Note 20 — Quarterly Data (unaudited)

The following unaudited quarterly data includes adjustments (consisting only of normal recurring adjustments with the exception of those indicated below) which we consider necessary for a fair presentation unless otherwise indicated. Our quarterly results fluctuate primarily because of the seasonal nature of our businesses and the effects of unrealized gains and losses on commodity and certain foreign currency derivative instruments (see Note 17).



	December 31,						March 31,					June 30,						September 30,
	2016 (a)(b)			2015			2017 (b)(c)			2016		2017 (b)			2016 (d)			2017 (a)(c)			2016 (d)
Revenues	$	1,679.5		$	1,606.6		$	2,173.8		$	1,972.1	$	1,153.5		$	1,130.8		$	1,113.9		$	976.2
Operating income (loss)	$	466.2		$	305.5		$	513.2		$	615.4	$	(2.8	)	$	155.7		$	27.6		$	(88.6	)
(Loss) income from equity investees	$	(0.2	)	$	(0.1	)	$	2.3		$	—	$	0.9		$	—		$	1.3		$	(0.1	)
Loss on extinguishments of debt	$	(33.2	)	$	—		$	(22.1	)	$	—	$	(4.4	)	$	(37.1	)	$	—		$	(11.8	)
Net income (loss) including noncontrolling interests	$	290.9		$	167.9		$	311.8		$	408.0	$	(62.2	)	$	28.6		$	(16.7	)	$	(115.7	)
Net income (loss) attributable to UGI Corporation	$	230.7		$	114.6		$	219.9		$	233.2	$	(19.0	)	$	60.7		$	5.0		$	(43.8	)
Earnings (loss) per common share attributable to UGI Corporation stockholders:
Basic	$	1.33		$	0.66		$	1.27		$	1.35	$	(0.11	)	$	0.35		$	0.03		$	(0.25	)
Diluted	$	1.30		$	0.65		$	1.24		$	1.33	$	(0.11	)	$	0.34		$	0.03		$	(0.25	)

(a)

The quarter ended December 31, 2016 includes beneficial impact of adjustments to net deferred income tax liabilities associated with a change in French income tax rate which increased net income attributable to UGI Corporation by $27.4 or $0.15 per diluted share, and the impact of an income tax settlement refund in France which increased net income attributable to UGI Corporation by $6.7 or $0.04 per diluted share. The quarter ended September 30, 2017 includes the release of a valuation allowance against future uses of foreign tax credit carryforwards, which increased net income attributable to UGI Corporation by $7.6 or $0.04 per diluted share.

(b)

The quarter ended December 31, 2016 includes loss on extinguishments of debt at AmeriGas Partners which decreased net income attributable to UGI Corporation by $5.3 or $0.03 per diluted share. The quarter ended March 31, 2017 includes loss on extinguishments of debt at AmeriGas Partners which decreased net income attributable to UGI Corporation by $3.6 or $0.02. The quarter ended June 30, 2017 includes loss on extinguishments of debt at AmeriGas Partners which increased net loss attributable to UGI Corporation by $0.7 or $0.01 per diluted share (see Note 5).

(c)

The quarter ended March 31, 2017 includes impairment of a cost basis investment which decreased net income attributable to UGI Corporation by $4.5 or $0.03 per diluted share. The quarter ended September 30, 2017 includes impairment of a cost basis investment which decreased net income attributable to UGI Corporation by $2.6 or $0.02 per diluted share for the quarter ended September 30, 2017 (see Note 2).

(d)

The quarter ended June 30, 2016 includes loss on extinguishments of debt at AmeriGas Partners which decreased net income attributable to UGI Corporation by $6.1 or $0.03 per diluted share. The quarter ended September 30, 2016 includes loss on extinguishments of debt at AmeriGas Partners which increased net loss attributable to UGI Corporation by $1.8 or $0.01 per diluted share for the quarter ended September 30, 2016 (see Note 5).