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Leases (Tables)
3 Months Ended
Oct. 31, 2020
Schedule of Lease Assets and Liabilities

 

 

 

 

 

 

 

 

 

Leases

 

Classification

 

 

October 31, 2020

 

 

July 31, 2020

Assets

 

 

 

 

 

 

 

 

Operating lease assets

 

Operating lease right-of-use assets

 

$

100,349

 

$

107,349

Financing lease assets

 

Other assets, net

 

 

39,753

 

 

41,426

Total leased assets

 

 

 

$

140,102

 

$

148,775

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

Operating

 

Current operating lease liabilities

 

$

28,280

 

$

29,345

Financing

 

Other current liabilities

 

 

7,186

 

 

6,955

Noncurrent

 

 

 

 

 

 

 

 

Operating

 

Operating lease liabilities

 

 

83,337

 

 

89,022

Financing

 

Other liabilities

 

 

32,033

 

 

33,473

Total leased liabilities

 

 

 

$

150,836

 

$

158,795

 

Schedule of Lease Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended October 31, 

Leases expense

    

Classification

 

2020

 

2019

 

 

 

 

 

 

 

 

 

Operating lease expense

 

Operating expense - personnel, vehicle, plant and other

 

$

1,783

 

$

1,741

 

 

Operating expense - equipment lease expense

 

 

6,442

 

 

7,607

 

 

Cost of sales - propane and other gas liquids sales

 

 

526

 

 

389

 

 

General and administrative expense

 

 

282

 

 

266

Total operating lease expense

 

 

 

 

9,033

 

 

10,003

 

 

 

 

 

 

 

 

 

Short-term expense

 

Operating expense - personnel, vehicle, plant and other

 

 

2,033

 

 

1,954

 

 

General and administrative expense

 

 

242

 

 

110

Total short-term expense

 

 

 

 

2,275

 

 

2,064

 

 

 

 

 

 

 

 

 

Variable lease expense

 

Operating expense - personnel, vehicle, plant and other

 

 

746

 

 

675

 

 

Operating expense - equipment lease expense

 

 

388

 

 

733

Total variable lease expense

 

 

 

 

1,134

 

 

1,408

 

 

 

 

 

 

 

 

 

Finance lease expense:

 

 

 

 

 

 

 

 

Amortization of leased assets

 

Depreciation and amortization expense

 

 

2,165

 

 

40

Interest on lease liabilities

 

Interest expense

 

 

945

 

 

42

Total finance lease expense

 

 

 

 

3,110

 

 

82

 

 

 

 

 

 

 

 

 

Total lease expense (a)

 

 

 

$

15,552

 

$

13,557

 

(a)

As of October 31, 2020 and 2019 Ferrellgas has also recognized $0.1 million and $0.1 million, respectively, of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to various Midstream dispositions, and for which Ferrellgas does not anticipate any future economic benefit.

Schedule of Minimum Annual Payments Under Existing Operating Leases

 

 

 

 

 

 

 

 

 

 

Maturities of lease liabilities

 

 

Operating leases

 

 

Finance leases

 

 

Total

2021

 

$

25,539

 

$

7,751

 

$

33,290

2022

 

 

27,163

 

 

9,709

 

 

36,872

2023

 

 

35,832

 

 

7,742

 

 

43,574

2024

 

 

18,150

 

 

7,173

 

 

25,323

2025

 

 

12,889

 

 

7,183

 

 

20,072

Thereafter

 

 

21,532

 

 

10,655

 

 

32,187

Total lease payments

 

$

141,105

 

$

50,213

 

$

191,318

Less: Imputed interest

 

 

29,488

 

 

10,994

 

 

40,482

Present value of lease liabilities

 

$

111,617

 

$

39,219

 

$

150,836

 

Schedule of Minimum Annual Payments Under Existing Finance Leases

 

 

 

 

 

 

 

 

 

 

 

 

Maturities of lease liabilities

 

 

Operating leases

 

 

Finance leases

 

 

Total

2021

 

$

25,539

 

$

7,751

 

$

33,290

2022

 

 

27,163

 

 

9,709

 

 

36,872

2023

 

 

35,832

 

 

7,742

 

 

43,574

2024

 

 

18,150

 

 

7,173

 

 

25,323

2025

 

 

12,889

 

 

7,183

 

 

20,072

Thereafter

 

 

21,532

 

 

10,655

 

 

32,187

Total lease payments

 

$

141,105

 

$

50,213

 

$

191,318

Less: Imputed interest

 

 

29,488

 

 

10,994

 

 

40,482

Present value of lease liabilities

 

$

111,617

 

$

39,219

 

$

150,836

 

Schedule of Operating and Finance Lease Assumptions

 

 

 

 

 

 

 

As of October 31, 2020

Lease type

 

Weighted-average remaining lease term (years)

 

Weighted-average discount rate

Operating leases

 

5.3

 

8.2%

Finance leases

 

5.9

 

8.6%

 

Schedule of Cash Flow Information

 

 

 

 

 

 

 

For the three months ended October 31, 

 

2020

 

2019

Cash paid for amounts included in the measurement of lease liabilities for operating leases:

 

 

 

 

 

Operating cash flows

$

8,395

 

$

11,049

 

 

 

 

 

 

Cash paid for amounts included in the measurement of lease liabilities for financing leases:

 

 

 

 

 

Operating cash flows

$

877

 

$

42

Financing cash flows

$

1,703

 

$

38

 

Ferrellgas, L.P. [Member]  
Schedule of Lease Assets and Liabilities

 

 

 

 

 

 

 

 

 

Leases

 

Classification

 

 

October 31, 2020

 

 

July 31, 2020

Assets

 

 

 

 

 

 

 

 

Operating lease assets

 

Operating lease right-of-use assets

 

$

100,349

 

$

107,349

Financing lease assets

 

Other assets, net

 

 

39,753

 

 

41,426

Total leased assets

 

 

 

$

140,102

 

$

148,775

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

Operating

 

Current operating lease liabilities

 

$

28,280

 

$

29,345

Financing

 

Other current liabilities

 

 

7,186

 

 

6,955

Noncurrent

 

 

 

 

 

 

 

 

Operating

 

Operating lease liabilities

 

 

83,337

 

 

89,022

Financing

 

Other liabilities

 

 

32,033

 

 

33,473

Total leased liabilities

 

 

 

$

150,836

 

$

158,795

 

Schedule of Lease Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended October 31, 

Leases expense

    

Classification

 

2020

 

2019

 

 

 

 

 

 

 

 

 

Operating lease expense

 

Operating expense - personnel, vehicle, plant and other

 

$

1,783

 

$

1,741

 

 

Operating expense - equipment lease expense

 

 

6,442

 

 

7,607

 

 

Cost of sales - propane and other gas liquids sales

 

 

526

 

 

389

 

 

General and administrative expense

 

 

282

 

 

266

Total operating lease expense

 

 

 

 

9,033

 

 

10,003

 

 

 

 

 

 

 

 

 

Short-term expense

 

Operating expense - personnel, vehicle, plant and other

 

 

2,033

 

 

1,954

 

 

General and administrative expense

 

 

242

 

 

110

Total short-term expense

 

 

 

 

2,275

 

 

2,064

 

 

 

 

 

 

 

 

 

Variable lease expense

 

Operating expense - personnel, vehicle, plant and other

 

 

746

 

 

675

 

 

Operating expense - equipment lease expense

 

 

388

 

 

733

Total variable lease expense

 

 

 

 

1,134

 

 

1,408

 

 

 

 

 

 

 

 

 

Finance lease expense:

 

 

 

 

 

 

 

 

Amortization of leased assets

 

Depreciation and amortization expense

 

 

2,165

 

 

40

Interest on lease liabilities

 

Interest expense

 

 

945

 

 

42

Total finance lease expense

 

 

 

 

3,110

 

 

82

 

 

 

 

 

 

 

 

 

Total lease expense (a)

 

 

 

$

15,552

 

$

13,557

 

(a)

As of October 31, 2020 and 2019 Ferrellgas, L.P. has also recognized $0.1 million and $0.1 million, respectively, of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to various Midstream dispositions, and for which Ferrellgas does not anticipate any future economic benefit.

 

Schedule of Minimum Annual Payments Under Existing Operating Leases

 

 

 

 

 

 

 

 

 

 

Maturities of lease liabilities

 

 

Operating leases

 

 

Finance leases

 

 

Total

2021

 

$

25,539

 

$

7,751

 

$

33,290

2022

 

 

27,163

 

 

9,709

 

 

36,872

2023

 

 

35,832

 

 

7,742

 

 

43,574

2024

 

 

18,150

 

 

7,173

 

 

25,323

2025

 

 

12,889

 

 

7,183

 

 

20,072

Thereafter

 

 

21,532

 

 

10,655

 

 

32,187

Total lease payments

 

$

141,105

 

$

50,213

 

$

191,318

Less: Imputed interest

 

 

29,488

 

 

10,994

 

 

40,482

Present value of lease liabilities

 

$

111,617

 

$

39,219

 

$

150,836

 

Schedule of Minimum Annual Payments Under Existing Finance Leases

 

 

 

 

 

 

 

 

 

 

 

 

Maturities of lease liabilities

 

 

Operating leases

 

 

Finance leases

 

 

Total

2021

 

$

25,539

 

$

7,751

 

$

33,290

2022

 

 

27,163

 

 

9,709

 

 

36,872

2023

 

 

35,832

 

 

7,742

 

 

43,574

2024

 

 

18,150

 

 

7,173

 

 

25,323

2025

 

 

12,889

 

 

7,183

 

 

20,072

Thereafter

 

 

21,532

 

 

10,655

 

 

32,187

Total lease payments

 

$

141,105

 

$

50,213

 

$

191,318

Less: Imputed interest

 

 

29,488

 

 

10,994

 

 

40,482

Present value of lease liabilities

 

$

111,617

 

$

39,219

 

$

150,836

 

Schedule of Operating and Finance Lease Assumptions

 

 

 

 

 

 

 

As of October 31, 2020

Lease type

 

Weighted-average remaining lease term (years)

 

Weighted-average discount rate

Operating leases

 

5.3

 

8.2%

Finance leases

 

5.9

 

8.6%

 

Schedule of Cash Flow Information

 

 

 

 

 

 

 

 

 

For the three months ended October 31, 

 

 

2020

    

2019

Cash paid for amounts included in the measurement of lease liabilities for operating leases:

 

 

 

 

 

 

Operating cash flows

 

$

8,395

 

$

11,049

 

 

 

 

 

 

 

Cash paid for amounts included in the measurement of lease liabilities for financing leases:

 

 

 

 

 

 

Operating cash flows

 

$

877

 

$

42

Financing cash flows

 

$

1,703

 

$

38