Ferrellgas Partners Finance 10-Q20 Dec 242025 Q1 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Oct. 31, 2024	Nov. 29, 2024
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2024
Current Fiscal Year End Date	--07-31
Document Transition Report	false
Securities Act File Number	001-11331
Entity Registrant Name	Ferrellgas Partners L P
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	43-1698480
Entity Address, Address Line One	One Liberty Plaza
Entity Address, City or Town	Liberty,
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	64068
City Area Code	816
Local Phone Number	792-1600
Title of 12(b) Security	N/A
No Trading Symbol Flag	true
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000922358
Amendment Flag	false
Class A Limited Partner Units
Document And Entity Information
Entity Common Stock, Shares Outstanding		4,857,605
Class B Limited Partner Units
Document And Entity Information
Entity Common Stock, Shares Outstanding		1,300,000
Ferrellgas, L.P.
Document And Entity Information
Document Type	10-Q
Document Period End Date	Oct. 31, 2024
Current Fiscal Year End Date	--07-31
Securities Act File Number	000-50182
Entity Registrant Name	Ferrellgas L P
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	43-1698481
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000922359
Amendment Flag	false
Ferrellgas Partners Finance Corp
Document And Entity Information
Document Type	10-Q
Document Period End Date	Oct. 31, 2024
Current Fiscal Year End Date	--07-31
Securities Act File Number	333-06693-02
Entity Registrant Name	Ferrellgas Partners Finance Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	43-1742520
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		1,000
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001012493
Amendment Flag	false
Ferrellgas Finance Corp
Document And Entity Information
Document Type	10-Q
Document Period End Date	Oct. 31, 2024
Current Fiscal Year End Date	--07-31
Securities Act File Number	000-50183
Entity Registrant Name	Ferrellgas Finance Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1866671
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		1,000
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000922360
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Oct. 31, 2024	Jul. 31, 2024
Current assets:
Cash and cash equivalents	$ 47,625,000	$ 124,160,000
Accounts and notes receivable, net	139,694,000	120,627,000
Inventories	101,055,000	96,032,000
Prepaid expenses and other current assets	50,390,000	34,383,000
Total current assets	338,764,000	375,202,000
Property, plant and equipment, net	607,210,000	604,954,000
Goodwill, net	257,155,000	257,006,000
Intangible assets (net of accumulated amortization of $361,104 and $358,895 at October 31, 2024 and July 31, 2024, respectively)	112,163,000	112,155,000
Operating lease right-of-use assets	43,145,000	47,620,000
Other assets, net	55,215,000	61,813,000
Total assets	1,413,652,000	1,458,750,000
Current liabilities:
Accounts payable	46,435,000	33,829,000
Current portion of long-term debt	2,387,000	2,510,000
Current operating lease liabilities	20,564,000	22,448,000
Other current liabilities	287,764,000	184,021,000
Total current liabilities	357,150,000	242,808,000
Long-term debt	1,462,019,000	1,461,008,000
Operating lease liabilities	23,563,000	26,006,000
Other liabilities	28,091,000	27,267,000
Contingencies and commitments (Note L)
Mezzanine equity:
Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at October 31, 2024 and July 31, 2024)	651,349,000	651,349,000
Equity (Deficit):
General partner unitholder (49,496 units outstanding at October 31, 2024 and July 31, 2024)	(71,701,000)	(70,080,000)
Accumulated other comprehensive income	6,853,000	2,025,000
Total Ferrellgas Partners, L.P. deficit	(1,099,217,000)	(941,989,000)
Noncontrolling interest	(9,303,000)	(7,699,000)
Total deficit	(1,108,520,000)	(949,688,000)
STOCKHOLDER'S EQUITY (DEFICIT)
Total liabilities, mezzanine and deficit	1,413,652,000	1,458,750,000
Class A Limited Partner Units
Equity (Deficit):
Limited partner unitholders	(1,417,381,000)	(1,256,946,000)
Class B Limited Partner Units
Equity (Deficit):
Limited partner unitholders	383,012,000	383,012,000
Ferrellgas, L.P.
Current assets:
Cash and cash equivalents	47,193,000	123,732,000
Accounts and notes receivable, net	139,694,000	120,627,000
Inventories	101,055,000	96,032,000
Prepaid expenses and other current assets	50,369,000	34,363,000
Total current assets	338,311,000	374,754,000
Property, plant and equipment, net	607,210,000	604,954,000
Goodwill, net	257,155,000	257,006,000
Intangible assets (net of accumulated amortization of $361,104 and $358,895 at October 31, 2024 and July 31, 2024, respectively)	112,163,000	112,155,000
Operating lease right-of-use assets	43,145,000	47,620,000
Other assets, net	55,215,000	61,813,000
Total assets	1,413,199,000	1,458,302,000
Current liabilities:
Accounts payable	46,435,000	33,829,000
Current portion of long-term debt	2,387,000	2,510,000
Current operating lease liabilities	20,564,000	22,448,000
Other current liabilities	287,639,000	183,896,000
Total current liabilities	357,025,000	242,683,000
Long-term debt	1,462,019,000	1,461,008,000
Operating lease liabilities	23,563,000	26,006,000
Other liabilities	28,091,000	27,267,000
Contingencies and commitments (Note L)
Mezzanine equity:
Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at October 31, 2024 and July 31, 2024)	651,349,000	651,349,000
Equity (Deficit):
Limited partner unitholders	(1,106,398,000)	(944,337,000)
General partner unitholder (49,496 units outstanding at October 31, 2024 and July 31, 2024)	(9,386,000)	(7,733,000)
Accumulated other comprehensive income	6,936,000	2,059,000
Total deficit	(1,108,848,000)	(950,011,000)
STOCKHOLDER'S EQUITY (DEFICIT)
Total liabilities, mezzanine and deficit	1,413,199,000	1,458,302,000
Ferrellgas Partners Finance Corp
Current liabilities:
Contingencies and commitments (Note L)
STOCKHOLDER'S EQUITY (DEFICIT)
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding	1,000	1,000
Additional paid in capital	42,843	42,843
Accumulated deficit	(43,843)	(43,843)
Ferrellgas Finance Corp
Current assets:
Cash and cash equivalents	0	0
Total assets	0	0
Current liabilities:
Other current liabilities	0	0
Total current liabilities	0	0
Contingencies and commitments (Note L)
STOCKHOLDER'S EQUITY (DEFICIT)
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding	1,000	1,000
Additional paid in capital	105,241	105,241
Accumulated deficit	(106,241)	(106,241)
Total stockholder's equity	0	0
Total liabilities, mezzanine and deficit	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Restricted cash	$ 10,626	$ 10,678
Amortizable intangible assets, accumulated amortization	$ 361,104	$ 358,895
Senior preferred units, units outstanding	700,000	700,000
General partner unitholder, units outstanding	49,496	49,496
Class A Limited Partner Units
Limited partner unitholders, units outstanding	4,857,605	4,857,605
Class B Limited Partner Units
Limited partner unitholders, units outstanding	1,300,000	1,300,000
Ferrellgas, L.P.
Restricted cash	$ 10,626	$ 10,678
Amortizable intangible assets, accumulated amortization	$ 361,104	$ 358,895
Senior preferred units, units outstanding	700,000	700,000
Ferrellgas Partners Finance Corp
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	2,000	2,000
Common stock, shares issued	1,000	1,000
Common stock, shares outstanding	1,000	1,000
Ferrellgas Finance Corp
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	2,000	2,000
Common stock, shares issued	1,000	1,000
Common stock, shares outstanding	1,000	1,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Oct. 31, 2024	Oct. 31, 2023
Revenues:
Total revenues	$ 364,085,000	$ 371,013,000
Costs and expenses:
Operating expense - personnel, vehicle, plant and other	148,174,000	144,646,000
Operating expense - equipment lease expense	5,504,000	5,376,000
Depreciation and amortization expense	24,325,000	24,404,000
General and administrative expense	137,926,000	12,825,000
Non-cash employee stock ownership plan compensation charge	853,000	720,000
Loss on asset sales and disposals	1,427,000	1,335,000
Operating (loss) income	(122,926,000)	5,086,000
Interest expense	(26,081,000)	(24,161,000)
Other income, net	857,000	1,336,000
Loss before income taxes	(148,150,000)	(17,739,000)
Income tax expense	180,000	162,000
Net loss	(148,330,000)	(17,901,000)
Net loss attributable to noncontrolling interest	(1,662,000)	(345,000)
Net loss attributable to Ferrellgas Partners, L.P.	(146,668,000)	(17,556,000)
Class A unitholders' interest in net loss (Note M)	$ (161,433,000)	$ (33,632,000)
Class A Limited Partner Units
Costs and expenses:
Basic and diluted net loss per Class A Unit (Note M)	$ (33.23)	$ (6.92)
Propane and other gas liquids sales
Revenues:
Total revenues	$ 336,798,000	$ 338,934,000
Costs and expenses:
Cost of sales	164,356,000	172,180,000
Other
Revenues:
Total revenues	27,287,000	32,079,000
Costs and expenses:
Cost of sales	4,446,000	4,441,000
Ferrellgas, L.P.
Revenues:
Total revenues	364,085,000	371,013,000
Costs and expenses:
Operating expense - personnel, vehicle, plant and other	148,174,000	144,646,000
Operating expense - equipment lease expense	5,504,000	5,376,000
Depreciation and amortization expense	24,325,000	24,404,000
General and administrative expense	137,926,000	12,826,000
Non-cash employee stock ownership plan compensation charge	853,000	720,000
Loss on asset sales and disposals	1,427,000	1,335,000
Operating (loss) income	(122,926,000)	5,085,000
Interest expense	(26,081,000)	(24,161,000)
Other income, net	852,000	1,337,000
Loss before income taxes	(148,155,000)	(17,739,000)
Income tax expense	180,000	144,000
Net loss	(148,335,000)	(17,883,000)
Ferrellgas, L.P. \| Propane and other gas liquids sales
Revenues:
Total revenues	336,798,000	338,934,000
Costs and expenses:
Cost of sales	164,356,000	172,180,000
Ferrellgas, L.P. \| Other
Revenues:
Total revenues	27,287,000	32,079,000
Costs and expenses:
Cost of sales	4,446,000	4,441,000
Ferrellgas Partners Finance Corp
Costs and expenses:
General and administrative expense		53
Net loss		(53)
Ferrellgas Finance Corp
Costs and expenses:
General and administrative expense		53
Net loss	$ 0	$ (53)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Comprehensive income (loss):
Net loss	$ (148,330)	$ (17,901)
Other comprehensive income (loss):
Change in value of risk management derivatives	4,190	(13,472)
Reclassification of losses on derivatives to earnings, net	687	3,184
Other comprehensive income (loss):	4,877	(10,288)
Comprehensive loss	(143,453)	(28,189)
Comprehensive loss attributable to noncontrolling interest	1,613	449
Comprehensive loss	(141,840)	(27,740)
Ferrellgas, L.P.
Comprehensive income (loss):
Net loss	(148,335)	(17,883)
Other comprehensive income (loss):
Change in value of risk management derivatives	4,190	(13,472)
Reclassification of losses on derivatives to earnings, net	687	3,184
Other comprehensive income (loss):	4,877	(10,288)
Comprehensive loss	$ (143,458)	$ (28,171)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (DEFICIT) - USD ($)	Ferrellgas, L.P. Limited Partner Unitholders	Ferrellgas, L.P. General Partner	Ferrellgas, L.P. Accumulated Other Comprehensive Income (Loss)	Ferrellgas, L.P.	Ferrellgas Partners Finance Corp	Limited Partner Unitholders Class A Limited Partner Units	Limited Partner Unitholders Class B Limited Partner Units	General Partner	Accumulated Other Comprehensive Income (Loss)	Parent	Non-Controlling Interest	Total
Partners' capital balance (in shares) at Jul. 31, 2023						4,857,600	1,300,000	49,500
Partners' capital balance at Jul. 31, 2023	$ (892,717,000)	$ (7,217,000)	$ 1,083,000	$ (898,851,000)		$ (1,205,103,000)	$ 383,012,000	$ (70,566,000)	$ 1,059,000	$ (891,598,000)	$ (7,193,000)	$ (898,791,000)
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions in connection with non-cash ESOP compensation charges	713,000	7,000		720,000		706,000		7,000		713,000	7,000	720,000
Net earnings allocated to preferred units	(16,251,000)			(16,251,000)		(16,088,000)		(163,000)		(16,251,000)		(16,251,000)
Net loss	(17,538,000)	(345,000)		(17,883,000)	$ (53)	(17,381,000)		(175,000)		(17,556,000)	(345,000)	(17,901,000)
Other comprehensive income (loss)			(10,288,000)	(10,288,000)					(10,184,000)	(10,184,000)	(104,000)	(10,288,000)
Partners' capital balance at Oct. 31, 2023	(925,793,000)	(7,555,000)	(9,205,000)	(942,553,000)		$ (1,237,866,000)	$ 383,012,000	$ (70,897,000)	(9,125,000)	(934,876,000)	(7,635,000)	(942,511,000)
Partners' capital balance (in shares) at Oct. 31, 2023						4,857,600	1,300,000	49,500
Partners' capital balance (in shares) at Jul. 31, 2024						4,857,600	1,300,000	49,500
Partners' capital balance at Jul. 31, 2024	(944,337,000)	(7,733,000)	2,059,000	(950,011,000)		$ (1,256,946,000)	$ 383,012,000	$ (70,080,000)	2,025,000	(941,989,000)	(7,699,000)	(949,688,000)
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions in connection with non-cash ESOP compensation charges	844,000	9,000		853,000		836,000		8,000		844,000	9,000	853,000
Net earnings allocated to preferred units	(16,232,000)			(16,232,000)		(16,070,000)		(162,000)		(16,232,000)		(16,232,000)
Net loss	(146,673,000)	(1,662,000)		(148,335,000)		(145,201,000)		(1,467,000)		(146,668,000)	(1,662,000)	(148,330,000)
Other comprehensive income (loss)			4,877,000	4,877,000					4,828,000	4,828,000	49,000	4,877,000
Partners' capital balance at Oct. 31, 2024	$ (1,106,398,000)	$ (9,386,000)	$ 6,936,000	$ (1,108,848,000)		$ (1,417,381,000)	$ 383,012,000	$ (71,701,000)	$ 6,853,000	$ (1,099,217,000)	$ (9,303,000)	$ (1,108,520,000)
Partners' capital balance (in shares) at Oct. 31, 2024						4,857,600	1,300,000	49,500

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Oct. 31, 2024	Oct. 31, 2023
Cash flows from operating activities:
Net loss	$ (148,330,000)	$ (17,901,000)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization expense	24,325,000	24,404,000
Non-cash employee stock ownership plan compensation charge	853,000	720,000
Loss on asset sales and disposals	1,427,000	1,335,000
Provision for expected credit losses	272,000	676,000
Other	2,746,000	2,114,000
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts and notes receivable	(19,339,000)	8,199,000
Inventories	(5,023,000)	(7,725,000)
Prepaid expenses and other current assets	(11,498,000)	(13,890,000)
Accounts payable	12,687,000	11,185,000
Accrued interest expense	(21,769,000)	(21,734,000)
Other current liabilities	123,319,000	(7,543,000)
Other assets and liabilities	6,053,000	1,306,000
Net cash used in operating activities	(34,277,000)	(18,854,000)
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(3,686,000)
Capital expenditures	(22,004,000)	(23,547,000)
Proceeds from sale of assets	556,000	480,000
Net cash used in investing activities	(25,134,000)	(23,067,000)
Cash flows from financing activities:
Preferred unit distributions	(15,568,000)	(15,610,000)
Payments on long-term debt	(1,224,000)	(1,224,000)
Cash paid for financing costs	(1,072,000)
Cash payments for principal portion of lease liability	(2,128,000)	(1,809,000)
Other, net	2,868,000
Net cash used in financing activities	(17,124,000)	(18,643,000)
Net change in cash, cash equivalents and restricted cash	(76,535,000)	(60,564,000)
Cash, cash equivalents and restricted cash - beginning of period	124,160,000	137,347,000
Cash, cash equivalents and restricted cash - end of period	47,625,000	76,783,000
Ferrellgas, L.P.
Cash flows from operating activities:
Net loss	(148,335,000)	(17,883,000)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization expense	24,325,000	24,404,000
Non-cash employee stock ownership plan compensation charge	853,000	720,000
Loss on asset sales and disposals	1,427,000	1,335,000
Provision for expected credit losses	272,000	676,000
Other	2,746,000	2,114,000
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts and notes receivable	(19,339,000)	8,199,000
Inventories	(5,023,000)	(7,725,000)
Prepaid expenses and other current assets	(11,497,000)	(13,891,000)
Accounts payable	12,687,000	11,185,000
Accrued interest expense	(21,769,000)	(21,734,000)
Other current liabilities	123,319,000	(7,562,000)
Other assets and liabilities	6,053,000	1,306,000
Net cash used in operating activities	(34,281,000)	(18,856,000)
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(3,686,000)
Capital expenditures	(22,004,000)	(23,547,000)
Proceeds from sale of assets	556,000	480,000
Net cash used in investing activities	(25,134,000)	(23,067,000)
Cash flows from financing activities:
Preferred unit distributions	(15,568,000)	(15,610,000)
Payments on long-term debt	(1,224,000)	(1,224,000)
Cash paid for financing costs	(1,072,000)
Cash payments for principal portion of lease liability	(2,128,000)	(1,809,000)
Other, net	2,868,000
Net cash used in financing activities	(17,124,000)	(18,643,000)
Net change in cash, cash equivalents and restricted cash	(76,539,000)	(60,566,000)
Cash, cash equivalents and restricted cash - beginning of period	123,732,000	137,245,000
Cash, cash equivalents and restricted cash - end of period	47,193,000	76,679,000
Ferrellgas Partners Finance Corp
Cash flows from operating activities:
Net loss		(53)
Changes in operating assets and liabilities, net of effects from business acquisitions:
Net cash used in operating activities		(53)
Cash flows from financing activities:
Capital contribution		53
Net cash used in financing activities		53
Ferrellgas Finance Corp
Cash flows from operating activities:
Net loss	0	(53)
Changes in operating assets and liabilities, net of effects from business acquisitions:
Net cash used in operating activities	0	(53)
Cash flows from financing activities:
Capital contribution	0	53
Net cash used in financing activities	0	53
Net change in cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash - beginning of period	0	0
Cash, cash equivalents and restricted cash - end of period	$ 0	$ 0

Partnership organization and fo

Partnership organization and formation	3 Months Ended
Partnership organization and formation	Oct. 31, 2024
Partnership organization and formation
Partnership organization and formation	A. Partnership organization and formation Ferrellgas Partners Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed on April 19, 1994, and is a publicly traded limited partnership. Ferrellgas Partners is a holding entity that conducts no operations and has two direct subsidiaries, Ferrellgas Partners Finance Corp. and Ferrellgas, L.P. (the “operating partnership”). Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of any debt securities issued by Ferrellgas Partners. Our activities are primarily conducted through the operating partnership. Ferrellgas Partners and the operating partnership, collectively referred to as “Ferrellgas,” are both Delaware limited partnerships and are governed by their respective partnership agreements. These agreements contain specific provisions for the allocation of net earnings and loss to each of the partners for purposes of maintaining the partner capital accounts. Ferrellgas, Inc. (the “general partner”), a Delaware corporation and a wholly-owned subsidiary of Ferrell Companies, is the sole general partner of Ferrellgas Partners and the operating partnership and, excluding the economic interests attributable to Ferrellgas Partners’ Class B Units and the operating partnership’s Preferred Units (as defined in Note F “Preferred units”), owns an approximate 1% general partner economic interest in each, and, therefore, an effective 2% general partner economic interest in the operating partnership. Excluding the economic interests attributable to the Preferred Units, Ferrellgas Partners owns an approximate 99% limited partner interest in the operating partnership. Our general partner performs all management functions for us. Unless contractually provided for, creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. As of October 31, 2024, Ferrell Companies Inc., a Kansas corporation (“Ferrell Companies”), the parent company of our general partner, beneficially owns approximately 23.4% of Ferrellgas Partners’ outstanding Class A Units. Ferrell Companies is owned 100% by an employee stock ownership trust. The operating partnership The operating partnership was formed on April 22, 1994, and accounts for substantially all of our consolidated assets, sales and operating earnings. The operating partnership is a limited partnership that owns and operates propane distribution and related assets. Ferrellgas Partners and the holders of the Preferred Units are the only limited partners of the operating partnership. The operating partnership owns a 100% equity interest in Ferrellgas Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt securities issued by the operating partnership. The operating partnership is primarily engaged in the retail distribution of propane and related equipment sales. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. Basis of presentation Due to seasonality, the results of operations for the three months ended October 31, 2024 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2025. 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. 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 2024.
Ferrellgas Partners Finance Corp
Partnership organization and formation
Partnership organization and formation	A. Formation Ferrellgas Partners Finance Corp. (“Partners Finance Corp.”), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (“Ferrellgas Partners”). Ferrellgas Partners contributed $1,000 to Partners Finance Corp. on April 8, 1996 in exchange for 1,000 shares of common stock. Partners Finance Corp. has nominal assets, does not conduct any operations and has no employees.
Ferrellgas Finance Corp
Partnership organization and formation
Partnership organization and formation	A. Formation Ferrellgas Finance Corp. (“Finance Corp.”), a Delaware corporation, was formed on January 16, 2003 and is a wholly-owned subsidiary of Ferrellgas, L.P. (the “operating partnership”). The operating partnership contributed $1,000 to Finance Corp. on January 24, 2003 in exchange for 1,000 shares of common stock. Finance Corp. has nominal assets, does not conduct any operations and has no employees.

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
Summary of significant accounting policies	Oct. 31, 2024
Summary of significant accounting policies
Summary of significant accounting policies	B. Summary of significant accounting policies (1) Accounting estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for expected credit losses, fair value of reporting unit, recoverability of long-lived assets, assumptions used to value business combinations, determination of incremental borrowing rate used to measure right-of-use assets (“ROU assets”) and lease liability, and fair values of derivative contracts. (2) Goodwill, net Goodwill is tested for impairment annually during the second fiscal quarter, or more frequently if events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than the carrying value. Ferrellgas has determined that it has one reporting unit for goodwill impairment testing purposes. Ferrellgas completed its most recent annual goodwill impairment test on January 31, 2024 and did not incur an impairment loss. (3) Principles of consolidation and basis of presentation Certain prior period amounts have been reclassified to conform to the current year presentation. (4) New accounting standards Recently adopted accounting pronouncements No new accounting standards were adopted during the three months ended October 31, 2024. Recently issued accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

Supplemental financial statemen

Supplemental financial statement information	3 Months Ended
Supplemental financial statement information	Oct. 31, 2024
Supplemental financial statement information
Supplemental financial statement information	C. Supplemental financial statement information Inventories Inventories consist of the following: October 31, 2024 July 31, 2024 Propane gas and related products $ 79,742 $ 74,122 Appliances, parts and supplies, and other 21,313 21,910 Inventories $ 101,055 $ 96,032 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 October 31, 2024, Ferrellgas had committed, for supply procurement purposes, to deliver approximately 4.1 million gallons of propane at net fixed prices. Prepaid expenses and other current assets Ferrellgas Partners Prepaid expenses and other current assets consist of the following: October 31, 2024 July 31, 2024 Broker margin deposit assets $ 5,959 $ 6,911 Price risk management asset 9,717 5,925 Other 34,714 21,547 Prepaid expenses and other current assets $ 50,390 $ 34,383 The operating partnership Prepaid expenses and other current assets consist of the following: October 31, 2024 July 31, 2024 Broker margin deposit assets $ 5,959 $ 6,911 Price risk management asset 9,717 5,925 Other 34,693 21,527 Prepaid expenses and other current assets $ 50,369 $ 34,363 Other current liabilities Ferrellgas Partners Other current liabilities consist of the following: October 31, 2024 July 31, 2024 Accrued interest $ 7,623 $ 29,392 Customer deposits and advances 41,327 34,500 Accrued payroll 20,545 27,054 Accrued insurance 11,331 15,307 Broker margin deposit liability 5,667 3,111 Accrued senior preferred units distributions 18,106 17,538 Other 183,165 57,119 Other current liabilities $ 287,764 $ 184,021 The operating partnership Other current liabilities consist of the following: October 31, 2024 July 31, 2024 Accrued interest $ 7,623 $ 29,392 Customer deposits and advances 41,327 34,500 Accrued payroll 20,545 27,054 Accrued insurance 11,331 15,307 Broker margin deposit liability 5,667 3,111 Accrued senior preferred units distributions 18,106 17,538 Other 183,040 56,994 Other current liabilities $ 287,639 $ 183,896 Shipping and handling expenses Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended October 31, 2024 2023 Operating expense - personnel, vehicle, plant and other $ 70,347 $ 73,969 Depreciation and amortization expense 3,871 3,366 Operating expense - equipment lease expense 3,195 3,436 Shipping and handling expenses $ 77,413 $ 80,771 Cash, cash equivalents and restricted cash For purposes of the condensed consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Restricted cash in the tables below as of October 31, 2024 and July 31, 2024 consists of the balance of a cash deposit made with the administrative agent under the operating partnership’s senior secured credit facility that was terminated in April 2020, which may be used by the administrative agent to pay contingent obligations arising under the financing agreement that governed the terminated senior secured credit facility. Ferrellgas Partners Cash, cash equivalents and restricted cash consist of the following: October 31, 2024 July 31, 2024 Cash and cash equivalents $ 36,999 $ 113,482 Restricted cash 10,626 10,678 Cash, cash equivalents and restricted cash $ 47,625 $ 124,160 The operating partnership Cash, cash equivalents and restricted cash consist of the following: October 31, 2024 July 31, 2024 Cash and cash equivalents $ 36,567 $ 113,054 Restricted cash 10,626 10,678 Cash, cash equivalents and restricted cash $ 47,193 $ 123,732 Certain cash flow and non-cash activities Certain cash flow and significant non-cash activities are presented below: Ferrellgas Partners For the three months ended October 31, 2024 2023 Cash paid for: Interest $ 45,098 $ 43,817 Income taxes $ 77 $ 103 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 635 $ — Change in accruals for property, plant and equipment additions $ 15 $ 56 Lease liabilities arising from operating ROU assets $ 1,436 $ 5,078 Lease liabilities arising from finance ROU assets $ 9 $ 1,397 Accrued senior preferred units distributions $ 18,106 $ 17,964 Acquisition of assets in failed sale-leaseback $ 3,096 $ — Liability in connection with failed sale-leaseback $ 2,868 $ — The operating partnership For the three months ended October 31, 2024 2023 Cash paid for: Interest $ 45,098 $ 43,817 Income taxes $ 77 $ 85 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 635 $ — Change in accruals for property, plant and equipment additions $ 15 $ 56 Lease liabilities arising from operating ROU assets $ 1,436 $ 5,078 Lease liabilities arising from finance ROU assets $ 9 $ 1,397 Accrued senior preferred units distributions $ 18,106 $ 17,964 Acquisition of assets in failed sale-leaseback $ 3,096 $ — Liability in connection with failed sale-leaseback $ 2,868 $ —

Accounts and notes receivable,

Accounts and notes receivable, net	3 Months Ended
Accounts and notes receivable, net	Oct. 31, 2024
Accounts and notes receivable, net
Accounts and notes receivable, net	D. Accounts and notes receivable, net Accounts and notes receivable, net consist of the following: October 31, 2024 July 31, 2024 Accounts receivable $ 142,745 $ 123,945 Note receivable 2,500 2,500 Allowance for expected credit losses (5,551) (5,818) Accounts and notes receivable, net $ 139,694 $ 120,627

Debt

Debt	3 Months Ended
Debt	Oct. 31, 2024
Debt
Debt	E. Debt Long-term debt Long-term debt consists of the following: October 31, 2024 July 31, 2024 Unsecured senior notes Fixed rate, 5.375%, due 2026 $ 650,000 $ 650,000 Fixed rate, 5.875%, due 2029 825,000 825,000 Notes payable 8.8% and 8.5% weighted average interest rate at October 31, 2024 and July 31, 2024, respectively, due 2025 to 2032, net of unamortized discount of $1,151 and $912 at October 31, 2024 and July 31, 2024, respectively 5,689 6,151 Total debt, excluding unamortized debt issuance and other costs 1,480,689 1,481,151 Unamortized debt issuance and other costs (16,283) (17,633) Less: current portion of long-term debt 2,387 2,510 Long-term debt $ 1,462,019 $ 1,461,008 Senior secured revolving credit facility The operating partnership, the general partner and certain of the operating partnership’s subsidiaries as guarantors are parties to a credit agreement dated March 30, 2021, as amended on July 2, 2024 (the “Credit Agreement”), with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent, and the lenders and issuing lenders party thereto from time to time, which provides for a four-year revolving credit facility (the “Credit Facility”), with a maturity date of March 30, 2025, in an aggregate principal amount of up to $350.0 million. The Credit Agreement includes a sublimit not to exceed $300.0 million for the issuance of letters of credit. On December 5, 2024, the Credit Agreement was amended to, among other things, extend the maturity date from March 30, 2025 to December 31, 2025. On March 31, 2025, in conjunction with the commencement of the Fifth Amendment, the commitment level for the Credit Facility will be reduced from $350.0 million to $308.8 million. All borrowings under the Credit Facility are guaranteed by the general partner and the direct and indirect subsidiaries of the operating partnership (other than Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC) and a limited-recourse guaranty from Ferrellgas Partners (limited to its equity interests in the operating partnership). Additionally, all borrowings are secured, on a first priority basis, by substantially all of the assets of the operating partnership and its subsidiaries and all of the equity interests in the operating partnership held by the general partner and Ferrellgas Partners. Availability under the Credit Facility is, at any time, an amount equal to (a) the lesser of the revolving commitment and the Borrowing Base (as defined below) minus (b) the sum of the aggregate outstanding amount of borrowings under the Credit Facility plus the undrawn amount of outstanding letters of credit under the Credit Facility plus unreimbursed drawings in respect of letters of credit (unless otherwise converted into revolving loans). The “Borrowing Base” equals the sum of: (a) $200.0 million, plus (b) 80% of the eligible accounts receivable of the operating partnership and its subsidiaries, plus (c) 70% of the eligible propane inventory of the operating partnership and its subsidiaries, valued at weighted average cost, less (d) certain reserves, as determined and subject to certain modifications by the administrative agent in its permitted discretion. On March 30, 2025, the Borrowing Base calculation will change in accordance with the December 2024 amendment. Amounts borrowed under the Credit Facility bear interest, at the operating partnership’s option, at either (a) for base rate loans, (i) a base rate determined by reference to the highest of (A) the rate of interest last quoted by The Wall Street Journal in the U.S. as the prime rate in effect, (B) the NYFRB Rate from time to time plus 0.50% per annum and (C) the Adjusted term Secured Overnight Financing Rate (“SOFR”) for a one-month interest period plus 1.00% per annum plus (ii) a margin of 1.75% to 2.50% per annum depending on total net leverage or (b) for Eurodollar rate loans, (i) a rate determined by reference to the Adjusted term SOFR plus (ii) a margin of 2.75% to 3.50% per annum depending on total net leverage. The operating partnership will be required to pay an undrawn fee to the lenders on the average daily unused amount of the Credit Facility at a rate of 0.50% per annum. The Credit Agreement contains customary representations, warranties, covenants and events of default and requires the operating partnership to maintain the following financial covenants: Financial Covenant Ratio Minimum interest coverage ratio (1) 2.50x Maximum secured leverage ratio (2) 2.50x Maximum total net leverage ratio (3) (4) 5.25x (1) Defined generally as the ratio of adjusted EBITDA to cash interest expense. (2) Defined generally as the ratio of total first priority secured indebtedness to adjusted EBITDA. (3) Defined generally as the ratio of total indebtedness (net of unrestricted cash, subject to certain limits) to adjusted EBITDA. (4) Ratio was 4.75 x immediately prior to the quarter ended October 31, 2024. As amended, ratio is 5.25 x beginning with the quarter ended October 31, 2024 through the quarter ended January 31, 2025, 4.75 x for the quarter ending April 30, 2025 through the quarter ending July 31, 2025, 5.00 x for the quarter ending October 31, 2025, and 4.75 x for any quarter ending on or after January 31, 2026. In addition to the financial covenants, the Credit Agreement includes covenants that may (or if not met will) restrict the ability of the operating partnership to take certain actions. In particular, under these covenants, subject to certain exceptions and additional requirements, the operating partnership is permitted to make cash distributions to holders of Preferred Units, redemptions of Preferred Units conditional to a refinancing event, and other restricted payments (i) only in limited amounts specified in the Credit Agreement and (ii) only if availability under the Credit Facility exceeds the greater of $50.0 million and 15% of the Borrowing Base and the operating partnership’s total net leverage ratio is not greater than 4.75 to 1.0. The Credit Agreement, as amended on July 2, 2024, restricts the transfer of cash from the operating partnership to Ferrellgas Partners to make distributions. Therefore, Ferrellgas Partners is currently unable to make distributions to its Class A and Class B unitholders. As of October 31, 2024, the operating partnership is in compliance with all of its debt covenants. Senior unsecured notes The operating partnership has $650.0 million aggregate principal amount of 5.375% senior notes due 2026 (the “2026 Notes”) and $825.0 million aggregate principal amount of 5.875% senior notes due 2029 (the “2029 Notes”) issued and outstanding pursuant to indentures each dated March 30, 2021. The 2026 Notes and 2029 Notes are the senior unsecured obligations of the operating partnership and Ferrellgas Finance Corp. and are unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the general partner and all domestic subsidiaries of the operating partnership other than Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC. The 2026 Notes and 2029 Notes may be redeemed at the issuers’ option, in whole or in part, at the redemption prices set forth in the indenture governing such notes, plus accrued and unpaid interest. Beginning on April 1, 2025 and April 1, 2026, the 2026 Notes and 2029 Notes, respectively, may be redeemed at par plus accrued and unpaid interest. The indentures governing the 2026 Notes and 2029 Notes contain customary affirmative and negative covenants restricting, among other things, the ability of the operating partnership and its restricted subsidiaries to take certain actions. In particular, under these covenants, subject to certain exceptions and additional requirements, the operating partnership is permitted to make cash distributions to holders of Preferred Units, Ferrellgas Partners and the general partner, redemptions of Preferred Units and other restricted payments (i) only in limited amounts specified in the indentures and (ii) only if the operating partnership’s net leverage ratio (defined generally to mean the ratio of consolidated total net debt to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is not greater than 5.0 to 1.0, on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. Further, if the operating partnership’s consolidated fixed charge coverage ratio (defined generally to mean the ratio of trailing four quarters consolidated EBITDA to consolidated fixed charges, both as adjusted for certain, specified items) is equal to or less than 1.75 to 1.00 (on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events), the amount of distributions and other restricted payments the operating partnership is permitted to make under the indentures is further limited. As of October 31, 2024, the operating partnership is in compliance with all of its debt covenants. The scheduled annual principal payments on long-term debt are as follows: Scheduled Payment due by fiscal year principal payments 2025 $ 1,282 2026 652,178 2027 1,310 2028 910 2029 825,550 Thereafter 610 Total $ 1,481,840 On July 10, 2024, letters of credit in an aggregate principal amount of $124.5 million were issued to the surety providers under an appeal bond. See Note L “Contingencies and commitments” for further information. Letters of credit were also used to secure insurance arrangements, product purchases and commodity hedges. Letters of credit outstanding at October 31, 2024 and July 31, 2024 totaled $200.6 million and $193.4 million, respectively. Due to the timing of the March 30, 2025 maturity date of the Credit Facility noted above and the letters of credit which it secures, there was substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date of issuance of the Company’s fiscal 2024 Annual Report. Our condensed financial statements were prepared under the assumption that we will continue as a going concern. As noted above, the maturity date was subsequently extended to December 31, 2025, which alleviated the substantial doubt about the Company’s ability to continue as a going concern at least one year from the date of issuance of this Quarterly Report. As of October 31, 2024, Ferrellgas had available borrowing capacity under its Credit Facility of $126.5 million. Assets subject to lien under the Credit Facility were $333.3 million as of October 31, 2024.

Preferred units

Preferred units	3 Months Ended
Preferred units	Oct. 31, 2024
Preferred units
Preferred units	F. Preferred units On March 30, 2021, pursuant to an Investment Agreement, the operating partnership issued an aggregate of 700,000 Preferred Units (the “Preferred Units”), having an aggregate initial liquidation preference of $700.0 million. Redemption of the Preferred Units in the near term is not probable because of the high redemption price in the first three to four years. As described in greater detail under “Issuer Redemption Right” below, the Redemption Price for the Preferred Units is based upon the greater of the amount that would result in a 1.47x MOIC (defined below) and the amount that would result in a 12.25% internal rate of return. If the Preferred Units were redeemed during the first three to four years after issuance, the 1.47x MOIC would require a large premium payment and that large premium payment would result in an internal rate of return far in excess of the minimum 12.25%. Consequently, it is unlikely that Ferrellgas would be able to achieve any savings in its cost of capital by redeeming the Preferred Units during the first three to four years after issuance. “MOIC” means, with respect to a Preferred Unit, a multiple on invested capital equal to the quotient determined by dividing (A) the sum of (x) the aggregate amount of all distributions made in cash with respect to such Preferred Unit prior to the applicable date of determination, with certain exclusions, plus (y) each Redemption Price paid in cash in respect of such Preferred Unit, on or prior to the applicable date of determination, by (B) the Purchase Price (defined below) of such Preferred Unit. The preferences, rights, privileges and other terms of the Preferred Units are set forth in the First Amendment to the Amended OpCo LPA (the “OpCo LPA Amendment”) entered into by the general partner on March 30, 2021 (along with the Fifth Amended and Restated Agreement of Limited Partnership of Ferrellgas, L.P. (the “Amended OpCo LPA”)) and are described below. Issuer Redemption Right The operating partnership has the right to redeem all or a portion of the Preferred Units for cash, pro rata and at any time and from time to time, including in connection with a Change of Control (as defined in the OpCo LPA Amendment), at an amount per Preferred Unit (the “Redemption Price”) equal to, without duplication, the sum of (a) the greater of (i) the amount necessary to result in a MOIC of 1.47x in respect of the purchase price, before discount, of such Preferred Unit, which is $1,000 per Preferred Unit (the “Purchase Price”), and (ii) the amount necessary to result in the applicable internal rate of return equal to 12.25%, which is increased by 150 basis points if the operating partnership has elected to pay more than four Quarterly Distributions (as defined below) in PIK Units (as defined below) and (b) the accumulated but unpaid Quarterly Distributions to the date of redemption, if any. A partial redemption of the Preferred Units is permitted only in the event the aggregate amount to be paid in respect of all Preferred Units included in such partial redemption is at least $25.0 million. Investor Redemption Right In the event that (i) any Class B Units are outstanding, or (ii) (x) no Class B Units are outstanding and (y) no more than 233,300 Preferred Units are outstanding, at any time on and after March 30, 2031, the Required Holders may elect, by delivery of written notice, to have the operating partnership fully redeem each remaining outstanding Preferred Unit for an amount in cash equal to the Redemption Price. “Required Holders” refers to both (i) holders owning at least 33.3% of the total Preferred Units outstanding at any time and (ii) certain initial affiliated purchasers, for so long as such initial affiliated purchasers collectively own at least 25% of the Preferred Units outstanding at such time. In the event that (i) no Class B Units are outstanding and (ii) more than 233,300 Preferred Units are outstanding, the Required Holders will have the right to trigger a sale of the operating partnership after March 30, 2031. If the operating partnership fails to consummate a sale that would pay the Redemption Price in full within 180 days of written notice requiring such sale, the Required Holders will have the right to appoint a majority of the members of the Board of Directors of the general partner and initiate a sale of the operating partnership. Change of Control Upon a Change of Control (as defined in the OpCo LPA Amendment), the Required Holders will have the option to require the redemption of all or a portion of the Preferred Units in cash in an amount equal to the Redemption Price; provided, that such Redemption Price shall not be payable unless the operating partnership shall have first made any required change of control offer pursuant to the indentures governing the 2026 Notes and the 2029 Notes and purchased all such 2026 Notes and 2029 Notes tendered pursuant to such offer (unless otherwise waived by such noteholders); provided, further that the Redemption Price shall be paid immediately following the purchase of such tendered Notes (if any). Fair Value of Embedded Derivatives Fe rrellgas identified the investor redemption right and the change in control option as embedded derivatives that require bifurcation as they are has concluded that the fair values at issuance and at October 31, 2024 and July 31, 2024, are immaterial to the financial statements. Distributions Pursuant to the OpCo LPA Amendment, the operating partnership is required to pay to the holders of each Preferred Unit a cumulative, quarterly distribution (the Quarterly Distribution”) at the Distribution Rate (as defined below) on the Purchase Price. “ Distribution Rate” means, for the first five years after March 30, 2021, a rate per annum equal to 8.956% , with certain increases in the Distribution Rate on each of the 5 th , 6 th and 7 th anniversaries of March 30, 2021, subject to a maximum rate of 11.125% and certain other adjustments and exceptions. The Quarterly Distribution may be paid in cash or, at the election of the operating partnership, in kind” through the issuance of additional Preferred Units ( PIK Units”) at the quarterly Distribution Rate plus an applicable premium that escalates each year from 75 bps to 300 bps so long as the Preferred Units remain outstanding. In the event the operating partnership fails to make any Quarterly Distribution in cash, such Quarterly Distribution will automatically be paid in PIK Units. The Distribution Rate on the Preferred Units will increase upon violation of certain protective provisions for the benefit of Preferred Unit holders notwithstanding the cap mentioned above. On November 15, 2024, $15.4 million of the Quarterly Distribution was paid in cash to holders of Preferred Units. As of October 31, 2024, the Quarterly Distribution accrued was $18.1 million. The remaining Quarterly Distribution accrual of $2.7 million represents Additional Amounts payable to certain holders of Preferred Units pursuant to the side letters outlined in the OpCo LPA Amendment. On November 15, 2023, $15.4 million of the Quarterly Distribution was paid in cash to holders of Preferred Units. As of October 31, 2023, the Quarterly Distribution accrued was $18.0 million. The remaining Quarterly Distribution accrual of $2.6 million represents Additional Amounts payable to certain holders of Preferred Units pursuant to the side letters. Tax Distributions For any quarter in which the operating partnership makes a Quarterly Distribution in PIK Units in lieu of cash, it will be required to make a subsequent cash tax distribution for such quarter in an amount equal to the (i) the lesser of (x) 25% and (y) the highest combined federal, state and local tax rate applicable for corporations organized in New York, multiplied by (ii) the excess (if any) of (A) one-fourth “ Additional Amounts for Certain Purchasers The operating partnership is required to pay certain additional amounts of cash (the “Additional Amounts”) as necessary to certain holders of Preferred Units that hold their interests through a “blocker,” which is a U.S. entity that is owned and organized by certain original purchasers of Preferred Units who are non-U.S. persons or tax exempt for U.S. tax purposes and is treated as a corporation for U.S. tax purposes. Only certain original purchasers of Preferred Units who hold their Preferred Units through such blockers are, and none of their transferees is, entitled to Additional Amounts. Additional Amounts are capped at the lesser of: (a) the product of 20% multiplied by taxable income allocated to a “blocker” (as defined) divided by 0.8, and (b) the actual taxes payable by the “blocker” as a result of holding Senior Preferred Units. Board Rights For so long as at least 140,000 Preferred Units remain outstanding, holders of the Preferred Units have the right to designate one director to the Board of the general partner, subject to approval by the general partner. Protective Provisions The OpCo LPA Amendment and the Sixth Amended and Restated Agreement of Limited Partnership of Ferrellgas Partners, L.P. (the “Amended Ferrellgas Partners LPA”) include, among other things, certain covenants for the benefit of holders of Preferred Units applicable to the operating partnership and, in certain instances, Ferrellgas Partners, for so long as at least $35 million of Preferred Units and PIK Units remain outstanding. These covenants include, among other things, limitations on (i) effecting a Change of Control, (ii) amending organizational documents, (iii) issuing certain equity securities, (iv) issuing Preferred Units, (v) filing for bankruptcy, (vi) non-ordinary course investments, and (vii) incurring certain levels of indebtedness. Ranking and Liquidation Preference The Preferred Units rank senior to any other class or series of equity interests of the operating partnership (including the partnership interests held by Ferrellgas Partners and the general partner). Upon a liquidation, dissolution or winding up of the operating partnership, each holder of Preferred Units will be entitled to receive, prior and in preference to any distribution of any assets of the operating partnership to the holders of any other class or series of equity interests in the operating partnership (including Ferrellgas Partners and the general partner), an amount per Preferred Unit equal to the Redemption Price. Restrictions on Cash Distributions to Ferrellgas Partners and the General Partner The operating partnership is permitted to make distributions of Available Cash (as defined in the Amended OpCo LPA) to Ferrellgas Partners only if (i) the operating partnership has made all required Quarterly Distributions (in cash or PIK Units), Tax Distributions and payments of Additional Amounts, (ii) the operating partnership has redeemed all PIK Units issued, (iii) the operating partnership’s consolidated net leverage (defined generally to mean the ratio of the operating partnership’s consolidated total net debt (including the total redemption price of all outstanding Preferred Units and PIK Units but excluding certain letters of credit and capital lease obligations) as of each Quarterly Distribution Date to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is below 7.00x, net of cash, immediately before and after giving effect to such distribution, (iv) the operating partnership has at least $100 million of liquidity, consisting of unrestricted cash on hand and available capacity under the Credit Agreement or any replacement thereof, and (v) the operating partnership is in compliance with the other protective provisions in the OpCo LPA Amendment.

Equity (Deficit)

Equity (Deficit)	3 Months Ended
Equity (Deficit)	Oct. 31, 2024
Equity (Deficit)
Equity (Deficit)	G. Equity (Deficit) Ferrellgas Partners Class B Units On March 30, 2021, Ferrellgas Partners issued 1.3 million Class B Units to the holders of the $357.0 million aggregate principal amount of its 8.625% senior unsecured notes due June 2020 (the “Ferrellgas Partners Notes”) in exchange for such holders’ contribution of the Ferrellgas Partners Notes to Ferrellgas Partners as a capital contribution and in satisfaction of such holders’ claims in respect of the Ferrellgas Partners Notes. The terms of the Class B Units are set forth in the Amended Ferrellgas Partners LPA entered into by the general partner on March 30, 2021. Ferrellgas Partners may, subject to certain conditions, issue additional Class A Units to such parties as determined at the discretion of Ferrellgas Partners, upon consent by the holders of the requisite percentage of Class B Units as specified in the Amended Ferrellgas Partners LPA (the “Requisite Class B Units”), which refers to: (i) if the initial majority holder of Class B Units holds at least 50% of Class B Units, holders of at least 50% of the outstanding Class B Units, or (ii) if the initial majority holder of Class B Units holds less than 50% of Class B Units, holders of at least one-third Pursuant to the Amended Ferrellgas Partners LPA, while any Class B Units remain outstanding, any distributions by Ferrellgas Partners to its partners must be made such that the ratio of (i) the amount of distributions made to holders of Class B Units to (ii) the amount of distributions made to holders of Class A Units and the general partner is not less than 6:1 Once holders of Class B Units receive distributions in the aggregate amount of $357.0 million (which was the outstanding principal amount of the Ferrellgas Partners Notes), the Class B Units will be (i) convertible into Class A Units at the option of Ferrellgas Partners, if that distribution threshold is reached prior to March 30, 2026, the fifth anniversary post-emergence, or (ii) converted automatically into Class A Units, if the distribution threshold is reached on or after March 30, 2026, in each case at the applicable conversion rate set forth in the following table: Period Conversion Factor March 31, 2024 through March 30, 2025 4.00x March 31, 2025 through March 30, 2026 5.00x March 31, 2026 through March 30, 2027 6.00x March 31, 2027 through March 30, 2028 7.00x March 31, 2028 through March 30, 2029 10.00x March 31, 2029 through March 30, 2030 12.00x March 31, 2030 through March 30, 2031 25.00x Ferrellgas Partners may redeem the Class B Units through March 30, 2026, in full, at a price equal to an amount that will result in an internal rate of return with respect to the Class B Units equal to the sum of (i) 300 basis points and (ii) the internal rate of return for the Preferred Units as specified in the Amended Ferrellgas Partners LPA, subject to the minimum redemption price of $302.08 per unit. The total internal rate of return required to redeem the Class B Units is 15.85%, but that amount increases under certain circumstances, including if the operating partnership paid distributions on the Preferred Units in-kind rather than in cash for a certain number of quarters. There have not been any in-kind distributions through October 31, 2024. During the period through March 30, 2026, after Ferrellgas Partners has distributed $356 million in distributions to holders of the Class B Units, Ferrellgas Partners will have the option to hold cash for six months at either Ferrellgas Partners or Ferrellgas Partners Finance Corp. for the sole purpose of redeeming the Class B Units. However, if the funds held are not used to redeem the Class B Units, the funds must either be distributed to holders of the Class B Units and, if applicable, holders of the Class A Units and the general partner or returned to the operating partnership. Ferrellgas Partners will only be able to redeem the Class B Units to the extent it receives sufficient distributions from the operating partnership, and the operating partnership is limited in its ability to make distributions by the indentures that govern the 2026 Notes and the 2029 Notes, the Credit Agreement and the OpCo LPA Amendment governing the Preferred Units. The holders of the Class B Units will have the right to acquire the general partner interests in Ferrellgas Partners and the operating partnership, without the approval of the general partner, Ferrellgas Partners, the holders of the Class A Units or the operating partnership, if the Class B Units are still outstanding and have not been converted to Class A Units by the earlier of (i) a material breach of the covenants in favor of the Class B Units under the Amended Ferrellgas Partners LPA or the Amended OpCo LPA that is not cured within the time period specified therein and (ii) March 30, 2031. Board Rights The holders of Class B Units will be permitted to designate one independent director to the Board of the general partner in accordance with a voting agreement among the general partner, Ferrell Companies, Inc. ( FCI ” ), the sole stockholder of the general partner, and the holders of the Class B Units and the general partner's bylaws. Class A Units As of October 31, 2024 and July 31, 2024, Class A Units were beneficially owned by the following: October 31, 2024 July 31, 2024 Public Class A Unitholders (1) 3,480,621 3,480,621 James E. Ferrell (2) 238,172 238,172 Ferrell Companies (3) 1,126,468 1,126,468 FCI Trading Corp. (4) 9,784 9,784 Ferrell Propane, Inc. (5) 2,560 2,560 Total 4,857,605 4,857,605 (1) These Class A Units are traded on the OTC Pink Market under the symbol “FGPR.” (2) James E. Ferrell was the Executive Chairman of the Board of Directors of our general partner in fiscal 2024. Effective August 5, 2024, he was appointed to serve as Chairman of the Board of Directors of our general partner. He is a related party. JEF Capital Management owns 237,942 of these Class A Units and is owned by the James E. Ferrell Revocable Trust Two and other family trusts, all of which James E. Ferrell and/or his family members are the trustees and beneficiaries. James E. Ferrell holds all voting common stock of JEF Capital Management. The remaining 230 Class A Units are held by Ferrell Resources Holdings, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary. (3) Ferrell Companies is the owner of the general partner and an approximate 23% direct owner of Ferrellgas Partners’ Class A Units and thus a related party. Ferrell Companies also beneficially owns 9,784 and 2,560 Class A Units of Ferrellgas Partners held by FCI Trading Corp. (“FCI Trading”) and Ferrell Propane, Inc. ( “ Ferrell Propane"), respectively, bringing Ferrell Companies’ total beneficial ownership of Class A Units to 23.4% . (4) FCI Trading is an affiliate of the general partner and thus a related party. (5) Ferrell Propane is controlled by the general partner and thus a related party. Together these Class A Units represent (i) a 99% limited partner economic interest in Ferrellgas Partners, excluding the economic interest attributable to the Class B Units, and (ii) an effective 98% economic interest in the operating partnership, excluding the economic interests attributable to the Class B Units and the Preferred Units. In liquidation, allocations and distributions will be made in accordance with each Class A Unitholder’s positive capital account. The Class A Units of Ferrellgas Partners represent limited partner interests in Ferrellgas Partners, which give the holders thereof the right to participate in distributions made by Ferrellgas Partners, subject to the rights of holders of Class B Units, and to exercise the other rights or privileges available to such holders under the Amended Ferrellgas Partners LPA. Under the terms of the Amended Ferrellgas Partners LPA, holders of Class A Units have limited voting rights on matters affecting the business of Ferrellgas Partners. Generally, persons or groups owning 20% or more of Ferrellgas Partners’ outstanding Class A Units cannot vote any of their Class A Units in excess of the 20% threshold. However, this limitation does not apply under certain circumstances and does not apply to Class A Units owned by Ferrell Companies, our general partner and its affiliates, and this limitation expires on the later of (a) March 30, 2026 and (b) the conversion of the Class B Units to Class A Units. The Amended Ferrellgas Partners LPA allows the general partner to issue an unlimited number of additional general and limited partner interests of Ferrellgas Partners for such consideration and on such terms and conditions as shall be established by the general partner without the approval of any Class A Unitholders. Partnership distributions Ferrellgas Partners did not declare or pay any distributions to its Class A Unitholders or the general partner during the three months ended October 31, 2024 and 2023. Under its Credit Agreement, Ferrellgas Partners is currently unable to make distributions to its Class A unitholders. See Note E "Debt" for more information. Ferrellgas Partners made aggregate cash distributions of approximately $250.0 million to our Class B Unitholders since inception of our Class B Units in fiscal 2022. Under its Credit Agreement, Ferrellgas Partners is currently unable to make distributions to its Class B unitholders. See Note E “Debt” and Note M “Net loss per unitholders’ interest” for additional information. Accumulated other comprehensive income (“AOCI”) See Note J “Derivative instruments and hedging activities” for details regarding changes in fair value on risk management financial derivatives recorded within AOCI for the three months ended October 31, 2024 and 2023. Ferrellgas Partners General partner’s commitment to maintain its capital account Ferrellgas’ partnership agreements allow the general partner to have an option to maintain its effective 2% general partner interest (excluding the interest attributable to the Class B Units and the Preferred Units) concurrent with the issuance of other additional equity. During the three months ended October 31, 2024 and 2023, the general partner made non-cash contributions of $17.0 thousand and $14.0 thousand, respectively, to Ferrellgas to maintain its effective 2% general partner interest. The operating partnership Partnership distributions Ferrellgas Partners did not declare or pay any distributions to its Class A Unitholders, Class B Unitholders, or the general partner during the three months ended October 31, 2024 and 2023. See additional discussions about transactions with related parties in Note K “Transactions with related parties.” General partner’s commitment to maintain its capital account Ferrellgas, L.P.’s partnership agreement allows the general partner to have an option to maintain its 1.0101% general partner interest (excluding the interest attributable to the Preferred Units) concurrent with the issuance of other additional equity. During the three months ended October 31, 2024 and 2023, the general partner made non-cash contributions of $9.0 thousand and $7.0 thousand, respectively, to the operating partnership to maintain its 1.0101% general partner interest.

Revenue from contracts with cus

Revenue from contracts with customers	3 Months Ended
Revenue from contracts with customers	Oct. 31, 2024
Revenue from contracts with customers
Revenue from contracts with customers	H. Revenue from contracts with customers 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 October 31, 2024 2023 Retail - Sales to End Users $ 215,279 $ 227,860 Wholesale - Sales to Resellers 113,849 105,523 Other Gas Sales 7,670 5,551 Other 27,287 32,079 Propane and related equipment revenues $ 364,085 $ 371,013 Contract assets and liabilities Ferrellgas’ performance obligations are generally limited to the delivery of propane for its retail and wholesale contracts. Ferrellgas’ performance obligations with respect to sales of appliances and other materials and other revenues are limited to the delivery of the agreed upon good or service. Ferrellgas does not have material performance obligations that are delivered over time, thus all of its revenue is recognized at the time the goods, including propane, are delivered or installed. Ferrellgas offers “even pay” and other billing programs that can create customer deposits or advances, depending on whether Ferrellgas has delivered more propane than the customer has paid for or whether the customer has paid for more propane than what has been delivered. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. The advance or deposit is considered to be a contract asset or liability. Additionally, from time to time, we have customers that pay in advance for goods or services, and such amounts result in contract liabilities. Ferrellgas incurs incremental commissions directly related to the acquisition or renewal of customer contracts. The commissions are calculated and paid based upon the number of gallons sold to the acquired or renewed customer. The total amount of commissions that we incur is not material, and the commissions are expensed commensurate with the deliveries to which they relate; therefore, we do not capitalize these costs. The following table presents the opening and closing balances of our contract assets and contract liabilities: For the three months ended October 31, 2024 2023 2022 Contract assets $ 2,824 $ 4,771 $ 6,833 Contract liabilities Deferred revenue (1) $ 57,722 $ 59,147 $ 57,423 (1) Of the beginning balance of deferred revenue, $14.9 million and $16.1 million was recognized as revenue during the three months ended October 31, 2024 and 2023, respectively. The unrecognized balance relates to even-pay billing amounts, for which revenue is typically fully recognized in the following fiscal year and varies primarily due to weather conditions and customer orders. Remaining performance obligations Ferrellgas’ remaining performance obligations are generally limited to situations where customers have remitted payment but have not yet received deliveries of propane. This most commonly occurs in even pay billing programs and Ferrellgas expects that these balances will be recognized within a year

Fair value measurements

Fair value measurements	3 Months Ended
Fair value measurements	Oct. 31, 2024
Fair value measurements
Fair value measurements	I. 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 October 31, 2024 and July 31, 2024: 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 October 31, 2024: Assets: Derivative financial instruments: Commodity derivatives $ — $ 10,435 $ — $ 10,435 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (3,499) $ — $ (3,499) July 31, 2024: Assets: Derivative financial instruments: Commodity derivatives $ — $ 6,519 $ — $ 6,519 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (4,460) $ — $ (4,460) Methodology The fair values of Ferrellgas’ non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. There were no transfers between Levels 1, 2 or 3 during the three months ended October 31, 2024 and the fiscal year ended July 31, 2024. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. At October 31, 2024 and July 31, 2024, the estimated fair value of Ferrellgas’ long-term debt instruments was $1,413.2 million and $1,416.8 million, respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of Ferrellgas’ consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets.

Derivative instruments and hedg

Derivative instruments and hedging activities	3 Months Ended
Derivative instruments and hedging activities	Oct. 31, 2024
Derivative instruments and hedging activities
Derivative instruments and hedging activities	J. Derivative instruments and hedging activities Ferrellgas is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. Derivative instruments and hedging activity During the three months ended October 31, 2024 and 2023, Ferrellgas did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives within Ferrellgas’ condensed consolidated balance sheets as October 31, 2024 and July 31, 2024: Final October 31, 2024 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2026 Commodity derivatives-propane Prepaid expenses and other current assets $ 9,717 Other current liabilities $ 3,365 Commodity derivatives-propane Other assets, net 718 Other liabilities 134 Total $ 10,435 Total $ 3,499 Final July 31, 2024 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2025 Commodity derivatives-propane Prepaid expenses and other current assets $ 5,925 Other current liabilities $ 4,379 Commodity derivatives-propane Other assets, net 594 Other liabilities 81 Total $ 6,519 Total $ 4,460 Ferrellgas’ exchange traded commodity derivative contracts require a 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 October 31, 2024 and July 31, 2024: October 31, 2024 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 5,959 Other current liabilities $ 5,667 Other assets, net 929 Other liabilities 500 Total $ 6,888 Total $ 6,167 July 31, 2024 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 6,911 Other current liabilities $ 3,111 Other assets, net 824 Other liabilities 438 Total $ 7,735 Total $ 3,549 The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income for the three months ended October 31, 2024 and 2023 due to derivatives designated as cash flow hedging instruments: For the three months ended October 31, 2024 Amount of Loss Amount of Gain Location of Loss Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 4,190 Cost of sales - propane and other gas liquids sales $ (687) $ — For the three months ended October 31, 2023 Amount of Loss Amount of Loss Location of Loss Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (13,472) Cost of sales - propane and other gas liquids sales $ (3,184) $ — Accumulated other comprehensive income (loss) Ferrellgas Partners The changes in derivatives included in AOCI for the three months ended October 31, 2024 and 2023 were as follows: For the three months ended October 31, Gains and losses on derivatives included in AOCI 2024 2023 Beginning balance attributable to Ferrellgas Partners, L.P. $ 2,025 $ 1,059 Change in value of risk management commodity derivatives 4,190 (13,472) Reclassification of losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 687 3,184 Less: amount attributable to noncontrolling interests (49) 104 Ending balance attributable to Ferrellgas Partners, L.P. $ 6,853 $ (9,125) The operating partnership The changes in derivatives included in AOCI for the three months ended October 31, 2024 and 2023 were as follows: For the three months ended October 31, Gains and losses on derivatives included in AOCI 2024 2023 Beginning balance $ 2,059 $ 1,083 Change in value of risk management commodity derivatives 4,190 (13,472) Reclassification of losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 687 3,184 Ending balance $ 6,936 $ (9,205) Ferrellgas expects to reclassify net gains of approximately $6.4 million to earnings during the next 12 months. These net gains are expected to be offset by decreased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sale exception. During the three months ended October 31, 2024 and 2023, 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 October 31, 2024, Ferrellgas had financial derivative contracts covering 4.0 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. Derivative financial instruments credit risk Ferrellgas 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 October 31, 2024, the maximum amount of loss due to credit risk that Ferrellgas would incur based upon the gross fair values of the derivative financial instruments is zero. From time to time Ferrellgas enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas’ debt rating. There were no open derivative contracts with credit-risk-related contingent features as of October 31, 2024.

Transactions with related parti

Transactions with related parties	3 Months Ended
Transactions with related parties	Oct. 31, 2024
Transactions with related parties
Transactions with related parties	K. Transactions with related parties Ferrellgas has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas’ partnership agreements, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas and all other necessary or appropriate expenses allocable to Ferrellgas or otherwise reasonably incurred by its general partner in connection with operating Ferrellgas’ business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of operations as follows: For the three months ended October 31, 2024 2023 Operating expense $ 74,292 $ 76,859 General and administrative expense $ 12,082 $ 9,329 See additional discussions about transactions with the general partner and related parties in Note G “Equity (Deficit).” Issuance of letters of credit on behalf of Ferrellgas Partners by the operating partnership As described in Note E “Debt” and Note L “Contingencies and commitments,” the operating partnership guaranteed the issuance of an aggregate principal amount of $124.5 million in letters of credit to the surety providers under an appeal bond posted on behalf of Ferrellgas Partners.

Contingencies and commitments

Contingencies and commitments	3 Months Ended
Contingencies and commitments	Oct. 31, 2024
Contingencies and commitments
Contingencies and commitments	L . Contingencies and commitments Litigation Ferrellgas’ policy is to expense litigation costs as incurred. Ferrellgas’ operations are subject to all operating hazards and risks normally incidental to the handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane. 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, except that management is continuing to evaluate the potential effects of the recent judgement in the EDPA Lawsuit discussed below. Ferrellgas and Bridger Logistics, LLC (“Bridger”), were named, along with two former officers (“Rios and Gamboa”), in a lawsuit (the “EDPA Lawsuit”) filed by Eddystone Rail Company (“Eddystone”) on February 2, 2017 in the U.S. District Court for the Eastern District of Pennsylvania (the “Court”). On December 10, 2021, the Court dismissed Eddystone’s claims against Rios and Gamboa, pursuant to a settlement agreement with Eddystone. Eddystone indicated that it has prevailed in or settled an arbitration against Jamex Transfer Services (“JTS”), previously named Bridger Transfer Services, a former subsidiary of Bridger. The arbitration involved a claim against JTS for money due for deficiency payments under a contract for the use of an Eddystone facility used to offload crude from rail onto barges. Eddystone alleges that Ferrellgas transferred assets out of JTS prior to the sale of the membership interest in JTS to Jamex Transfer Holdings, and that those transfers should be avoided so that the assets can be used to satisfy the amount owed by JTS to Eddystone as a result of the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas and that Bridger and Ferrellgas breached both an implicit contract as well as fiduciary duties allegedly owed to Eddystone as a creditor of JTS. The Court decided summary judgment motions in March 2022 and the three segments of the bench trial were completed in September 2022, December 2022 and February 2023, respectively. As set by the Court, briefings were held through May 2023 and closing arguments were held in August 2023. On June 7, 2024, the Court entered an Order and Judgment (the “Judgment”) in the EDPA Lawsuit. The Judgment was in favor of all defendants on Eddystone’s alter ego and fiduciary duty claims. Further, the Judgment was in favor of Ferrellgas, L.P. and certain other defendants on Eddystone’s intentional and constructive fraudulent transfer claims. However, on Eddystone’s intentional and constructive fraudulent transfer claims, Judgment was entered against Bridger Energy, LLC in the amount of $0.9 million, Bridger Transportation, LLC in the amount of $1.4 million, and Ferrellgas Partners, L.P and Bridger in the amount of $169.3 million. Ferrellgas and the other defendants are evaluating the Judgment and considering their options and have begun the process to appeal the Judgment, as further described below. Ferrellgas Partners, Bridger, Bridger Energy, LLC and Bridger Transportation, LLC (collectively, the “Appellants”) filed their notice of appeal on July 3, 2024 to appeal the Judgment to the U.S. Court of Appeals for the Third Circuit. On July 9, 2024, the District Court approved an order approving an appeal bond on behalf of Ferrellgas Partners, Bridger Energy, and Bridger Transportation (the “Bonded Appellants”) in the amount of $190 million (the “Appeal Bond”) and granting a stay of execution with respect to the Bonded Appellants. As of October 31, 2024, we recorded an accrued liability of $125 million, which is included in other current liabilities in our condensed consolidated balance sheet. This accrual is included in general and administrative expense in our condensed consolidated statement of operations. This amount reflects management’s assessment of our best estimate of probable loss based on current information and after evaluation of various potential outcomes. It is reasonably possible that the estimate of probable loss could change based on the progression of the case, including the appeal process. We will adjust the accrual for any subsequent significant changes that may occur which could impact the estimate of liability. Long-term debt related commitments Ferrellgas has long and short-term payment obligations under agreements such as the indentures governing its senior notes. See Note E “Debt” for a description of these debt obligations and a schedule of future maturities. Tax matters During the fourth quarter of fiscal 2024, the Company received a tax assessment related to multiple years from a local taxing jurisdiction for underpaid use tax. We filed a Petition for Redetermination and Request for Reconsideration at the local tax administration office as we believed we had meritorious defenses. Subsequent to October 31, 2024, the Company entered into settlement discussions and accrued the loss contingency.
Ferrellgas Partners Finance Corp
Contingencies and commitments
Contingencies and commitments	B. Contingencies and commitments Partners Finance Corp. serves as co-issuer and co-obligor for debt securities of Ferrellgas Partners. As of October 31, 2024, Ferrellgas Partners had no debt securities outstanding, and Partners Finance Corp. therefore was not liable as co-issuer for any such debt securities.
Ferrellgas Finance Corp
Contingencies and commitments
Contingencies and commitments	B. Contingencies and commitments Finance Corp. serves as co-issuer and co-obligor for debt securities of the operating partnership. As of October 31, 2024 and July 31, 2024, Finance Corp. was liable as co-issuer and co-obligor for the operating partnership’s (i) $650 million aggregate principal amount of unsecured senior notes due 2026 and (ii) $825 million aggregate principal amount of unsecured senior notes due 2029, each of which were issued on March 30, 2021. Finance Corp. is also liable for borrowings under the operating partnership’s Credit Facility, which matures on March 30, 2025. Due to the timing of the maturity date of the Credit Facility and the $193.4 million in letters of credit which it secures there was substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date of issuance of the Finance Corp.’s fiscal 2024 Annual Report. Its condensed financial statements were prepared under the assumption that it will continue as a going concern. On December 5, 2024, the maturity date was subsequently extended from March 30, 2025 to December 31, 2025, which alleviated the substantial doubt about Finance Corp.’s ability to continue as a going concern at least one year from the date of issuance of this Quarterly Report.

Net loss per unitholders' inter

Net loss per unitholders' interest	3 Months Ended
Net loss per unitholders' interest	Oct. 31, 2024
Net loss per unitholders' interest
Net loss per unitholders' interest	M. Net loss per unitholders’ interest Below is a calculation of the basic and diluted net loss per Class A Unitholders’ interest in the condensed consolidated statements of operations for the periods indicated: For the three months ended October 31, 2024 2023 (in thousands, except per unit amounts) Net loss attributable to Ferrellgas Partners, L.P. $ (146,668) $ (17,556) Less: Distributions to preferred unitholders 16,232 16,251 Less: General partner’s interest in net loss (1,467) (175) Undistributed net loss attributable to Class A unitholders $ (161,433) $ (33,632) Weighted average Class A Units outstanding (in thousands) 4,857.6 4,857.6 Basic and diluted net loss per Class A Unit $ (33.23) $ (6.92) Class B Units considerations The Class B Units meet the definition of a participating security and the two-class method is required. For any periods in which earnings are recognized, the earnings will first be allocated 100% to the Class B Units until the allocation equals the cumulative amount of all distributions paid to the Class B Units. Any remaining undistributed net earnings will be allocated between the Class B Units and the Class A Units on a six-to-one basis as if all undistributed earnings had been distributed to each class of units in accordance with their distribution rights. For any periods in which losses are recognized, no effect is given to the Class B Units as they do not contractually participate in the losses of Ferrellgas. In addition, Ferrellgas has the option to redeem all, but not less than all, of the Class B Units outstanding at any time on or prior to March 30, 2026 for cash. This call option does not impact the dilutive effect of net loss per Class A Unit due to the cash-only redemption provision, which is assumed, and therefore there would be no dilutive effect.

Subsequent events

Subsequent events	3 Months Ended
Subsequent events	Oct. 31, 2024
Subsequent events
Subsequent events	N. Subsequent events Ferrellgas has 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 required recognition or disclosure in its condensed consolidated financial statements, except for the subsequent event described in Note E “Debt” related to its Credit Agreement.
Ferrellgas Partners Finance Corp
Subsequent events
Subsequent events	C. Subsequent events Partners Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date Partners Finance Corp.’s consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its condensed financial statements.
Ferrellgas Finance Corp
Subsequent events
Subsequent events	C. Subsequent events Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date Finance Corp.’s condensed financial statements were issued and concluded that there were no events or transactions occurring, except for the subsequent event described in Note B “Contingencies and commitments” related to its Credit Agreement.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (146,668)	$ (17,556)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Oct. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified [Flag]	false
Non-Rule 10b5-1 Arrangement Modified [Flag]	false

Summary of significant accoun_2

Summary of significant accounting policies (Policy)	3 Months Ended
Summary of significant accounting policies (Policy)	Oct. 31, 2024
Summary of significant accounting policies
Accounting estimates	(1) Accounting estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for expected credit losses, fair value of reporting unit, recoverability of long-lived assets, assumptions used to value business combinations, determination of incremental borrowing rate used to measure right-of-use assets (“ROU assets”) and lease liability, and fair values of derivative contracts.
Goodwill, net	(2) Goodwill, net Goodwill is tested for impairment annually during the second fiscal quarter, or more frequently if events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than the carrying value. Ferrellgas has determined that it has one reporting unit for goodwill impairment testing purposes. Ferrellgas completed its most recent annual goodwill impairment test on January 31, 2024 and did not incur an impairment loss.
Principles of consolidation and basis of presentation	(3) Principles of consolidation and basis of presentation Certain prior period amounts have been reclassified to conform to the current year presentation.
New accounting standards	(4) New accounting standards Recently adopted accounting pronouncements No new accounting standards were adopted during the three months ended October 31, 2024. Recently issued accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

Supplemental financial statem_2

Supplemental financial statement information (Tables)	3 Months Ended
Supplemental financial statement information (Tables)	Oct. 31, 2024
Supplemental financial statement information
Schedule of inventories	October 31, 2024 July 31, 2024 Propane gas and related products $ 79,742 $ 74,122 Appliances, parts and supplies, and other 21,313 21,910 Inventories $ 101,055 $ 96,032
Schedule of prepaid expenses and other current assets	October 31, 2024 July 31, 2024 Broker margin deposit assets $ 5,959 $ 6,911 Price risk management asset 9,717 5,925 Other 34,714 21,547 Prepaid expenses and other current assets $ 50,390 $ 34,383
Schedule of other current liabilities	October 31, 2024 July 31, 2024 Accrued interest $ 7,623 $ 29,392 Customer deposits and advances 41,327 34,500 Accrued payroll 20,545 27,054 Accrued insurance 11,331 15,307 Broker margin deposit liability 5,667 3,111 Accrued senior preferred units distributions 18,106 17,538 Other 183,165 57,119 Other current liabilities $ 287,764 $ 184,021
Schedule of shipping and handling expenses	For the three months ended October 31, 2024 2023 Operating expense - personnel, vehicle, plant and other $ 70,347 $ 73,969 Depreciation and amortization expense 3,871 3,366 Operating expense - equipment lease expense 3,195 3,436 Shipping and handling expenses $ 77,413 $ 80,771
Schedule of cash, cash equivalents and restricted cash	October 31, 2024 July 31, 2024 Cash and cash equivalents $ 36,999 $ 113,482 Restricted cash 10,626 10,678 Cash, cash equivalents and restricted cash $ 47,625 $ 124,160
Schedule of cash flow supplemental disclosures	For the three months ended October 31, 2024 2023 Cash paid for: Interest $ 45,098 $ 43,817 Income taxes $ 77 $ 103 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 635 $ — Change in accruals for property, plant and equipment additions $ 15 $ 56 Lease liabilities arising from operating ROU assets $ 1,436 $ 5,078 Lease liabilities arising from finance ROU assets $ 9 $ 1,397 Accrued senior preferred units distributions $ 18,106 $ 17,964 Acquisition of assets in failed sale-leaseback $ 3,096 $ — Liability in connection with failed sale-leaseback $ 2,868 $ —
Ferrellgas, L.P.
Supplemental financial statement information
Schedule of prepaid expenses and other current assets	October 31, 2024 July 31, 2024 Broker margin deposit assets $ 5,959 $ 6,911 Price risk management asset 9,717 5,925 Other 34,693 21,527 Prepaid expenses and other current assets $ 50,369 $ 34,363
Schedule of other current liabilities	October 31, 2024 July 31, 2024 Accrued interest $ 7,623 $ 29,392 Customer deposits and advances 41,327 34,500 Accrued payroll 20,545 27,054 Accrued insurance 11,331 15,307 Broker margin deposit liability 5,667 3,111 Accrued senior preferred units distributions 18,106 17,538 Other 183,040 56,994 Other current liabilities $ 287,639 $ 183,896
Schedule of cash, cash equivalents and restricted cash	October 31, 2024 July 31, 2024 Cash and cash equivalents $ 36,567 $ 113,054 Restricted cash 10,626 10,678 Cash, cash equivalents and restricted cash $ 47,193 $ 123,732
Schedule of cash flow supplemental disclosures	For the three months ended October 31, 2024 2023 Cash paid for: Interest $ 45,098 $ 43,817 Income taxes $ 77 $ 85 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 635 $ — Change in accruals for property, plant and equipment additions $ 15 $ 56 Lease liabilities arising from operating ROU assets $ 1,436 $ 5,078 Lease liabilities arising from finance ROU assets $ 9 $ 1,397 Accrued senior preferred units distributions $ 18,106 $ 17,964 Acquisition of assets in failed sale-leaseback $ 3,096 $ — Liability in connection with failed sale-leaseback $ 2,868 $ —

Accounts and notes receivable_2

Accounts and notes receivable, net (Tables)	3 Months Ended
Accounts and notes receivable, net (Tables)	Oct. 31, 2024
Accounts and notes receivable, net
Schedule of accounts and notes receivable	October 31, 2024 July 31, 2024 Accounts receivable $ 142,745 $ 123,945 Note receivable 2,500 2,500 Allowance for expected credit losses (5,551) (5,818) Accounts and notes receivable, net $ 139,694 $ 120,627

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Oct. 31, 2024
Debt
Schedule of debt components	October 31, 2024 July 31, 2024 Unsecured senior notes Fixed rate, 5.375%, due 2026 $ 650,000 $ 650,000 Fixed rate, 5.875%, due 2029 825,000 825,000 Notes payable 8.8% and 8.5% weighted average interest rate at October 31, 2024 and July 31, 2024, respectively, due 2025 to 2032, net of unamortized discount of $1,151 and $912 at October 31, 2024 and July 31, 2024, respectively 5,689 6,151 Total debt, excluding unamortized debt issuance and other costs 1,480,689 1,481,151 Unamortized debt issuance and other costs (16,283) (17,633) Less: current portion of long-term debt 2,387 2,510 Long-term debt $ 1,462,019 $ 1,461,008
Schedule of financial covenant ratio	Financial Covenant Ratio Minimum interest coverage ratio (1) 2.50x Maximum secured leverage ratio (2) 2.50x Maximum total net leverage ratio (3) (4) 5.25x (1) Defined generally as the ratio of adjusted EBITDA to cash interest expense. (2) Defined generally as the ratio of total first priority secured indebtedness to adjusted EBITDA. (3) Defined generally as the ratio of total indebtedness (net of unrestricted cash, subject to certain limits) to adjusted EBITDA. (4) Ratio was 4.75 x immediately prior to the quarter ended October 31, 2024. As amended, ratio is 5.25 x beginning with the quarter ended October 31, 2024 through the quarter ended January 31, 2025, 4.75 x for the quarter ending April 30, 2025 through the quarter ending July 31, 2025, 5.00 x for the quarter ending October 31, 2025, and 4.75 x for any quarter ending on or after January 31, 2026.
Schedule of annual principal payments on long-term debt	Scheduled Payment due by fiscal year principal payments 2025 $ 1,282 2026 652,178 2027 1,310 2028 910 2029 825,550 Thereafter 610 Total $ 1,481,840

Equity (Deficit) (Tables)

Equity (Deficit) (Tables)	3 Months Ended
Equity (Deficit) (Tables)	Oct. 31, 2024
Equity (Deficit)
Schedule of units conversion	Period Conversion Factor March 31, 2024 through March 30, 2025 4.00x March 31, 2025 through March 30, 2026 5.00x March 31, 2026 through March 30, 2027 6.00x March 31, 2027 through March 30, 2028 7.00x March 31, 2028 through March 30, 2029 10.00x March 31, 2029 through March 30, 2030 12.00x March 31, 2030 through March 30, 2031 25.00x
Schedule of limited partner units	October 31, 2024 July 31, 2024 Public Class A Unitholders (1) 3,480,621 3,480,621 James E. Ferrell (2) 238,172 238,172 Ferrell Companies (3) 1,126,468 1,126,468 FCI Trading Corp. (4) 9,784 9,784 Ferrell Propane, Inc. (5) 2,560 2,560 Total 4,857,605 4,857,605 (1) These Class A Units are traded on the OTC Pink Market under the symbol “FGPR.” (2) James E. Ferrell was the Executive Chairman of the Board of Directors of our general partner in fiscal 2024. Effective August 5, 2024, he was appointed to serve as Chairman of the Board of Directors of our general partner. He is a related party. JEF Capital Management owns 237,942 of these Class A Units and is owned by the James E. Ferrell Revocable Trust Two and other family trusts, all of which James E. Ferrell and/or his family members are the trustees and beneficiaries. James E. Ferrell holds all voting common stock of JEF Capital Management. The remaining 230 Class A Units are held by Ferrell Resources Holdings, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary. (3) Ferrell Companies is the owner of the general partner and an approximate 23% direct owner of Ferrellgas Partners’ Class A Units and thus a related party. Ferrell Companies also beneficially owns 9,784 and 2,560 Class A Units of Ferrellgas Partners held by FCI Trading Corp. (“FCI Trading”) and Ferrell Propane, Inc. ( “ Ferrell Propane"), respectively, bringing Ferrell Companies’ total beneficial ownership of Class A Units to 23.4% . (4) FCI Trading is an affiliate of the general partner and thus a related party. (5) Ferrell Propane is controlled by the general partner and thus a related party.

Revenue from contracts with c_2

Revenue from contracts with customers (Tables)	3 Months Ended
Revenue from contracts with customers (Tables)	Oct. 31, 2024
Revenue from contracts with customers
Schedule of disaggregation of revenue	For the three months ended October 31, 2024 2023 Retail - Sales to End Users $ 215,279 $ 227,860 Wholesale - Sales to Resellers 113,849 105,523 Other Gas Sales 7,670 5,551 Other 27,287 32,079 Propane and related equipment revenues $ 364,085 $ 371,013
Schedule of receivables, contract assets, and contract liabilities	For the three months ended October 31, 2024 2023 2022 Contract assets $ 2,824 $ 4,771 $ 6,833 Contract liabilities Deferred revenue (1) $ 57,722 $ 59,147 $ 57,423 (1) Of the beginning balance of deferred revenue, $14.9 million and $16.1 million was recognized as revenue during the three months ended October 31, 2024 and 2023, respectively. The unrecognized balance relates to even-pay billing amounts, for which revenue is typically fully recognized in the following fiscal year and varies primarily due to weather conditions and customer orders.

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
Fair value measurements (Tables)	Oct. 31, 2024
Fair value measurements
Schedule of financial assets and liabilities measured at fair value on a recurring basis	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 October 31, 2024: Assets: Derivative financial instruments: Commodity derivatives $ — $ 10,435 $ — $ 10,435 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (3,499) $ — $ (3,499) July 31, 2024: Assets: Derivative financial instruments: Commodity derivatives $ — $ 6,519 $ — $ 6,519 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (4,460) $ — $ (4,460)

Derivative instruments and he_2

Derivative instruments and hedging activities (Tables)	3 Months Ended
Derivative instruments and hedging activities (Tables)	Oct. 31, 2024
Schedule of fair value of financial derivatives balance sheet locations	Final October 31, 2024 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2026 Commodity derivatives-propane Prepaid expenses and other current assets $ 9,717 Other current liabilities $ 3,365 Commodity derivatives-propane Other assets, net 718 Other liabilities 134 Total $ 10,435 Total $ 3,499 Final July 31, 2024 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2025 Commodity derivatives-propane Prepaid expenses and other current assets $ 5,925 Other current liabilities $ 4,379 Commodity derivatives-propane Other assets, net 594 Other liabilities 81 Total $ 6,519 Total $ 4,460
Schedule of cash margin balances as collateral	October 31, 2024 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 5,959 Other current liabilities $ 5,667 Other assets, net 929 Other liabilities 500 Total $ 6,888 Total $ 6,167 July 31, 2024 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 6,911 Other current liabilities $ 3,111 Other assets, net 824 Other liabilities 438 Total $ 7,735 Total $ 3,549
Schedule of cash flow hedge derivative effect on comprehensive income	For the three months ended October 31, 2024 Amount of Loss Amount of Gain Location of Loss Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 4,190 Cost of sales - propane and other gas liquids sales $ (687) $ — For the three months ended October 31, 2023 Amount of Loss Amount of Loss Location of Loss Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (13,472) Cost of sales - propane and other gas liquids sales $ (3,184) $ —
Schedule of changes in derivatives included in accumulated other comprehensive income	For the three months ended October 31, Gains and losses on derivatives included in AOCI 2024 2023 Beginning balance $ 2,059 $ 1,083 Change in value of risk management commodity derivatives 4,190 (13,472) Reclassification of losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 687 3,184 Ending balance $ 6,936 $ (9,205)
Ferrellgas, L.P.
Schedule of changes in derivatives included in accumulated other comprehensive income	For the three months ended October 31, Gains and losses on derivatives included in AOCI 2024 2023 Beginning balance attributable to Ferrellgas Partners, L.P. $ 2,025 $ 1,059 Change in value of risk management commodity derivatives 4,190 (13,472) Reclassification of losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 687 3,184 Less: amount attributable to noncontrolling interests (49) 104 Ending balance attributable to Ferrellgas Partners, L.P. $ 6,853 $ (9,125)

Transactions with related par_2

Transactions with related parties (Tables)	3 Months Ended
Transactions with related parties (Tables)	Oct. 31, 2024
Transactions with related parties
Schedule of allocation of transaction costs with related parties	For the three months ended October 31, 2024 2023 Operating expense $ 74,292 $ 76,859 General and administrative expense $ 12,082 $ 9,329

Net loss per unitholders' int_2

Net loss per unitholders' interest (Tables)	3 Months Ended
Net loss per unitholders' interest (Tables)	Oct. 31, 2024
Net loss per unitholders' interest
Schedule of calculation of basic and diluted net loss per Class A Unitholders' interest	For the three months ended October 31, 2024 2023 (in thousands, except per unit amounts) Net loss attributable to Ferrellgas Partners, L.P. $ (146,668) $ (17,556) Less: Distributions to preferred unitholders 16,232 16,251 Less: General partner’s interest in net loss (1,467) (175) Undistributed net loss attributable to Class A unitholders $ (161,433) $ (33,632) Weighted average Class A Units outstanding (in thousands) 4,857.6 4,857.6 Basic and diluted net loss per Class A Unit $ (33.23) $ (6.92)

Partnership organization and _2

Partnership organization and formation (Details)	3 Months Ended
Partnership organization and formation (Details)	Oct. 31, 2024 USD ($) employee state subsidiary shares	Oct. 31, 2023
Partnership organization and formation
Number of subsidiaries \| subsidiary	2
Number of employees	0
Ferrellgas Partners LP
Partnership organization and formation
General partner ownership interest	2%	2%
Ferrellgas Partners LP \| Ferrellgas, L.P.
Partnership organization and formation
Limited partner interest	99%
Ferrellgas Partners LP \| Ferrellgas Partners Finance Corp
Partnership organization and formation
Ownership percentage	100%
Ferrell Companies \| Ferrellgas Partners LP \| Class A Limited Partner Units
Partnership organization and formation
Ownership percentage	23.40%
Ferrellgas Inc., General Partner \| Ferrellgas
Partnership organization and formation
General partner ownership interest	2%
Ferrellgas Inc., General Partner \| Ferrellgas Partners LP
Partnership organization and formation
General partner ownership interest	1%
Ferrellgas Inc., General Partner \| Ferrellgas, L.P.
Partnership organization and formation
General partner ownership interest	1.0101%	1.0101%
Ferrellgas, L.P.
Partnership organization and formation
Number of states in which entity operates \| state	50
Ferrellgas, L.P. \| Ferrellgas Finance Corp
Partnership organization and formation
Ownership percentage	100%
Ferrellgas Partners Finance Corp
Partnership organization and formation
Corporation formation proceeds from partnership \| $	$ 1,000
Corporation formation shares granted to partnership \| shares	1,000
Number of employees	0
Ferrellgas Finance Corp
Partnership organization and formation
Corporation formation proceeds from partnership \| $	$ 1,000
Corporation formation shares granted to partnership \| shares	1,000
Number of employees	0
Ferrellgas Employee Stock Ownership Trust \| Ferrell Companies
Partnership organization and formation
Ownership percentage	100%

Summary of significant accoun_3

Summary of significant accounting policies (Details) - item	3 Months Ended
Summary of significant accounting policies (Details) - item	Oct. 31, 2024	Oct. 31, 2023
Summary of significant accounting policies
Number of reporting units	1
Ferrellgas Partners LP
Summary of significant accounting policies
General partner ownership interest	2%	2%

Supplemental financial statem_3

Supplemental financial statement information - Inventories (Details) $ in Thousands, gal in Millions	3 Months Ended
	Oct. 31, 2024 USD ($) gal	Jul. 31, 2024 USD ($)
Supplemental financial statement information
Propane gas and related products	$ 79,742	$ 74,122
Appliances, parts and supplies, and other	21,313	21,910
Inventories	$ 101,055	$ 96,032
Supply procurement contract duration	36 months
Net procurement of fixed priced propane by Ferrellgas in gallons \| gal	4.1

Supplemental financial statem_4

Supplemental financial statement information - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Supplemental financial statement information
Broker margin deposit assets	$ 5,959	$ 6,911
Price risk management asset	9,717	5,925
Other	34,714	21,547
Prepaid expenses and other current assets	50,390	34,383
Ferrellgas, L.P.
Supplemental financial statement information
Broker margin deposit assets	5,959	6,911
Price risk management asset	9,717	5,925
Other	34,693	21,527
Prepaid expenses and other current assets	$ 50,369	$ 34,363

Supplemental financial statem_5

Supplemental financial statement information - Other Current Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Supplemental financial statement information
Accrued interest	$ 7,623	$ 29,392
Customer deposits and advances	41,327	34,500
Accrued payroll	20,545	27,054
Accrued insurance	11,331	15,307
Broker margin deposit liability	5,667	3,111
Accrued senior preferred units distributions	18,106	17,538
Other	183,165	57,119
Other current liabilities	287,764	184,021
Ferrellgas, L.P.
Supplemental financial statement information
Accrued interest	7,623	29,392
Customer deposits and advances	41,327	34,500
Accrued payroll	20,545	27,054
Accrued insurance	11,331	15,307
Broker margin deposit liability	5,667	3,111
Accrued senior preferred units distributions	18,106	17,538
Other	183,040	56,994
Other current liabilities	$ 287,639	$ 183,896

Supplemental financial statem_6

Supplemental financial statement information - Shipping and Handling (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Supplemental financial statement information
Operating expense - personnel, vehicle, plant and other	$ 148,174	$ 144,646
Depreciation and amortization expense	24,325	24,404
Operating expense - equipment lease expense	5,504	5,376
Shipping and Handling
Supplemental financial statement information
Operating expense - personnel, vehicle, plant and other	70,347	73,969
Depreciation and amortization expense	3,871	3,366
Operating expense - equipment lease expense	3,195	3,436
Shipping and handling expenses	$ 77,413	$ 80,771

Supplemental financial statem_7

Supplemental financial statement information - Cash, Cash Equivalents And Restricted Cash (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Supplemental financial statement information
Cash and cash equivalents	$ 36,999		$ 113,482
Restricted cash	$ 10,626		$ 10,678
Restricted Cash and Cash Equivalents, Statement of Financial Position [Extensible Enumeration]	Cash, cash equivalents and restricted cash		Cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash	$ 47,625	$ 76,783	$ 124,160	$ 137,347
Cash paid for interest	45,098	43,817
Cash paid for income taxes	77	103
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	635
Change in accruals for property, plant and equipment additions	15	56
Lease liabilities arising from operating ROU assets	1,436	5,078
Lease liabilities arising from finance ROU assets	9	1,397
Accrued senior preferred units distributions	18,106	17,964
Acquisition of assets in failed sale-leaseback	3,096
Liability in connection with failed sale-leaseback	2,868
Ferrellgas, L.P.
Supplemental financial statement information
Cash and cash equivalents	36,567		113,054
Restricted cash	10,626		10,678
Cash, cash equivalents and restricted cash	47,193	76,679	$ 123,732	$ 137,245
Cash paid for interest	45,098	43,817
Cash paid for income taxes	77	85
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	635
Change in accruals for property, plant and equipment additions	15	56
Lease liabilities arising from operating ROU assets	1,436	5,078
Lease liabilities arising from finance ROU assets	9	1,397
Accrued senior preferred units distributions	18,106	$ 17,964
Acquisition of assets in failed sale-leaseback	3,096
Liability in connection with failed sale-leaseback	$ 2,868

Accounts and notes receivable_3

Accounts and notes receivable, net (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Accounts and notes receivable, net
Accounts receivable	$ 142,745	$ 123,945
Note receivable	2,500	2,500
Allowance for expected credit losses	(5,551)	(5,818)
Accounts and notes receivable, net	$ 139,694	$ 120,627

Debt - Components Of Long-Term

Debt - Components Of Long-Term Debt (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024	Mar. 30, 2021
Debt
Total long-term debt	$ 1,480,689	$ 1,481,151
Unamortized debt issuance and other costs	(16,283)	(17,633)
Less: current portion of long-term debt	2,387	2,510
Long-term debt	1,462,019	1,461,008
Senior Notes 5.375 Percent Due 2026
Debt
Unsecured senior notes	$ 650,000	$ 650,000
Interest rate, as a percent	5.375%	5.375%	5.375%
Senior Notes 5.875 Percent Due 2029
Debt
Unsecured senior notes	$ 825,000	$ 825,000
Interest rate, as a percent	5.875%	5.875%	5.875%
Loans Payable
Debt
Notes payable	$ 5,689	$ 6,151
Unamortized discount	$ 1,151	$ 912
Weighted average interest rate (as a percent)	8.80%	8.50%

Debt - Long-Term Debt Activity

Debt - Long-Term Debt Activity (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 30, 2021	Oct. 31, 2024	Mar. 31, 2025	Mar. 30, 2025	Jul. 31, 2024
Revolving Credit Facility
Debt
Term of credit facility	4 years
Line of credit facility, maximum borrowing capacity	$ 350
Available borrowing capacity		$ 126.5
Sublimit, after initial period	300
Borrowing base, fixed portion		$ 200
Additional capacity, percentage applied to accounts receivable		80%
Additional capacity, percentage applied to inventory		70%
Revolving Credit Facility \| Subsequent Event
Debt
Line of credit facility, maximum borrowing capacity			$ 308.8	$ 350
Revolving Credit Facility \| Base Rate
Debt
Interest rate, as a percent		0.50%
Revolving Credit Facility \| Secured Overnight Financing Rate
Debt
Interest rate, as a percent		1%
Undrawn funds fee (as a percent)		0.50%
Eurodollar Loans \| Minimum \| Secured Overnight Financing Rate
Debt
Margin added to variable rate (as a percent)		2.75%
Eurodollar Loans \| Maximum \| Secured Overnight Financing Rate
Debt
Margin added to variable rate (as a percent)		3.50%
Non-Eurodollar Loans \| Minimum \| Secured Overnight Financing Rate
Debt
Margin added to variable rate (as a percent)		1.75%
Non-Eurodollar Loans \| Maximum \| Secured Overnight Financing Rate
Debt
Margin added to variable rate (as a percent)		2.50%
Senior Notes 5.375 Percent Due 2026
Debt
Aggregate principal amount	$ 650
Interest rate, as a percent	5.375%	5.375%			5.375%
Senior Notes 5.875 Percent Due 2029
Debt
Aggregate principal amount	$ 825
Interest rate, as a percent	5.875%	5.875%			5.875%

Debt - Covenants and Loss on Ex

Debt - Covenants and Loss on Extinguishment (Details) $ in Millions	3 Months Ended
	Jan. 31, 2026	Oct. 31, 2025	Apr. 30, 2025	Jan. 31, 2025	Oct. 31, 2024 USD ($) item	Jul. 31, 2024	Mar. 30, 2021 USD ($)
Revolving Credit Facility
Debt
Total net leverage ratio					4.75
Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029
Debt
Number of quarters for required fixed charge coverage ratio \| item					4
Senior Notes 5.375 Percent Due 2026
Debt
Aggregate principal amount \| $							$ 650
Interest rate, as a percent					5.375%	5.375%	5.375%
Number of quarters for required fixed charge coverage ratio \| item					4
Minimum \| Revolving Credit Facility
Debt
Interest coverage ratio					2.5
Available capacity necessary for cash distributions \| $					$ 50
Available capacity as percentage of Borrowing Base, necessary for cash distributions					15%
Maximum \| Revolving Credit Facility
Debt
Secured leverage ratio					2.5
Maximum \| Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029
Debt
Total net leverage ratio					5
Maximum \| Senior Notes 5.375 Percent Due 2026
Debt
Required fixed charge coverage ratio					1.75%
Maximum \| Debt Covenant, First Specified Period \| Revolving Credit Facility
Debt
Total net leverage ratio					5.25
Maximum \| Debt Covenant, Fourth Specified Period. \| Revolving Credit Facility
Debt
Total net leverage ratio					4.75
Subsequent Event [Member] \| Revolving Credit Facility
Debt
Total net leverage ratio	4.75	5	4.75	5.25

Debt - Maturities (Details)

Debt - Maturities (Details) $ in Thousands	Oct. 31, 2024 USD ($)
Debt
2025	$ 1,282
2026	652,178
2027	1,310
2028	910
2029	825,550
Thereafter	610
Total long-term debt	$ 1,481,840

Debt - Security (Details)

Debt - Security (Details) - USD ($) $ in Millions	3 Months Ended
Debt - Security (Details) - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024	Jul. 10, 2024
Debt
Aggregate principal amount			$ 124.5
Letters of credit outstanding	$ 200.6	$ 193.4
Commitment fees	333.3
Revolving Credit Facility
Debt
Available borrowing capacity	$ 126.5

Preferred units - Issuance (Det

Preferred units - Issuance (Details) - USD ($) $ in Millions	Mar. 30, 2021	Oct. 31, 2024	Jul. 31, 2024
Preferred units
Preferred units issued (in shares)	700,000
Preferred Units aggregate initial liquidation preference	$ 700
Preferred units, units outstanding		700,000	700,000

Preferred units - Issuer Redemp

Preferred units - Issuer Redemption Right (Details) $ / shares in Units, $ in Millions	Oct. 31, 2024 USD ($) $ / shares
Preferred units
Redemption right price percentage MOIC	1.47
Purchase price per Preferred Units \| $ / shares	$ 1,000
Redemption right price percentage of IRR	12.25%
Basis point added	150
Partial redemption minimum amount \| $	$ 25

Preferred units - Investor Rede

Preferred units - Investor Redemption Right (Details)	Oct. 31, 2024 D shares
Preferred units
Percentage of preferred units held	33.30%
Percentage of preferred units held by initial affiliated purchasers	25%
Days for consummation of sale and payment of redemption price in full \| D	180
Class B Limited Partner Units
Preferred units
Threshold units outstanding for right to trigger sale	0
Preferred Units
Preferred units
Threshold units outstanding for right to trigger sale	233,300
Preferred Units \| Maximum
Preferred units
Threshold units outstanding for right to fully redeem outstanding units in cash	233,300

Preferred units - Distributions

Preferred units - Distributions (Details) - USD ($) $ in Thousands			3 Months Ended
	Nov. 15, 2024	Nov. 15, 2023	Oct. 31, 2024	Oct. 31, 2023
Preferred units
Quarterly distribution accrued	$ 18,100		$ 18,000
Cash distribution	15,400	$ 15,400	15,568	$ 15,610
Preferred units additional quarterly distribution accrued	$ 2,700		$ 2,600
Cash tax distribution rate			25%
Tax rate multiplied by estimated taxable income percentage			0.25%
Additional distribution, percentage of taxable income			20%
Additional distribution, divisor			0.8
Minimum
Preferred units
Applicable premium distribution rate			0.75
Maximum
Preferred units
Applicable premium distribution rate			3
First Five Years After March 30, 2021 \| Minimum
Preferred units
Preferred units distribution rate			8.956%
First Five Years After March 30, 2021 \| Maximum
Preferred units
Preferred units distribution rate			11.125%

Preferred units - Board Rights,

Preferred units - Board Rights, Protective Provisions (Details) $ in Millions	Oct. 31, 2024 USD ($) director shares
Preferred units
Minimum preferred units outstanding to designate director to board by unit holders \| shares	140,000
Number of director to the Board permitted to designate by unit holders \| director	1
Minimum value outstanding for director appointment \| $	$ 35

Preferred units - Restrictions

Preferred units - Restrictions on Cash Distributions (Details) $ in Millions	Oct. 31, 2024 USD ($)
Preferred units
Minimum liquidity	$ 100
Period Thereafter
Preferred units
Consolidated net leverage ratio	7

Equity (Deficit) - Reverse Unit

Equity (Deficit) - Reverse Unit Split (Details) - shares	Oct. 31, 2024	Jul. 31, 2024
Class A Limited Partner Units
Limited Partners' Capital Account [Line Items]
Limited partner unitholders, units outstanding	4,857,605	4,857,605

Equity (Deficit) - Units Issued

Equity (Deficit) - Units Issued and Redemption (Details) $ / shares in Units, shares in Millions, $ in Millions	Mar. 30, 2021 USD ($) $ / shares shares	Oct. 31, 2024 director
Limited Partners' Capital Account [Line Items]
Total internal rate of return for redemption	15.85%
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty
Limited Partners' Capital Account [Line Items]
Aggregate principal amount	$ 357
Interest rate, as a percent	8.625%
Class B Limited Partner Units
Limited Partners' Capital Account [Line Items]
Units issued \| shares	1.3
Distribution ratio	6
Aggregate distributions before conversion	$ 357
Distribution amount	$ 356
Basis points of internal rate of return for price determination of units redemption	300
Minimum redemption price per unit \| $ / shares	$ 302.08
Option to hold cash period	6 months
Number of independent director to the Board permitted to designate by unit holders \| director		1
Initial Majority Holder of Class B Units Holds At Least 50% of Class B Units \| Class B Limited Partner Units
Limited Partners' Capital Account [Line Items]
Additional units issued percentage of requisite units held	50%
Initial Majority Holder of Class B Units Holds Less Than 50% of Class B Units \| Class B Limited Partner Units
Limited Partners' Capital Account [Line Items]
Additional units issued percentage of requisite units held	0.33%

Equity (Deficit) - Conversion F

Equity (Deficit) - Conversion Factor (Details)	Mar. 30, 2021
Post Emergence Year Four
Limited Partners' Capital Account [Line Items]
Conversion factor	4
Post Emergence Year Five
Limited Partners' Capital Account [Line Items]
Conversion factor	5
Post Emergence Year Six
Limited Partners' Capital Account [Line Items]
Conversion factor	6
Post Emergence Year Seven
Limited Partners' Capital Account [Line Items]
Conversion factor	7
Post Emergence Year Eight
Limited Partners' Capital Account [Line Items]
Conversion factor	10
Post Emergence Year Nine
Limited Partners' Capital Account [Line Items]
Conversion factor	12
Post Emergence Year Ten
Limited Partners' Capital Account [Line Items]
Conversion factor	25

Equity (Deficit) - Limited Part

Equity (Deficit) - Limited Partner Units (Details) - Class A Limited Partner Units - shares	Oct. 31, 2024	Jul. 31, 2024
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	4,857,605	4,857,605
James E. Ferrell
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	238,172	238,172
Ferrell Companies
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	1,126,468	1,126,468
FCI Trading Corp.
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	9,784	9,784
Ferrell Propane, Inc.
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	2,560	2,560
Public Common Unitholders
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	3,480,621	3,480,621

Equity (Deficit) - Ownership (D

Equity (Deficit) - Ownership (Details)	3 Months Ended
Equity (Deficit) - Ownership (Details)	Oct. 31, 2024 shares
Capital Unit [Line Items]
Minimum percentage ownership of outstanding common units resulting in non voting of owners	20%
Ferrellgas Partners LP \| Ferrell Companies
Capital Unit [Line Items]
Limited partner ownership interest	23.40%
Ferrellgas, L.P.
Capital Unit [Line Items]
Limited partner ownership interest	98%
Ferrell Companies \| Ferrellgas Partners LP
Capital Unit [Line Items]
Limited partner ownership interest	23%
FCI Trading Corp. \| Ferrell Companies
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	9,784
Ferrell Propane, Inc. \| Ferrell Companies
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	2,560
JEF Capital Management \| James E. Ferrell
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	237,942
Ferrell Resources Holdings, Inc. \| Ferrellgas Partners LP \| James E. Ferrell
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	230
Ferrellgas Partners LP \| Ferrellgas, L.P.
Capital Unit [Line Items]
Limited partner ownership interest	99%

Equity (Deficit) - Paid Distrib

Equity (Deficit) - Paid Distributions (Details) $ in Millions	3 Months Ended
	Oct. 31, 2024 USD ($)
Limited Partner
Limited Partners' Capital Account [Line Items]
Distributions paid	$ 250

Equity (Deficit) - Contribution

Equity (Deficit) - Contributions and AOCI (Details) - USD ($)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Capital Unit [Line Items]
Contributions in connection with non-cash ESOP compensation charges	$ 853,000	$ 720,000
Net earnings allocated to preferred units	$ (16,232,000)	$ (16,251,000)
Ferrellgas Partners LP
Capital Unit [Line Items]
General partner ownership interest	2%	2%
General Partner
Capital Unit [Line Items]
Contributions in connection with non-cash ESOP compensation charges	$ 8,000	$ 7,000
Net earnings allocated to preferred units	(162,000)	(163,000)
Ferrellgas, L.P.
Capital Unit [Line Items]
Non-cash contribution		14,000
Contributions in connection with non-cash ESOP compensation charges	853,000	720,000
Net earnings allocated to preferred units	(16,232,000)	(16,251,000)
Ferrellgas, L.P. \| General Partner
Capital Unit [Line Items]
Contributions in connection with non-cash ESOP compensation charges	9,000	$ 7,000
Ferrellgas Inc., General Partner
Capital Unit [Line Items]
Contributions in connection with non-cash ESOP compensation charges	$ 17,000
Ferrellgas Inc., General Partner \| Ferrellgas, L.P.
Capital Unit [Line Items]
General partner ownership interest	1.0101%	1.0101%
Ferrellgas Inc., General Partner \| Ferrellgas Partners LP
Capital Unit [Line Items]
General partner ownership interest	1%

Revenue from contracts with c_3

Revenue from contracts with customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Revenue from contracts with customers
Total revenues	$ 364,085	$ 371,013
Contract assets and liabilities
Contract assets	2,824	4,771	$ 6,833
Contract liabilities
Deferred revenue	57,722	59,147	$ 57,423
Deferred revenue recognized	$ 14,900	16,100
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-11-01
Contract liabilities
Remaining performance obligation recognition period	1 year
Propane and related equipment revenues
Revenue from contracts with customers
Total revenues	$ 364,085	371,013
Retail - Sales to End Users
Revenue from contracts with customers
Total revenues	215,279	227,860
Wholesale - Sales to Resellers
Revenue from contracts with customers
Total revenues	113,849	105,523
Other Gas Sales
Revenue from contracts with customers
Total revenues	7,670	5,551
Other
Revenue from contracts with customers
Total revenues	$ 27,287	$ 32,079

Fair value measurements - Asset

Fair value measurements - Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Fair value measurements
Commodity derivatives propane swap assets	$ 10,435	$ 6,519
Commodity derivatives propane swap liabilities	(3,499)	(4,460)
Level 1
Fair value measurements
Commodity derivatives propane swap assets	0	0
Commodity derivatives propane swap liabilities	0	0
Level 2
Fair value measurements
Commodity derivatives propane swap assets	10,435	6,519
Commodity derivatives propane swap liabilities	(3,499)	(4,460)
Level 3
Fair value measurements
Commodity derivatives propane swap assets	0	0
Commodity derivatives propane swap liabilities	$ 0	$ 0

Fair value measurements - Other

Fair value measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Oct. 31, 2024	Jul. 31, 2024
Level 2
Fair value measurements
Long-term debt, fair value	$ 1,413.2	$ 1,416.8

Derivative instruments and he_3

Derivative instruments and hedging activities - Balance Sheet (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024
Derivative instruments and hedging activities
Gain (loss) recognized due to ineffectiveness	$ 0	$ 0
Derivative Asset, Fair Value, Gross Asset	10,435		$ 6,519
Derivative Liability, Fair Value, Gross Liability	3,499		4,460
Prepaid Expenses and Other Current Assets
Derivative instruments and hedging activities
Commodity derivatives propane swap assets	9,717		5,925
Other Current Liabilities
Derivative instruments and hedging activities
Commodity derivatives propane swap liabilities	3,365		4,379
Other Assets, Net
Derivative instruments and hedging activities
Commodity derivatives propane swap assets	718		594
Other Liabilities
Derivative instruments and hedging activities
Commodity derivatives propane swap liabilities	$ 134		$ 81

Derivative instruments and he_4

Derivative instruments and hedging activities - Margin Balances (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jul. 31, 2024
Derivative instruments and hedging activities
Derivative Asset, Fair Value of Collateral	$ 6,888	$ 7,735
Derivative Liability, Fair Value of Collateral	6,167	3,549
Prepaid Expenses and Other Current Assets
Derivative instruments and hedging activities
Derivative Asset, Fair Value of Collateral	5,959	6,911
Other Current Liabilities
Derivative instruments and hedging activities
Derivative Liability, Fair Value of Collateral	5,667	3,111
Other Assets, Net
Derivative instruments and hedging activities
Derivative Asset, Fair Value of Collateral	929	824
Other Liabilities
Derivative instruments and hedging activities
Derivative Liability, Fair Value of Collateral	$ 500	$ 438

Derivative instruments and he_5

Derivative instruments and hedging activities - Effect on Comprehensive Income and Change in FV (Details) - Commodity Derivatives Propane - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Derivative instruments and hedging activities
Amount of gain (loss) recognized in AOCI on derivative	$ 4,190	$ (13,472)
Cost of Sales
Derivative instruments and hedging activities
Amount of gain (loss) reclassified from AOCI into income	$ (687)	$ (3,184)

Derivative instruments and he_6

Derivative instruments and hedging activities - AOCI Rollforward (Details) MMBbls in Millions	3 Months Ended
	Oct. 31, 2024 USD ($) MMBbls	Oct. 31, 2023 USD ($)
Derivative instruments and hedging activities
Partners' capital balance	$ (949,688,000)	$ (898,791,000)
Change in value of risk management commodity derivatives	4,190,000	(13,472,000)
Reclassification of losses on commodity hedges to cost of sales - propane and other gas liquids sales, net	687,000	3,184,000
Partners' capital balance	(1,108,520,000)	(942,511,000)
Reclassification of net gain to earnings during next 12 months	6,400,000
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net	$ 0	0
Number of barrels of propane covered by cash flow hedges \| MMBbls	4
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Derivative instruments and hedging activities
Partners' capital balance	$ 2,059,000	1,083,000
Change in value of risk management commodity derivatives	4,190,000	(13,472,000)
Reclassification of losses on commodity hedges to cost of sales - propane and other gas liquids sales, net	687,000	3,184,000
Partners' capital balance	6,936,000	(9,205,000)
Ferrellgas, L.P.
Derivative instruments and hedging activities
Partners' capital balance	(950,011,000)	(898,851,000)
Change in value of risk management commodity derivatives	4,190,000	(13,472,000)
Reclassification of losses on commodity hedges to cost of sales - propane and other gas liquids sales, net	687,000	3,184,000
Partners' capital balance	(1,108,848,000)	(942,553,000)
Ferrellgas, L.P. \| Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Derivative instruments and hedging activities
Partners' capital balance	2,025,000	1,059,000
Change in value of risk management commodity derivatives	4,190,000	(13,472,000)
Reclassification of losses on commodity hedges to cost of sales - propane and other gas liquids sales, net	687,000	3,184,000
Less: amount attributable to noncontrolling interests	(49,000)	104,000
Partners' capital balance	$ 6,853,000	$ (9,125,000)

Derivative instruments and he_7

Derivative instruments and hedging activities- Credit Risk (Details)	Oct. 31, 2024 USD ($)
Derivative instruments and hedging activities
Maximum loss due to credit risk	$ 0
Open derivative contracts with credit risk features	$ 0

Transactions with related par_3

Transactions with related parties (Details) $ in Thousands	3 Months Ended
Transactions with related parties (Details) $ in Thousands	Oct. 31, 2024 USD ($) employee	Oct. 31, 2023 USD ($)	Jul. 10, 2024 USD ($)
Transactions with related parties
Number of employees \| employee	0
Aggregate principal amount			$ 124,500
Ferrellgas Inc., General Partner
Transactions with related parties
Operating expense	$ 74,292	$ 76,859
General and administrative expense	12,082	$ 9,329
Ferrellgas Partners Finance Corp And Ferrellgas, L.P \| Letter of Credit
Transactions with related parties
Aggregate principal amount	$ 124,500

Contingencies and commitments (

Contingencies and commitments (Details) $ in Millions	Jun. 07, 2024 USD ($)	Feb. 02, 2017 item	Oct. 31, 2024 USD ($)	Jul. 31, 2024 USD ($)	Jul. 10, 2024 USD ($)	Jul. 09, 2024 USD ($)	Feb. 28, 2023 item
Contingencies and commitments
Number of completed bench trial segments \| item							3
Accrued liability included in other current liabilities			$ 125
Liability as co-issuer					$ 124.5
Lawsuit Related To Sale Of Jamex Transfer Services
Contingencies and commitments
Number of former officers \| item		2
Ferrellgas Partners Finance Corp
Contingencies and commitments
Debt securities outstanding			0
Ferrellgas Finance Corp \| Senior Notes 5.375 Percent Due 2026
Contingencies and commitments
Liability as co-issuer			650	$ 650
Ferrellgas Finance Corp \| Senior Notes 5.875 Percent Due 2029
Contingencies and commitments
Liability as co-issuer			825	$ 825
Ferrellgas Finance Corp \| Letter of Credit
Contingencies and commitments
Liability as co-issuer			$ 193.4
Ferrellgas Partner L.P. and Bridger
Contingencies and commitments
Settlement amount to be paid	$ 169.3
Ferrellgas Partners, Bridger, Bridger Energy LLC And Bridger Transportation LLC
Contingencies and commitments
Appeal Bond						$ 190
Bridger Energy LLC
Contingencies and commitments
Settlement amount to be paid	0.9
Bridger Transportation LLC
Contingencies and commitments
Settlement amount to be paid	$ 1.4

Net loss per unitholders' int_3

Net loss per unitholders' interest (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Earnings Distribution Allocation
Net loss attributable to Ferrellgas Partners, L.P.	$ (146,668)	$ (17,556)
Less: General partner's interest in net loss	(1,467)	(175)
Undistributed net loss attributable to Class A unitholders	$ (161,433)	(33,632)
Allocation of earnings to Class B units relative to allocation to Class A units	6
Preferred Units
Earnings Distribution Allocation
Less: Distributions to preferred unitholders	$ 16,232	$ 16,251
Class A Limited Partner Units
Earnings Distribution Allocation
Weighted average Class A Units outstanding (in thousands)	4,857,600	4,857,600
Basic and diluted net loss per Class A Unit	$ (33.23)	$ (6.92)
Class B Limited Partner Units
Earnings Distribution Allocation
Percentage of allocated earnings	100%

Subsequent events (Details)

Subsequent events (Details)	3 Months Ended
Subsequent events (Details)	Oct. 31, 2024
Subsequent events
Events or transactions	no
Ferrellgas Partners Finance Corp
Subsequent events
Events or transactions	no
Ferrellgas Finance Corp
Subsequent events
Events or transactions	no