Revisions of Condensed Consolidated Financial Statements (Notes)

3 Months Ended

Dec. 31, 2013

Revisions of Condensed Consolidated Financial Statements [Abstract]

Accounting Changes and Error Corrections [Text Block]

Revisions of Condensed Consolidated Financial Statements

During the preparation of the Fiscal 2013 consolidated financial statements, management concluded that it had incorrectly accounted for certain commodity derivative instruments as cash flow hedges. Management had incorrectly applied the hedge accounting criteria when designating certain commodity derivative instruments at its Midstream & Marketing businesses as cash flow hedges. Management has discontinued the use of hedge accounting for Midstream & Marketing’s commodity derivative instruments and reports changes in the fair values of unsettled commodity derivative instruments, and gains and losses on settled commodity derivatives for which the associated forecasted transaction has not yet occurred, in net income.

The Company had previously determined that the impact of the error was not material to the Company’s historical condensed consolidated financial statements for the three months ended December 31, 2012. However, in conjunction with its conclusion that the error was material to certain other quarterly periods in Fiscal 2013 not presented herein, management decided to revise its consolidated financial statements for the three months ended December 31, 2012 which are included herein. Accordingly, the accompanying condensed consolidated financial statements as of and for the three months ended December 31, 2012, have been revised to report changes in the fair values of unsettled commodity derivative instruments and gains and losses on settled commodity derivative instruments for which the associated forecasted transactions have not yet occurred in cost of sales or revenues in the Condensed Consolidated Statement of Income rather than in other comprehensive income.

The following tables set forth the effects of the revision on affected line items within the Company’s previously reported condensed consolidated financial statements for the three months ended December 31, 2012. Also included in the adjustment columns in the tables below are certain other immaterial corrections that the Company made, including, but not limited to, adjustments to correct the Partnership’s accounting for certain customer credits and to correct the classification of deferred income tax assets, as well as certain other minor adjustments related principally to the timing of certain expense and income accruals.

Condensed Consolidated Balance Sheet

	December 31, 2012
	As Previously Reported			Adjustment			As Revised
Assets:
Accounts receivable	$	999.2		$	(9.9	)	$	989.3
Deferred income taxes	$	57.6		$	(20.7	)	$	36.9
Prepaid expenses and other current assets	$	57.5		$	0.8		$	58.3
Property, plant and equipment	$	4,270.8		$	0.6		$	4,271.4
Liabilities and equity:
Accounts payable	$	580.7		$	(1.4	)	$	579.3
Other current liabilities	$	616.8		$	(2.2	)	$	614.6
Deferred income taxes	$	946.1		$	(23.1	)	$	923.0
Other noncurrent liabilities	$	629.8		$	4.2		$	634.0
Retained earnings	$	1,238.1		$	(10.2	)	$	1,227.9
Accumulated other comprehensive loss	$	(43.7	)	$	6.4		$	(37.3	)
Noncontrolling interests	$	1,110.5		$	(2.9	)	$	1,107.6

Condensed Consolidated Statement of Income

	For the three months ended December 31, 2012
	As Previously Reported			Adjustment			As Revised
Revenues	$	2,023.2		$	(4.5	)	$	2,018.7
Cost of sales	$	1,218.8		$	(3.3	)	$	1,215.5
Depreciation	$	71.8		$	0.7		$	72.5
Operating income	$	296.1		$	(1.9	)	$	294.2
Interest expense	$	(60.3	)	$	(1.2	)	$	(61.5	)
Income before income taxes	$	235.8		$	(3.1	)	$	232.7
Income taxes	$	(65.1	)	$	0.2		$	(64.9	)
Net income	$	170.7		$	(2.9	)	$	167.8
Deduct net income attributable to noncontrolling interests	$	(68.1	)	$	2.8		$	(65.3	)
Net income attributable to UGI Corporation	$	102.6		$	(0.1	)	$	102.5
Basic earnings per common share	$	0.91					$	0.91
Diluted earnings per common share	$	0.90					$	0.90

Condensed Consolidated Statement of Comprehensive Income

	For the three months ended December 31, 2012
	As Previously Reported			Adjustment			As Revised
Net income	$	170.7		$	(2.9	)	$	167.8
Net losses on derivative instruments	$	(9.3	)	$	4.0		$	(5.3	)
Reclassifications of net losses on derivative instruments	$	21.8		$	(4.4	)	$	17.4
Other comprehensive income	$	28.9		$	(0.4	)	$	28.5
Comprehensive income	$	199.6		$	(3.3	)	$	196.3
Deduct comprehensive income attributable to noncontrolling interests	$	(78.7	)	$	2.8		$	(75.9	)
Comprehensive income attributable to UGI Corporation	$	120.9		$	(0.5	)	$	120.4

Condensed Consolidated Statements of Cash Flows

	For the three months ended December 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	As Previously Reported			Adjustment			As Revised
Net income	$	170.7		$	(2.9	)	$	167.8
Depreciation and amortization	$	87.1		$	0.7		$	87.8
Net change in realized gains and losses deferred as cash flow hedges	$	1.9		$	(1.9	)	$	—
Unrealized gains on derivative instruments	$	—		$	1.9		$	1.9
Other, net	$	(3.8	)	$	2.2		$	(1.6	)

Condensed Consolidated Statements of Changes in Equity

	For the three months ended December 31, 2012
	As Previously Reported			Adjustment			As Revised
Retained earnings	$	1,238.1		$	(10.2	)	$	1,227.9
Accumulated other comprehensive loss	$	(43.7	)	$	6.4		$	(37.3	)
Noncontrolling interests	$	1,110.5		$	(2.9	)	$	1,107.6