
Ferrellgas, L.P. [Member] | Class Action Related To Cylinder Fill Level [Member]
Loss Contingencies [Line Items]
Number of cases		1
Ferrellgas, L.P. [Member] | Lawsuit Related To Sale Of Jamex Transfer Services [Member]
Loss Contingencies [Line Items]
Number of former officers	2

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Net Earnings (Loss) Per Common Unitholders' Interest (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Earnings Distribution Allocation [Line Items]
Value of dilutive securities	$ 0	$ 0	$ 0	$ 0
Common unitholders' interest in net earnings (loss)	$ 42,911,000	$ (1,824,000)	$ (13,534,000)	$ (49,260,000)
Weighted average common units outstanding, basic and diluted	97,152,700	97,152,700	97,152,700	97,152,700
Basic and diluted net earnings (loss) per common unit	$ 0.44	$ (0.02)	$ (0.14)	$ (0.51)
$0.56 to $0.63 | Common Unitholders [Member]
Earnings Distribution Allocation [Line Items]
Ratio of total distributions payable			51.50%
$0.56 to $0.63 | General Partner [Member]
Earnings Distribution Allocation [Line Items]
Ratio of total distributions payable			48.50%
$0.64 to $0.82 | Common Unitholders [Member]
Earnings Distribution Allocation [Line Items]
Ratio of total distributions payable			76.80%
$0.64 to $0.82 | General Partner [Member]
Earnings Distribution Allocation [Line Items]
Ratio of total distributions payable			23.20%
$0.83 and above | Common Unitholders [Member]
Earnings Distribution Allocation [Line Items]
Ratio of total distributions payable			86.90%
$0.83 and above | General Partner [Member]
Earnings Distribution Allocation [Line Items]
Ratio of total distributions payable			13.10%
Minimum [Member] | $0.56 to $0.63
Earnings Distribution Allocation [Line Items]
Earnings Per Share, Basic, Distributed			$ 0.83
Minimum [Member] | $0.64 to $0.82
Earnings Distribution Allocation [Line Items]
Earnings Per Share, Basic, Distributed			0.64
Minimum [Member] | $0.83 and above
Earnings Distribution Allocation [Line Items]
Earnings Per Share, Basic, Distributed			0.56
Maximum [Member] | $0.64 to $0.82
Earnings Distribution Allocation [Line Items]
Earnings Per Share, Basic, Distributed			0.82
Maximum [Member] | $0.83 and above
Earnings Distribution Allocation [Line Items]
Earnings Per Share, Basic, Distributed			$ 0.63

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Segment Reporting - Reporting Information by Segment (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019 USD ($)	Jan. 31, 2018 USD ($)	Jan. 31, 2019 USD ($) item	Jan. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments | item			1
Number of Operating Segments | item			1
Segment revenues	$ 573,377	$ 755,156	$ 925,686	$ 1,209,811
Direct costs (1)	453,721	634,529	788,189	1,062,968
Adjusted EBITDA	119,656	120,627	137,497	146,843
Propane and related equipment sales
Segment Reporting Information [Line Items]
Segment revenues	573,377	637,880	925,686	971,775
Direct costs (1)	443,533	507,386	767,127	810,715
Adjusted EBITDA	129,844	130,494	158,559	161,060
Corporate and other
Segment Reporting Information [Line Items]
Segment revenues	0	117,276		238,036
Direct costs (1)	10,188	127,143	21,062	252,253
Adjusted EBITDA	(10,188)	(9,867)	$ (21,062)	(14,217)
Ferrellgas, L.P. [Member]
Segment Reporting Information [Line Items]
Number of Reportable Segments | item			1
Number of Operating Segments | item			1
Segment revenues	573,377	755,156	$ 925,686	1,209,811
Direct costs (1)	453,720	634,528	788,184	1,062,967
Adjusted EBITDA	119,657	120,628	137,502	146,844
Ferrellgas, L.P. [Member] | Propane and related equipment sales
Segment Reporting Information [Line Items]
Segment revenues	573,377	637,880	925,686	971,775
Direct costs (1)	443,533	507,386	767,127	810,715
Adjusted EBITDA	129,844	130,494	158,559	161,060
Ferrellgas, L.P. [Member] | Corporate and other
Segment Reporting Information [Line Items]
Segment revenues	0	117,276		238,036
Direct costs (1)	10,187	127,142	21,057	252,252
Adjusted EBITDA	$ (10,187)	$ (9,866)	$ (21,057)	$ (14,216)

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Segment Reporting - Reconciliation of Segment Earnings to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net earnings (loss)	$ 43,344	$ (1,843)	$ (13,671)	$ (49,758)
Income tax expense (benefit)	3	(162)	161	215
Interest expense	44,891	42,673	88,769	83,480
Depreciation and amortization expense	19,605	25,485	38,597	51,217
EBITDA	107,843	66,153	113,856	85,154
Non-cash employee stock ownership plan compensation charge	1,944	4,031	4,692	7,993
Asset impairment charges		10,005	0	10,005
Loss on asset sales and disposals	(2,216)	(39,249)	(6,720)	(40,144)
Other income, net	(86)	(684)	(105)	(1,195)
Severance costs	1,600	0	1,600	1,663
Legal Fees and settlements	5,608	2,118	9,172	2,118
Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments	0	(314)	0	1,293
Multi-employer pension plan withdrawal settlement			1,524
Net earnings (loss)	43,875	(1,774)	(13,633)	(50,090)
Adjusted EBITDA	119,656	120,627	137,497	146,843
Non-Controlling Interest [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net earnings (loss)	531	69	38	(332)
Ferrellgas, L.P. [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Net earnings (loss)	52,617	6,847	3,803	(32,852)
Income tax expense (benefit)	3	(167)	154	204
Interest expense	36,150	34,058	71,345	66,254
Depreciation and amortization expense	19,605	25,485	38,597	51,217
EBITDA	108,375	66,223	113,899	84,823
Non-cash employee stock ownership plan compensation charge	1,944	4,031	4,692	7,993
Asset impairment charges		10,005	0	10,005
Loss on asset sales and disposals	(2,216)	(39,249)	(6,720)	(40,144)
Other income, net	86	684	105	1,195
Severance costs	1,600		1,600	1,663
Legal Fees and settlements	5,608	2,118	9,172	2,118
Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments		(314)	0	1,293
Multi-employer pension plan withdrawal settlement			1,524	0
Net earnings (loss)	52,617	6,847	3,803	(32,852)
Adjusted EBITDA	$ 119,657	$ 120,628	$ 137,502	$ 146,844

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Segment Reporting - Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,388,120	$ 1,363,281
Propane and related equipment sales
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,315,233	1,196,084
Corporate and other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	72,887	167,197
Ferrellgas, L.P. [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,387,962	1,363,246
Ferrellgas, L.P. [Member] | Propane and related equipment sales
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,315,233	1,196,084
Ferrellgas, L.P. [Member] | Corporate and other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 72,729	$ 167,162

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Segment Reporting - Capital Expenditures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Segment Reporting Information [Line Items]
Maintenance	$ 32,009	$ 13,443
Growth	23,316	19,324
Capital expenditures, total	55,325	32,767
Propane and related equipment sales
Segment Reporting Information [Line Items]
Maintenance	31,460	12,016
Growth	23,316	18,311
Capital expenditures, total	54,776	30,327
Corporate and other
Segment Reporting Information [Line Items]
Maintenance	549	1,427
Growth	0	1,013
Capital expenditures, total	549	2,440
Ferrellgas, L.P. [Member]
Segment Reporting Information [Line Items]
Maintenance	32,009	13,443
Growth	23,316	19,324
Capital expenditures, total	55,325	32,767
Ferrellgas, L.P. [Member] | Propane and related equipment sales
Segment Reporting Information [Line Items]
Maintenance	31,460	12,016
Growth	23,316	18,311
Capital expenditures, total	54,776	30,327
Ferrellgas, L.P. [Member] | Corporate and other
Segment Reporting Information [Line Items]
Maintenance	549	1,427
Growth	0	1,013
Capital expenditures, total	$ 549	$ 2,440

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Guarantor financial information (Details) - Ferrellgas, L.P. [Member] $ in Millions	Jan. 31, 2019 USD ($)
Ferrellgas Finance Corp. [Member]
Condensed Financial Statements, Captions [Line Items]
Ownership Percentage	100.00%
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member]
Condensed Financial Statements, Captions [Line Items]
Aggregate principal amount	$ 500.0
Interest rate, as a percent	6.75%

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Guarantor financial information - Balance Sheets (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2018	Jan. 31, 2018	Jul. 31, 2017
Current assets:
Cash and cash equivalents	$ 40,647	$ 119,311	$ 14,173	$ 5,760
Accounts and notes receivable, net	203,164	126,054
Inventories	89,784	83,694
Prepaid expenses and other current assets	36,616	34,862
Total current assets	370,211	363,921
Property, plant and equipment, net	584,334	557,723
Goodwill, net	247,478	246,098
Intangible assets, net	113,558	120,951
Other assets, net	72,539	74,588
Total assets	1,388,120	1,363,281
Current liabilities:
Accounts payable	63,639	46,820
Short-term borrowings	0	32,800
Collateralized note payable	140,000	58,000
Other current liabilities	147,253	142,025
Total current liabilities	350,892	279,645
Long-term debt	2,083,031	2,078,637
Other liabilities	37,547	39,476
Contingencies and commitments
Partners' capital (deficit)
Partners' Capital, Including Portion Attributable to Noncontrolling Interest	(1,083,350)	(1,034,477)
Accumulated other comprehensive income (loss)	(9,049)	20,510
Total liabilities and partners' capital (deficit)	1,388,120	1,363,281
Total Ferrellgas Partners, L.P. partners' deficit	(1,076,184)	(1,027,785)
Ferrellgas, L.P. [Member]
Current assets:
Cash and cash equivalents	40,552	119,308	14,171	5,701
Accounts and notes receivable, net	203,164	126,054
Inventories	89,784	83,694
Prepaid expenses and other current assets	36,553	34,830
Total current assets	370,053	363,886
Property, plant and equipment, net	584,334	557,723
Goodwill, net	247,478	246,098
Intangible assets, net	113,558	120,951
Other assets, net	72,539	74,588
Total assets	1,387,962	1,363,246
Current liabilities:
Accounts payable	63,639	46,820
Short-term borrowings	0	32,800
Collateralized note payable	140,000	58,000
Other current liabilities	143,319	138,091
Total current liabilities	346,958	275,711
Long-term debt	1,730,468	1,728,137
Other liabilities	37,547	39,476
Contingencies and commitments
Partners' capital (deficit)
Partners' Capital, Including Portion Attributable to Noncontrolling Interest	(727,011)	(680,078)
Accumulated other comprehensive income (loss)	(9,127)	20,733
Total liabilities and partners' capital (deficit)	1,387,962	1,363,246
Total Ferrellgas Partners, L.P. partners' deficit	(717,884)	(700,811)
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member]
Current assets:
Cash and cash equivalents	40,305	119,133	13,954	5,327
Accounts and notes receivable, net	(3,661)	(3,420)
Intercompany Receivables, Current	(9,201)	15,660
Inventories	89,784	83,694
Prepaid expenses and other current assets	36,551	34,050
Total current assets	153,778	249,117
Property, plant and equipment, net	584,335	557,689
Goodwill, net	247,478	246,098
Intangible assets, net	113,558	120,951
Investment in Ferrellgas, L.P.	74,072	59,937
Other assets, net	68,659	63,411
Total assets	1,241,880	1,297,203
Current liabilities:
Accounts payable	63,526	45,171
Short-term borrowings		32,800
Other current liabilities	137,417	131,702
Total current liabilities	200,943	209,673
Long-term debt	1,730,468	1,728,137
Other liabilities	37,480	39,471
Contingencies and commitments
Partners' capital (deficit)
Partners' Capital, Including Portion Attributable to Noncontrolling Interest	(727,011)	(680,078)
Accumulated other comprehensive income (loss)	(9,127)	20,733
Total liabilities and partners' capital (deficit)	1,241,880	1,297,203
Total Ferrellgas Partners, L.P. partners' deficit	(717,884)	(700,811)
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Subsidiary Issuer [Member]
Current assets:
Cash and cash equivalents	1	1	1	1
Total current assets	1	1
Total assets	1	1
Current liabilities:
Contingencies and commitments
Partners' capital (deficit)
Partners' Capital, Including Portion Attributable to Noncontrolling Interest	1	1
Total liabilities and partners' capital (deficit)	1	1
Total Ferrellgas Partners, L.P. partners' deficit	1	1
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents	246	174	$ 216	$ 373
Accounts and notes receivable, net	150	9,395
Prepaid expenses and other current assets	(1)	775
Total current assets	395	10,344
Property, plant and equipment, net	(1)	34
Other assets, net	2,875	9,961
Total assets	3,269	20,339
Current liabilities:
Accounts payable		1,547
Intercompany Payables	(192)	(143)
Other current liabilities	388	6,036
Total current liabilities	196	7,440
Other liabilities	67	5
Contingencies and commitments
Partners' capital (deficit)
Partners' Capital, Including Portion Attributable to Noncontrolling Interest	3,006	12,894
Total liabilities and partners' capital (deficit)	3,269	20,339
Total Ferrellgas Partners, L.P. partners' deficit	3,006	12,894
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Non-Guarantor Subsidiaries [Member]
Current assets:
Accounts and notes receivable, net	206,675	120,079
Prepaid expenses and other current assets	3	5
Total current assets	206,678	120,084
Other assets, net	1,005	1,216
Total assets	207,683	121,300
Current liabilities:
Accounts payable	113	102
Collateralized note payable	140,000	58,000
Intercompany Payables	(9,009)	15,803
Other current liabilities	5,514	353
Total current liabilities	136,618	74,258
Contingencies and commitments
Partners' capital (deficit)
Partners' Capital, Including Portion Attributable to Noncontrolling Interest	71,065	47,042
Total liabilities and partners' capital (deficit)	207,683	121,300
Total Ferrellgas Partners, L.P. partners' deficit	71,065	47,042
Eliminations [Member] | Ferrellgas, L.P. [Member]
Current assets:
Intercompany Receivables, Current	9,201	(15,660)
Total current assets	9,201	(15,660)
Investment in Ferrellgas, L.P.	(74,072)	(59,937)
Total assets	(64,871)	(75,597)
Current liabilities:
Intercompany Payables	9,201	(15,660)
Total current liabilities	9,201	(15,660)
Contingencies and commitments
Partners' capital (deficit)
Partners' Capital, Including Portion Attributable to Noncontrolling Interest	(74,072)	(59,937)
Total liabilities and partners' capital (deficit)	(64,871)	(75,597)
Total Ferrellgas Partners, L.P. partners' deficit	$ (74,072)	$ (59,937)

XML

Guarantor financial information - Statements of Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2018
Revenues:
Revenues	$ 573,377	$ 755,156	$ 925,686	$ 1,209,811
Costs and expenses:
Operating expense	121,219	123,716	231,550	234,178
Depreciation and amortization expense	19,605	25,485	38,597	51,217
General and administrative expense	16,342	14,891	30,521	28,055
Equipment lease expense	8,415	6,954	16,278	13,695
Non-cash employee stock ownership plan compensation charge	1,944	4,031	4,692	7,993
Asset impairment charges		10,005	0	10,005
Loss on asset sales and disposals	2,216	39,249	6,720	40,144
Operating Income (Loss)	88,683	40,053	75,192	32,410
Interest expense	(44,891)	(42,673)	(88,769)	(83,480)
Other income (expense), net	86	684	105	1,195
Earnings (loss) before income taxes	43,878	(1,936)	(13,472)	(49,875)
Income tax expense (benefit)	3	(162)	161	215
Net earnings (loss)	43,875	(1,774)	(13,633)	(50,090)
Other comprehensive income (loss)	(17,273)	(8,671)	(29,860)	9,829
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	26,602	(10,445)	(43,493)	(40,261)
Propane [Member]
Revenues:
Revenues	550,112	592,239	885,078	894,997
Costs and expenses:
Cost of sales	311,531	362,918	515,667	542,433
Midstream Operations [Member]
Revenues:
Revenues	0	117,276	0	238,036
Costs and expenses:
Cost of sales	0	107,067	0	215,192
Product and Service, Other [Member]
Revenues:
Revenues	23,265	45,641	40,608	76,778
Costs and expenses:
Cost of sales	3,422	20,787	6,469	34,489
Ferrellgas, L.P. [Member]
Revenues:
Revenues	573,377	755,156	925,686	1,209,811
Costs and expenses:
Operating expense	121,219	123,716	231,550	234,178
Depreciation and amortization expense	19,605	25,485	38,597	51,217
General and administrative expense	16,341	14,890	30,516	28,054
Equipment lease expense	8,415	6,954	16,278	13,695
Non-cash employee stock ownership plan compensation charge	1,944	4,031	4,692	7,993
Asset impairment charges		10,005	0	10,005
Loss on asset sales and disposals	2,216	39,249	6,720	40,144
Operating Income (Loss)	88,684	40,054	75,197	32,411
Interest expense	(36,150)	(34,058)	(71,345)	(66,254)
Other income (expense), net	86	684	105	1,195
Earnings (loss) before income taxes	52,620	6,680	3,957	(32,648)
Income tax expense (benefit)	3	(167)	154	204
Net earnings (loss)	52,617	6,847	3,803	(32,852)
Other comprehensive income (loss)	(17,273)	(8,671)	(29,860)	9,829
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	35,344	(1,824)	(26,057)	(23,023)
Ferrellgas, L.P. [Member] | Propane [Member]
Revenues:
Revenues	550,112	592,239	885,078	894,997
Costs and expenses:
Cost of sales	311,531	362,918	515,667	542,433
Ferrellgas, L.P. [Member] | Midstream Operations [Member]
Revenues:
Revenues	0	117,276	0	238,036
Costs and expenses:
Cost of sales	0	107,067	0	215,192
Ferrellgas, L.P. [Member] | Product and Service, Other [Member]
Revenues:
Revenues	23,265	45,641	40,608	76,778
Costs and expenses:
Cost of sales	3,422	20,787	6,469	34,489
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member]
Revenues:
Revenues	573,328		925,637
Costs and expenses:
Operating expense	121,180	114,096	231,511	215,328
Depreciation and amortization expense	19,493	18,521	38,374	36,868
General and administrative expense	16,338	13,833	30,511	24,588
Equipment lease expense	8,415	6,862	16,278	13,510
Non-cash employee stock ownership plan compensation charge	1,944	4,031	4,692	7,993
Loss on asset sales and disposals	2,045	555	4,041	1,463
Operating Income (Loss)	89,074	91,304	78,208	86,718
Interest expense	(34,655)	(21,212)	(69,003)	(41,606)
Other income (expense), net	96	408	115	623
Earnings (loss) before income taxes	54,515	70,500	9,320	45,735
Income tax expense (benefit)	3	82	154	72
Equity in earnings (loss) of Ferrellgas, L.P.	(863)	(63,571)	(3,145)	(78,515)
Net earnings (loss)	53,649	6,847	6,021	(32,852)
Other comprehensive income (loss)	(17,273)	(8,671)	(29,860)	9,829
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	36,376	(1,824)	(23,839)	(23,023)
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | Propane [Member]
Revenues:
Revenues	550,112		885,078
Costs and expenses:
Cost of sales	311,531		515,667
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | Product and Service, Other [Member]
Revenues:
Revenues	23,216		40,559
Costs and expenses:
Cost of sales	3,308		6,355
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Subsidiary Issuer [Member]
Costs and expenses:
General and administrative expense	3	3	5	5
Operating Income (Loss)	(3)	(3)	(5)	(5)
Earnings (loss) before income taxes	(3)	(3)	(5)	(5)
Net earnings (loss)	(3)	(3)	(5)	(5)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(3)	(3)	(5)	(5)
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member]
Revenues:
Revenues	49		49
Costs and expenses:
Operating expense	39	9,795	39	19,058
Depreciation and amortization expense		6,893		14,206
General and administrative expense		1,054		3,461
Equipment lease expense		92		185
Asset impairment charges		10,005		10,005
Loss on asset sales and disposals	171	38,694	2,679	38,681
Operating Income (Loss)	(275)	(51,351)	(2,783)	(54,367)
Interest expense	(38)	(11,739)	(38)	(22,924)
Other income (expense), net	(10)	276	(10)	572
Earnings (loss) before income taxes	(323)	(62,814)	(2,831)	(76,719)
Income tax expense (benefit)		(249)		132
Net earnings (loss)	(323)	(62,565)	(2,831)	(76,851)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(323)	(62,565)	(2,831)	(76,851)
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | Product and Service, Other [Member]
Revenues:
Revenues	49		49
Costs and expenses:
Cost of sales	114		114
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Non-Guarantor Subsidiaries [Member]
Costs and expenses:
Operating expense	1,884	1,833	2,901	3,015
Depreciation and amortization expense	112	71	223	143
Operating Income (Loss)	(1,996)	(1,904)	(3,124)	(3,158)
Interest expense	(1,457)	(1,107)	(2,304)	(1,724)
Other income (expense), net	2,916	2,008	5,119	3,223
Earnings (loss) before income taxes	(537)	(1,003)	(309)	(1,659)
Net earnings (loss)	(537)	(1,003)	(309)	(1,659)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(537)	(1,003)	(309)	(1,659)
Eliminations [Member] | Ferrellgas, L.P. [Member]
Costs and expenses:
Operating expense	(1,884)	(2,008)	(2,901)	(3,223)
Operating Income (Loss)	1,884	2,008	2,901	3,223
Other income (expense), net	(2,916)	(2,008)	(5,119)	(3,223)
Earnings (loss) before income taxes	(1,032)		(2,218)
Equity in earnings (loss) of Ferrellgas, L.P.	863	63,571	3,145	78,515
Net earnings (loss)	(169)	63,571	927	78,515
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (169)	63,571	$ 927	78,515
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Product and Service, Other [Member]
Revenues:
Revenues		45,641		76,778
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Ferrellgas, L.P. [Member]
Revenues:
Revenues		755,156		1,209,811
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Ferrellgas, L.P. [Member] | Propane [Member]
Revenues:
Revenues		592,239		894,997
Costs and expenses:
Cost of sales		362,918		542,433
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Ferrellgas, L.P. [Member] | Midstream Operations [Member]
Revenues:
Revenues		117,276		238,036
Costs and expenses:
Cost of sales		107,067		215,192
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Ferrellgas, L.P. [Member] | Product and Service, Other [Member]
Revenues:
Revenues		45,641		76,778
Costs and expenses:
Cost of sales		20,787		34,489
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member]
Revenues:
Revenues		614,982		933,776
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | Propane [Member]
Revenues:
Revenues		592,275		894,392
Costs and expenses:
Cost of sales		362,927		541,746
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | Product and Service, Other [Member]
Revenues:
Revenues		22,707		39,384
Costs and expenses:
Cost of sales		2,853		5,562
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member]
Revenues:
Revenues		140,174		276,035
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | Propane [Member]
Revenues:
Revenues		(36)		605
Costs and expenses:
Cost of sales		(9)		687
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | Midstream Operations [Member]
Revenues:
Revenues		117,276		238,036
Costs and expenses:
Cost of sales		107,067		215,192
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | Product and Service, Other [Member]
Revenues:
Revenues		22,934		37,394
Costs and expenses:
Cost of sales		$ 17,934		$ 28,927

XML

Guarantor financial information - Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jul. 31, 2018	Jul. 31, 2017
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ (55,118)	$ (36,294)
Cash flows from investing activities:
Payments to Acquire Businesses, Net of Cash Acquired	(5,069)	(14,862)
Payments to Acquire Productive Assets	(58,330)	(35,693)
Proceeds from sale of assets	1,960	4,207
Net cash used in investing activities	(61,439)	(46,348)
Cash flows from financing activities:
Distributions	(9,814)	(19,627)
Proceeds from increase in long-term debt	0	23,580
Repayments of Long-term Debt	(1,014)	(1,267)
Proceeds from (Repayments of) Short-term Debt	(32,800)	(7,879)
Net additions to collateralized short-term borrowings	82,000	97,000
Cash paid for financing costs	(221)	(395)
Net cash provided by (used in) financing activities	37,893	91,055
Increase (decrease) in cash and cash equivalents	(78,664)	8,413
Cash and cash equivalents	40,647	14,173	$ 119,311	$ 5,760
Ferrellgas, L.P. [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(39,714)	(20,841)
Cash flows from investing activities:
Payments to Acquire Businesses, Net of Cash Acquired	(5,069)	(14,862)
Payments to Acquire Productive Assets	(58,330)	(35,693)
Proceeds from sale of assets	1,960	4,207
Net cash used in investing activities	(61,439)	(46,348)
Cash flows from financing activities:
Distributions	(25,568)	(35,380)
Proceeds from increase in long-term debt	0	23,580
Repayments of Long-term Debt	(1,014)	(1,267)
Proceeds from (Repayments of) Short-term Debt	(32,800)	(7,879)
Net additions to collateralized short-term borrowings	82,000	97,000
Cash paid for financing costs	(221)	(395)
Net cash provided by (used in) financing activities	22,397	75,659
Increase (decrease) in cash and cash equivalents	(78,756)	8,470
Cash and cash equivalents	40,552	14,171	119,308	5,701
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	98,494	(57,734)
Cash flows from investing activities:
Payments to Acquire Businesses, Net of Cash Acquired	(5,069)	(14,862)
Payments to Acquire Productive Assets	(58,330)	(34,391)
Proceeds from sale of assets	1,960	4,207
Proceeds from Collection of (Payments to Fund) Long-term Loans to Related Parties	(56,291)	132,748
Net cash used in investing activities	(117,730)	87,702
Cash flows from financing activities:
Distributions	(25,568)	(35,380)
Proceeds from increase in long-term debt		23,580
Repayments of Long-term Debt	(1,014)	(1,267)
Proceeds from (Repayments of) Short-term Debt	(32,800)	(7,879)
Cash paid for financing costs	(210)	(395)
Net cash provided by (used in) financing activities	(59,592)	(21,341)
Increase (decrease) in cash and cash equivalents	(78,828)	8,627
Cash and cash equivalents	40,305	13,954	119,133	5,327
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Subsidiary Issuer [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(5)	(5)
Cash flows from financing activities:
Advances (To) From Related Parties	5	5
Net cash provided by (used in) financing activities	5	5
Cash and cash equivalents	1	1	1	1
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	24,696	13,335
Cash flows from investing activities:
Payments to Acquire Productive Assets		(1,302)
Net cash used in investing activities		(1,302)
Cash flows from financing activities:
Advances (To) From Related Parties	(24,624)	(12,190)
Net cash provided by (used in) financing activities	(24,624)	(12,190)
Increase (decrease) in cash and cash equivalents	72	(157)
Cash and cash equivalents	246	216	$ 174	$ 373
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Non-Guarantor Subsidiaries [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(80,899)	120,563
Cash flows from investing activities:
Cash collected for purchase of interest in accounts receivable	710,497	574,783
Proceeds from (Repayments of) Accounts Receivable Securitization, Related Party	(792,497)	(671,783)
Net cash used in investing activities	(82,000)	(97,000)
Cash flows from financing activities:
Net additions to collateralized short-term borrowings	82,000	97,000
Advances (To) From Related Parties	80,910	(120,563)
Cash paid for financing costs	(11)
Net cash provided by (used in) financing activities	162,899	(23,563)
Eliminations [Member] | Ferrellgas, L.P. [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(82,000)	(97,000)
Cash flows from investing activities:
Cash collected for purchase of interest in accounts receivable	(710,497)	(574,783)
Proceeds from (Repayments of) Accounts Receivable Securitization, Related Party	792,497	671,783
Proceeds from Collection of (Payments to Fund) Long-term Loans to Related Parties	56,291	(132,748)
Net cash used in investing activities	138,291	(35,748)
Cash flows from financing activities:
Advances (To) From Related Parties	(56,291)	132,748
Net cash provided by (used in) financing activities	$ (56,291)	$ 132,748