Net gains and losses on commodity derivative instruments not associated with current-period transactions are reflected in Corporate & Other because the Company’s CODM does not consider such items when evaluating the financial performance of our reportable segments.



														Midstream & Marketing						UGI International
Three Months Ended June 30, 2016	Total			Elim- inations				AmeriGas Propane			UGI Utilities			Energy Services			Electric Generation			UGI France			Flaga & Other			Corporate & Other (b)
Revenues	$	1,130.8		$	(20.0	)	(c)	$	446.7		$	140.3		$	156.8		$	11.7		$	280.7		$	114.8		$	(0.2	)
Cost of sales	$	433.0		$	(19.2	)	(c)	$	170.8		$	44.4		$	121.7		$	4.9		$	117.9		$	61.8		$	(69.3	)
Segment profit:
Operating income (loss)	$	155.7		$	0.1			$	18.3		$	29.8		$	12.6		$	(1.3	)	$	24.7		$	8.8		$	62.7
Loss on extinguishments of debt	(37.1		)	—				(37.1		)	—			—			—			—			—			—
Interest expense	(56.4		)	—				(40.9		)	(9.1		)	(0.4		)	—			(4.9		)	(0.9		)	(0.2		)
Income (loss) before income taxes	$	62.2		$	0.1			$	(59.7	)	$	20.7		$	12.2		$	(1.3	)	$	19.8		$	7.9		$	62.5
Partnership Adjusted EBITDA (a)								$	64.6
Noncontrolling interests’ net (loss) income	$	(32.1	)	$	—			$	(52.4	)	$	—		$	—		$	—		$	(0.1	)	$	—		$	20.4
Depreciation and amortization	$	98.1		$	(0.1	)		$	46.4		$	16.6		$	4.2		$	3.4		$	21.6		$	5.8		$	0.2
Capital expenditures (including the effects of accruals)	$	137.4		$	—			$	18.7		$	56.5		$	34.5		$	1.8		$	19.6		$	6.3		$	—



														Midstream & Marketing					UGI International
Three Months Ended June 30, 2015 (d)	Total			Elim- inations				AmeriGas Propane			UGI Utilities			Energy Services			Electric Generation		UGI France				Flaga & Other			Corporate & Other (b)
Revenues	$	1,148.1		$	(27.0	)	(c)	$	478.0		$	143.5		$	189.5		$	16.2	$	196.1			$	150.7		$	1.1
Cost of sales	$	586.4		$	(26.4	)	(c)	$	211.4		$	53.7		$	148.2		$	7.7	$	107.9			$	101.8		$	(17.9	)
Segment profit:
Operating income	$	56.1		$	—			$	0.8		$	20.2		$	18.2		$	1.3	$	(9.1	)		$	8.8		$	15.9
Interest expense	(67.5		)	—				(40.3		)	(9.9		)	(0.5		)	—		(15.7		)	(e)	(0.9		)	(0.2		)
(Loss) income before income taxes	$	(11.4	)	$	—			$	(39.5	)	$	10.3		$	17.7		$	1.3	$	(24.8	)		$	7.9		$	15.7
Partnership Adjusted EBITDA (a)								$	48.9
Noncontrolling interests’ net (loss) income	$	(25.5	)	$	—			$	(36.1	)	$	—		$	—		$	—	$	(0.2	)		$	—		$	10.8
Depreciation and amortization	$	92.5		$	—			$	48.0		$	15.9		$	3.9		$	3.2	$	15.2			$	5.9		$	0.4
Capital expenditures (including the effects of accruals)	$	113.2		$	—			$	20.7		$	43.3		$	27.6		$	1.1	$	17.2			$	3.3		$	—



														Midstream & Marketing					UGI International
Nine Months Ended June 30, 2016	Total			Elim- inations				AmeriGas Propane			UGI Utilities			Energy Services			Electric Generation		UGI France			Flaga & Other			Corporate & Other (b)
Revenues	$	4,709.5		$	(124.6	)	(c)	$	1,918.3		$	660.3		$	657.3		$	42.3	$	1,136.1		$	416.3		$	3.5
Cost of sales	$	1,943.9		$	(122.2	)	(c)	$	712.2		$	257.3		$	459.0		$	17.2	$	507.7		$	245.8		$	(133.1	)
Segment profit:
Operating income	$	1,076.6		$	0.2			$	398.3		$	192.6		$	130.0		$	2.0	$	188.0		$	42.1		$	123.4
Loss from equity investees	(0.1		)	—				—			—			—			—		(0.1		)	—			—
Loss on extinguishments of debt	(37.1		)	—				(37.1		)	—			—			—		—			—			—
Interest expense	(171.6		)	—				(122.7		)	(27.9		)	(1.7		)	—		(16.1		)	(2.7		)	(0.5		)
Income before income taxes	$	867.8		$	0.2			$	238.5		$	164.7		$	128.3		$	2.0	$	171.8		$	39.4		$	122.9
Partnership Adjusted EBITDA (a)								$	537.7
Noncontrolling interests’ net income	$	196.0		$	—			$	150.9		$	—		$	—		$	—	$	0.1		$	—		$	45.0
Depreciation and amortization	$	299.4		$	(0.2	)		$	143.0		$	50.3		$	12.6		$	10.1	$	66.5		$	16.4		$	0.7
Capital expenditures (including the effects of accruals)	$	384.8		$	—			$	74.5		$	166.1		$	71.6		$	3.4	$	53.2		$	16.0		$	—
As of June 30, 2016
Total assets	$	11,144.2		$	(82.6	)		$	4,406.6		$	2,699.9		$	720.9		$	277.1	$	2,386.8		$	519.8		$	215.7
Short-term borrowings	$	144.0		$	—			$	11.4		$	130.0		$	—		$	—	$	0.7		$	1.9		$	—
Goodwill	$	2,981.3		$	—			$	1,978.2		$	182.1		$	11.5		$	—	$	714.4		$	95.1		$	—



														Midstream & Marketing					UGI International
Nine Months Ended June 30, 2015 (d)	Total			Elim- inations				AmeriGas Propane			UGI Utilities			Energy Services			Electric Generation		UGI France				Flaga & Other			Corporate & Other (b)
Revenues	$	5,608.3		$	(209.4	)	(c)	$	2,467.1		$	931.4		$	927.7		$	57.5	$	881.2			$	548.2		$	4.6
Cost of sales	$	3,196.4		$	(207.4	)	(c)	$	1,179.0		$	475.1		$	698.3		$	25.1	$	517.5			$	397.7		$	111.1
Segment profit:
Operating income (loss)	$	841.5		$	0.1			$	437.4		$	238.5		$	155.6		$	8.6	$	82.5			$	35.4		$	(116.6	)
Loss from equity investees	(1.1		)	—				—			—			—			—		(1.1		)		—			—
Interest expense	(184.7		)	—				(122.4		)	(31.2		)	(1.6		)	—		(26.2		)	(e)	(2.8		)	(0.5		)
Income (loss) before income taxes	$	655.7		$	0.1			$	315.0		$	207.3		$	154.0		$	8.6	$	55.2			$	32.6		$	(117.1	)
Partnership EBITDA (a)								$	579.5
Noncontrolling interests’ net income	$	176.3		$	—			$	211.6		$	—		$	—		$	—	$	0.2			$	—		$	(35.5	)
Depreciation and amortization	$	271.5		$	—			$	145.5		$	47.0		$	11.6		$	9.2	$	40.3			$	17.2		$	0.7
Capital expenditures (including the effects of accruals)	$	328.1		$	—			$	77.9		$	139.6		$	46.6		$	10.0	$	38.9			$	15.1		$	—
As of June 30, 2015
Total assets	$	10,520.0		$	(121.8	)		$	4,202.6		$	2,423.2		$	660.6		$	277.6	$	2,377.9			$	534.5		$	165.4
Short-term borrowings	$	68.0		$	—			$	43.6		$	2.7		$	20.0		$	—	$	—			$	1.7		$	—
Goodwill	$	2,927.7		$	—			$	1,954.1		$	182.1		$	11.9		$	—	$	699.8			$	79.8		$	—


(a)	The following table provides a reconciliation of Partnership Adjusted EBITDA to AmeriGas Propane (loss) income before income taxes:



	Three Months Ended June 30,						Nine Months Ended June 30,
	2016			2015			2016			2015
Partnership Adjusted EBITDA	$	64.6		$	48.9		$	537.7		$	579.5
Depreciation and amortization	(46.4		)	(48.0		)	(143.0		)	(145.5		)
Interest expense	(40.9		)	(40.3		)	(122.7		)	(122.4		)
Loss on extinguishments of debt	(37.1		)	—			(37.1		)	—
Noncontrolling interests (i)	0.1			(0.1		)	3.6			3.4
(Loss) income before income taxes	$	(59.7	)	$	(39.5	)	$	238.5		$	315.0


(i)	Principally represents the General Partner’s 1.01% interest in AmeriGas OLP.

(b)

Corporate & Other results principally comprise (1) net expenses of UGI’s captive general liability insurance company, and (2) UGI Corporation’s unallocated corporate and general expenses and interest income. In addition, Corporate & Other results also include the effects of net pre-tax gains and (losses) on commodity derivative instruments not associated with current-period transactions totaling $67.9 and $18.1 during the three months ended June 30, 2016 and 2015, respectively, and $133.0 and $(109.5) during the nine months ended June 30, 2016 and 2015, respectively. Corporate & Other assets principally comprise cash and short-term investments of UGI and its captive insurance company; UGI corporate headquarters’ assets; and our investment in a private equity partnership.


(c)	Represents the elimination of intersegment transactions principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane.


(d)	Certain amounts have been restated to reflect the current-year changes in our segment presentation as described above.


(e)	UGI France interest expense includes pre-tax loss of $10.3 associated with an early extinguishment of debt (see Note 8).