Segment Reporting Segment Reporting (Tables)
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6 Months Ended |
Jan. 31, 2016 |
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| Segment Reporting Information |
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| Reconciliation of Other Significant Reconciling Items from Segments to Consolidated |
Following is a reconciliation of Ferrellgas' total segment performance measure to condensed consolidated net earnings: | | | | | | | | | | | | | | | | | | | | Three months ended January 31, | | Six months ended January 31, | | | 2016 | | 2015 | | 2016 | | 2015 | Net earnings (loss) attributable to Ferrellgas Partners, L.P. | | $ | 57,127 |
| | $ | 85,458 |
| | $ | (22,666 | ) | | $ | 52,583 |
| Income tax expense | | 1,030 |
| | 1,041 |
| | 186 |
| | 531 |
| Interest expense | | 34,730 |
| | 24,375 |
| | 68,518 |
| | 48,287 |
| Depreciation and amortization expense | | 37,367 |
| | 23,943 |
| | 74,346 |
| | 47,252 |
| EBITDA | | 130,254 |
| | 134,817 |
| | 120,384 |
| | 148,653 |
| Non-cash employee stock ownership plan compensation charge | | 3,141 |
| | 3,788 |
| | 8,397 |
| | 8,162 |
| Non-cash stock-based compensation charge | | (2,456 | ) | | 318 |
| | 5,666 |
| | 16,430 |
| Goodwill impairment | | — |
| | — |
| | 29,316 |
| | — |
| Loss on disposal of assets and other | | 2,524 |
| | 1,414 |
| | 17,441 |
| | 2,375 |
| Other expense, net | | 298 |
| | 178 |
| | 420 |
| | 627 |
| Change in fair value of contingent consideration | | — |
| | (4,500 | ) | | (100 | ) | | (6,300 | ) | Severance costs | | — |
| | — |
| | 856 |
| | — |
| Litigation accrual and related legal fees associated with a class action lawsuit | | — |
| | — |
| | — |
| | 723 |
| Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments | | 3,870 |
| | — |
| | 4,908 |
| | — |
| Acquisition and transition expenses | | 70 |
| | — |
| | 85 |
| | — |
| Net earnings (loss) attributable to noncontrolling interest | | 628 |
| | 913 |
| | (145 | ) | | 619 |
| Adjusted EBITDA | | $ | 138,329 |
| | $ | 136,928 |
| | $ | 187,228 |
| | $ | 171,289 |
| | | | | | | | | |
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| Reconciliation of Assets from Segment to Consolidated |
Following are total assets by segment: | | | | | | | | | | Assets | | January 31, 2016 | | July 31, 2015 | Propane and related equipment sales | | $ | 1,353,923 |
| | $ | 1,295,831 |
| Midstream operations - crude oil logistics | | 907,932 |
| | 917,325 |
| Midstream operations - water logistics | | 176,869 |
| | 205,358 |
| Corporate and unallocated | | 42,757 |
| | 45,542 |
| Total consolidated assets | | $ | 2,481,481 |
| | $ | 2,464,056 |
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| Ferrellgas, L.P. [Member] |
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| Segment Reporting Information |
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| Reconciliation of Other Significant Reconciling Items from Segments to Consolidated |
Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to condensed consolidated net earnings: | | | | | | | | | | | | | | | | | | | | Three months ended January 31, | | Six months ended January 31, | | | 2016 | | 2015 | | 2016 | | 2015 | Net earnings (loss) | | $ | 62,187 |
| | $ | 90,409 |
| | $ | (14,349 | ) | | $ | 61,272 |
| Income tax expense | | 1,025 |
| | 1,037 |
| | 181 |
| | 526 |
| Interest expense | | 30,701 |
| | 20,341 |
| | 60,459 |
| | 40,219 |
| Depreciation and amortization expense | | 37,367 |
| | 23,943 |
| | 74,346 |
| | 47,252 |
| EBITDA | | 131,280 |
| | 135,730 |
| | 120,637 |
| | 149,269 |
| Non-cash employee stock ownership plan compensation charge | | 3,141 |
| | 3,788 |
| | 8,397 |
| | 8,162 |
| Non-cash stock-based compensation charge | | (2,456 | ) | | 318 |
| | 5,666 |
| | 16,430 |
| Goodwill impairment | | — |
| | — |
| | 29,316 |
| | — |
| Loss on disposal of assets and other | | 2,524 |
| | 1,414 |
| | 17,441 |
| | 2,375 |
| Other expense, net | | 298 |
| | 178 |
| | 420 |
| | 627 |
| Change in fair value of contingent consideration | | — |
| | (4,500 | ) | | (100 | ) | | (6,300 | ) | Severance costs | | — |
| | — |
| | 856 |
| | — |
| Litigation accrual and related legal fees associated with a class action lawsuit | | — |
| | — |
| | — |
| | 723 |
| Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments | | 3,870 |
| | — |
| | 4,908 |
| | — |
| Acquisition and transition expenses | | 70 |
| | — |
| | 85 |
| | — |
| Adjusted EBITDA | | $ | 138,727 |
| | $ | 136,928 |
| | $ | 187,626 |
| | $ | 171,286 |
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|
| Reconciliation of Assets from Segment to Consolidated |
Following are total assets by segment: | | | | | | | | | | Assets | | January 31, 2016 | | July 31, 2015 | Propane and related equipment sales | | $ | 1,353,923 |
| | $ | 1,291,737 |
| Midstream operations - crude oil logistics | | 907,932 |
| | 917,325 |
| Midstream operations - water logistics | | 176,869 |
| | 205,358 |
| Corporate and unallocated | | 40,951 |
| | 45,542 |
| Total consolidated assets | | $ | 2,479,675 |
| | $ | 2,459,962 |
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| Profit Measure [Member] |
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| Segment Reporting Information |
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| Schedule of Segment Reporting Information, by Segment |
Following is a summary of segment information for the three and six months ended January 31, 2016 and 2015.
| | | | | | | | | | | | | | | | | | | | | | | | Three months ended January 31, 2016 | | | Propane and related equipment sales | | Midstream operations - Crude oil logistics | | Midstream operations - Water Solutions | | Corporate and other | | Total | Segment revenues | | $ | 460,905 |
| | $ | 183,793 |
| | $ | 4,540 |
| | $ | — |
| | $ | 649,238 |
| Direct costs (1) | | 338,795 |
| | 155,072 |
| | 5,461 |
| | 11,581 |
| | 510,909 |
| Adjusted EBITDA | | $ | 122,110 |
| | $ | 28,721 |
| | $ | (921 | ) | | $ | (11,581 | ) | | $ | 138,329 |
| | | | | | | | | | | | | | | | | | | | | | | | | Three months ended January 31, 2015 | | | Propane and related equipment sales | | Midstream operations - Crude oil logistics | | Midstream operations - Water Solutions | | Corporate and other | | Total | Segment revenues | | $ | 658,820 |
| | $ | — |
| | $ | 7,153 |
| | $ | — |
| | $ | 665,973 |
| Direct costs (1) | | 513,006 |
| | — |
| | 5,137 |
| | 10,902 |
| | 529,045 |
| Adjusted EBITDA | | $ | 145,814 |
| | $ | — |
| | $ | 2,016 |
| | $ | (10,902 | ) | | $ | 136,928 |
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| | | | | | | | | | | | | | | | | | | | | | | | Six months ended January 31, 2016 | | | Propane and related equipment sales | | Midstream operations - Crude oil logistics | | Midstream operations - Water Solutions | | Corporate and other | | Total | Segment revenues | | $ | 738,381 |
| | $ | 373,166 |
| | $ | 8,837 |
| | $ | — |
| | $ | 1,120,384 |
| Direct costs (1) | | 580,672 |
| | 319,642 |
| | 10,237 |
| | 22,605 |
| | 933,156 |
| Adjusted EBITDA | | $ | 157,709 |
| | $ | 53,524 |
| | $ | (1,400 | ) | | $ | (22,605 | ) | | $ | 187,228 |
| | | | | | | | | | | | | | | | | | | | | | | | | Six months ended January 31, 2015 | | | Propane and related equipment sales | | Midstream operations - Crude oil logistics | | Midstream operations - Water Solutions | | Corporate and other | | Total | Segment revenues | | $ | 1,094,259 |
| | $ | — |
| | $ | 15,069 |
| | $ | — |
| | $ | 1,109,328 |
| Direct costs (1) | | 906,811 |
| | — |
| | 9,870 |
| | 21,358 |
| | 938,039 |
| Adjusted EBITDA | | $ | 187,448 |
| | $ | — |
| | $ | 5,199 |
| | $ | (21,358 | ) | | $ | 171,289 |
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(1) Direct costs are comprised of "cost of products sold-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration", "severance charge", "litigation accrual and related legal fees associated with a class action lawsuit", "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments" and "acquisition and transition expenses". |
| Profit Measure [Member] | Ferrellgas, L.P. [Member] |
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| Segment Reporting Information |
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| Schedule of Segment Reporting Information, by Segment |
Following is a summary of segment information for the three and six months ended January 31, 2016 and 2015.
| | | | | | | | | | | | | | | | | | | | | | | | Three months ended January 31, 2016 | | | Propane and related equipment sales | | Midstream operations - Crude oil logistics | | Midstream operations - Water Solutions | | Corporate and other | | Total | Segment revenues | | $ | 460,905 |
| | $ | 183,793 |
| | $ | 4,540 |
| | $ | — |
| | $ | 649,238 |
| Direct costs (1) | | 338,795 |
| | 155,072 |
| | 5,461 |
| | 11,183 |
| | 510,511 |
| Adjusted EBITDA | | $ | 122,110 |
| | $ | 28,721 |
| | $ | (921 | ) | | $ | (11,183 | ) | | $ | 138,727 |
| | | | | | | | | | | | | | | | | | | | | | | | | Three months ended January 31, 2015 | | | Propane and related equipment sales | | Midstream operations - Crude oil logistics | | Midstream operations - Water Solutions | | Corporate and other | | Total | Segment revenues | | $ | 658,820 |
| | $ | — |
| | $ | 7,153 |
| | $ | — |
| | $ | 665,973 |
| Direct costs (1) | | 513,006 |
| | — |
| | 5,137 |
| | 10,902 |
| | 529,045 |
| Adjusted EBITDA | | $ | 145,814 |
| | $ | — |
| | $ | 2,016 |
| | $ | (10,902 | ) | | $ | 136,928 |
|
| | | | | | | | | | | | | | | | | | | | | | | | Six months ended January 31, 2016 | | | Propane and related equipment sales | | Midstream operations - Crude oil logistics | | Midstream operations - Water Solutions | | Corporate and other | | Total | Segment revenues | | $ | 738,381 |
| | $ | 373,166 |
| | $ | 8,837 |
| | $ | — |
| | $ | 1,120,384 |
| Direct costs (1) | | 580,672 |
| | 319,642 |
| | 10,237 |
| | 22,207 |
| | 932,758 |
| Adjusted EBITDA | | $ | 157,709 |
| | $ | 53,524 |
| | $ | (1,400 | ) | | $ | (22,207 | ) | | $ | 187,626 |
| | | | | | | | | | | | | | | | | | | | | | | | | Six months ended January 31, 2015 | | | Propane and related equipment sales | | Midstream operations - Crude oil logistics | | Midstream operations - Water Solutions | | Corporate and other | | Total | Segment revenues | | $ | 1,094,259 |
| | $ | — |
| | $ | 15,069 |
| | $ | — |
| | $ | 1,109,328 |
| Direct costs (1) | | 906,814 |
| | — |
| | 9,870 |
| | 21,358 |
| | 938,042 |
| Adjusted EBITDA | | $ | 187,445 |
| | $ | — |
| | $ | 5,199 |
| | $ | (21,358 | ) | | $ | 171,286 |
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(1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration", "severance charge", "litigation accrual and related legal fees associated with a class action lawsuit", "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments" and "acquisition and transition expenses". |
| Capital Expenditures [Member] |
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| Segment Reporting Information |
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| Schedule of Segment Reporting Information, by Segment |
Following are capital expenditures by segment: | | | | | | | | | | | | | | | | | | | | | | | | Six months ended January 31, 2016 | | | Propane and related equipment sales | | Midstream operations - Crude oil logistics | | Midstream operations - Water Solutions | | Corporate and other | | Total | Capital expenditures: | | | | | | | | | | | Maintenance | | $ | 8,588 |
| | $ | — |
| | $ | 195 |
| | $ | 516 |
| | $ | 9,299 |
| Growth | | 16,035 |
| | 26,638 |
| | 8,478 |
| | — |
| | 51,151 |
| Total | | $ | 24,623 |
| | $ | 26,638 |
| | $ | 8,673 |
| | $ | 516 |
| | $ | 60,450 |
| | | | | | | | | | | | | | | | | | | | | | | | | Six months ended January 31, 2015 | | | Propane and related equipment sales | | Midstream operations - Crude oil logistics | | Midstream operations - Water Solutions | | Corporate and other | | Total | Capital expenditures: | | | | | | | | | | | Maintenance | | $ | 8,873 |
| | $ | — |
| | $ | 350 |
| | $ | 676 |
| | $ | 9,899 |
| Growth | | 14,324 |
| | — |
| | 2,910 |
| | — |
| | 17,234 |
| Total | | $ | 23,197 |
| | $ | — |
| | $ | 3,260 |
| | $ | 676 |
| | $ | 27,133 |
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| Capital Expenditures [Member] | Ferrellgas, L.P. [Member] |
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| Segment Reporting Information |
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| Schedule of Segment Reporting Information, by Segment |
Following are capital expenditures by segment: | | | | | | | | | | | | | | | | | | | | | | | | Six months ended January 31, 2016 | | | Propane and related equipment sales | | Midstream operations - Crude oil logistics | | Midstream operations - Water Solutions | | Corporate and other | | Total | Capital expenditures: | | | | | | | | | | | Maintenance | | $ | 8,588 |
| | $ | — |
| | $ | 195 |
| | $ | 516 |
| | $ | 9,299 |
| Growth | | 16,035 |
| | 26,638 |
| | 8,478 |
| | — |
| | 51,151 |
| Total | | $ | 24,623 |
| | $ | 26,638 |
| | $ | 8,673 |
| | $ | 516 |
| | $ | 60,450 |
| | | | | | | | | | | | | | | | | | | | | | | | | Six months ended January 31, 2015 | | | Propane and related equipment sales | | Midstream operations - Crude oil logistics | | Midstream operations - Water Solutions | | Corporate and other | | Total | Capital expenditures: | | | | | | | | | | | Maintenance | | $ | 8,873 |
| | $ | — |
| | $ | 350 |
| | $ | 676 |
| | $ | 9,899 |
| Growth | | 14,324 |
| | — |
| | 2,910 |
| | — |
| | 17,234 |
| Total | | $ | 23,197 |
| | $ | — |
| | $ | 3,260 |
| | $ | 676 |
| | $ | 27,133 |
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