

Three Months Ended June 30, 2017	Total			Eliminations				AmeriGas Propane			UGI International			Midstream & Marketing			UGI Utilities			Corporate & Other (b)
Revenues	$	1,153.5		$	(36.9	)	(c)	$	467.5		$	351.3		$	222.8		$	146.6		$	2.2
Cost of sales	$	618.5		$	(36.2	)	(c)	$	197.5		$	178.2		$	189.4		$	52.0		$	37.6
Segment profit:
Operating (loss) income	$	(2.8	)	$	0.1			$	4.6		$	0.5		$	2.8		$	27.7		$	(38.5	)
Income from equity investees	0.9			—				—			0.1			0.8			—			—
Losses on foreign currency contracts, net	(16.2		)	—				—			(0.2		)	—			—			(16.0		)
Loss on extinguishment of debt	(4.4		)	—				(4.4		)	—			—			—			—
Interest expense	(56.8		)	—				(40.6		)	(5.6		)	(0.3		)	(10.2		)	(0.1		)
(Loss) income before income taxes	$	(79.3	)	$	0.1			$	(40.4	)	$	(5.2	)	$	3.3		$	17.5		$	(54.6	)
Partnership Adjusted EBITDA (a)								$	58.4
Noncontrolling interests’ net loss	$	(43.2	)	$	—			$	(38.5	)	$	(0.3	)	$	—		$	—		$	(4.4	)
Depreciation and amortization	$	104.1		$	(0.1	)		$	46.2		$	31.1		$	8.8		$	17.9		$	0.2
Capital expenditures (including the effects of accruals)	$	140.9		$	—			$	20.9		$	19.1		$	21.7		$	79.1		$	0.1



Three Months Ended June 30, 2016 (d)	Total			Eliminations				AmeriGas Propane			UGI International			Midstream & Marketing			UGI Utilities			Corporate & Other (b)
Revenues	$	1,130.8		$	(17.5	)	(c)	$	446.7		$	395.5		$	166.0		$	140.3		$	(0.2	)
Cost of sales	$	433.0		$	(16.7	)	(c)	$	170.8		$	179.7		$	124.1		$	44.4		$	(69.3	)
Segment profit:
Operating income	$	155.7		$	0.1			$	18.3		$	33.5		$	11.3		$	29.8		$	62.7
Loss from equity investees	—			—				—			—			—			—			—
Loss on extinguishments of debt	(37.1		)	—				(37.1		)	—			—			—			—
Interest expense	(56.4		)	—				(40.9		)	(5.8		)	(0.4		)	(9.1		)	(0.2		)
Income (loss) before income taxes	$	62.2		$	0.1			$	(59.7	)	$	27.7		$	10.9		$	20.7		$	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		$	27.4		$	7.6		$	16.6		$	0.2
Capital expenditures (including the effects of accruals)	$	137.4		$	—			$	18.7		$	25.9		$	36.3		$	56.5		$	—



Nine Months Ended June 30, 2017	Total			Eliminations				AmeriGas Propane			UGI International			Midstream & Marketing			UGI Utilities			Corporate & Other (b)
Revenues	$	5,006.8		$	(201.2	)	(c)	$	2,008.3		$	1,511.1		$	916.3		$	768.0		$	4.3
Cost of sales	$	2,337.1		$	(198.8	)	(c)	$	814.0		$	749.3		$	691.0		$	326.0		$	(44.4	)
Segment profit:
Operating income	$	976.6		$	0.2			$	373.8		$	210.4		$	134.6		$	226.3		$	31.3
Income (loss) from equity investees	3.0			—				—			(0.2		)	3.2			—			—
Losses on foreign currency contracts, net	(16.1		)	—				—			—			—			—			(16.1		)
Loss on extinguishments of debt	(59.7		)	—				(59.7		)	—			—			—			—
Interest expense	(168.0		)	—				(120.6		)	(15.2		)	(1.6		)	(30.5		)	(0.1		)
Income before income taxes	$	735.8		$	0.2			$	193.5		$	195.0		$	136.2		$	195.8		$	15.1
Partnership Adjusted EBITDA (a)								$	514.7
Noncontrolling interests’ net income (loss)	$	108.9		$	—			$	115.4		$	—		$	—		$	—		$	(6.5	)
Depreciation and amortization	$	301.5		$	(0.2	)		$	135.8		$	86.6		$	25.6		$	53.0		$	0.7
Capital expenditures (including the effects of accruals)	$	440.7		$	—			$	74.5		$	62.1		$	104.0		$	199.7		$	0.4
As of June 30, 2017
Total assets	$	11,246.4		$	(53.0	)		$	4,045.7		$	2,887.7		$	1,171.5		$	2,904.5		$	290.0
Short-term borrowings	$	163.9		$	—			$	75.5		$	8.4		$	30.0		$	50.0		$	—
Goodwill	$	3,032.3		$	—			$	2,001.4		$	837.3		$	11.5		$	182.1		$	—



Nine Months Ended June 30, 2016 (d)	Total			Eliminations				AmeriGas Propane			UGI International			Midstream & Marketing			UGI Utilities			Corporate & Other (b)
Revenues	$	4,709.5		$	(116.7	)	(c)	$	1,918.3		$	1,552.4		$	691.7		$	660.3		$	3.5
Cost of sales	$	1,943.9		$	(114.3	)	(c)	$	712.2		$	753.5		$	468.3		$	257.3		$	(133.1	)
Segment profit:
Operating income	$	1,076.6		$	0.2			$	398.3		$	230.1		$	132.0		$	192.6		$	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		)	(18.8		)	(1.7		)	(27.9		)	(0.5		)
Income before income taxes	$	867.8		$	0.2			$	238.5		$	211.2		$	130.3		$	164.7		$	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		$	82.9		$	22.7		$	50.3		$	0.7
Capital expenditures (including the effects of accruals)	$	384.8		$	—			$	74.5		$	69.2		$	75.0		$	166.1		$	—
As of June 30, 2016
Total assets	$	11,103.9		$	(82.6	)		$	4,376.1		$	2,899.5		$	998.0		$	2,697.3		$	215.6
Short-term borrowings	$	144.0		$	—			$	11.4		$	2.6		$	—		$	130.0		$	—
Goodwill	$	2,981.3		$	—			$	1,978.2		$	809.5		$	11.5		$	182.1		$	—


(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,
	2017			2016			2017			2016
Partnership Adjusted EBITDA	$	58.4		$	64.6		$	514.7		$	537.7
Depreciation and amortization	(46.2		)	(46.4		)	(135.8		)	(143.0		)
Interest expense	(40.6		)	(40.9		)	(120.6		)	(122.7		)
Loss on extinguishments of debt	(4.4		)	(37.1		)	(59.7		)	(37.1		)
MGP environmental remediation accrual	(7.5		)	—			(7.5		)	—
Noncontrolling interest (i)	(0.1		)	0.1			2.4			3.6
(Loss) income before income taxes	$	(40.4	)	$	(59.7	)	$	193.5		$	238.5


(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 UGI’s corporate headquarters facility and (2) UGI’s unallocated corporate and general expenses and interest income. Corporate & Other results also include the effects of net pre-tax (losses) gains on commodity and certain foreign currency derivative instruments not associated with current-period transactions (including such amounts attributable to noncontrolling interests) totaling $(52.7) and $67.9 during the three months ended June 30, 2017 and 2016, respectively, and $28.9 and $133.0 during the nine months ended June 30, 2017 and 2016, respectively. Corporate & Other results for the nine months ended June 30, 2017, also includes a pre-tax loss of $7.0 associated with the impairment of a cost basis investment (see Note 2). Corporate & Other assets principally comprise cash and cash equivalents of UGI and its captive insurance company; UGI corporate headquarters’ assets; and our cost basis investment in a private equity partnership.


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


(d)	Restated to reflect (1) the current-year changes in the presentation of our UGI International and Midstream & Marketing reportable segments and (2) the adoption of new accounting guidance related to debt issuance costs (see Note 2).