

Three Months Ended March 31, 2018	Total			Eliminations				AmeriGas Propane			UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (b)
Revenues	$	2,812.0		$	—			$	1,040.3		$	909.6		$	436.2			$	424.6		$	1.3
Intersegment revenues	$	—		$	(188.9	)	(c)	$	—		$	—		$	129.0			$	58.7		$	1.2
Cost of sales	$	1,560.2		$	(187.9	)	(c)	$	483.7		$	541.1		$	418.6			$	257.3		$	47.4
Segment profit:
Operating income (loss)	$	589.5		$	0.3			$	266.6		$	131.8		$	107.5			$	135.1		$	(51.8	)
Income (loss) from equity investees	0.7			—				—			(0.1		)	0.8			(d)	—			—
Losses on foreign currency contracts, net	(11.0		)	—				—			(9.0		)	—				—			(2.0		)
Interest expense	(58.1		)	—				(41.0		)	(5.2		)	(0.7		)		(11.1		)	(0.1		)
Income (loss) before income taxes	$	521.1		$	0.3			$	225.6		$	117.5		$	107.6			$	124.0		$	(53.9	)
Partnership Adjusted EBITDA (a)								$	309.5
Noncontrolling interests’ net income (loss)	$	131.7		$	—			$	155.7		$	(1.2	)	$	—			$	—		$	(22.8	)
Depreciation and amortization	$	112.2		$	(0.1	)		$	45.2		$	34.9		$	10.8			$	21.1		$	0.3
Capital expenditures (including the effects of accruals)	$	110.1		$	—			$	23.6		$	26.1		$	4.3			$	55.1		$	1.0



Three Months Ended March 31, 2017	Total			Eliminations				AmeriGas Propane			UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (b)
Revenues	$	2,173.8		$	—			$	863.6		$	620.7		$	347.5			$	341.2		$	0.8
Intersegment revenues	$	—		$	(95.8	)	(c)	$	—		$	—		$	76.2			$	18.8		$	0.8
Cost of sales	$	1,071.2		$	(94.9	)	(c)	$	355.8		$	313.1		$	309.8			$	164.5		$	22.9
Segment profit:
Operating income (loss)	$	513.2		$	—			$	227.3		$	121.0		$	82.1			$	116.4		$	(33.6	)
Income (loss) from equity investees	2.3			—				—			(0.1		)	2.4			(d)	—			—
(Losses) gains on foreign currency contracts, net	(1.2		)	—				—			0.1			—				—			(1.3		)
Loss on extinguishments of debt	(22.1		)	—				(22.1		)	—			—				—			—
Interest expense	(55.8		)	—				(40.0		)	(4.8		)	(0.7		)		(10.3		)	—
Income (loss) before income taxes	$	436.4		$	—			$	165.2		$	116.2		$	83.8			$	106.1		$	(34.9	)
Partnership Adjusted EBITDA (a)								$	271.2
Noncontrolling interests’ net income (loss)	$	91.9		$	—			$	112.7		$	0.1		$	—			$	—		$	(20.9	)
Depreciation and amortization	$	99.3		$	(0.1	)		$	45.0		$	27.6		$	8.8			$	17.7		$	0.3
Capital expenditures (including the effects of accruals)	$	126.2		$	—			$	27.2		$	21.5		$	20.8			$	56.5		$	0.2



Six Months Ended March 31, 2018	Total			Eliminations				AmeriGas Propane			UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (b)
Revenues	$	4,937.2		$	—			$	1,827.6		$	1,693.8		$	686.0			$	730.0		$	(0.2	)
Intersegment revenues	$	—		$	(286.0	)	(c)	$	—		$	—		$	207.2			$	76.4		$	2.4
Cost of sales	$	2,697.6		$	(283.9	)	(c)	$	849.8		$	1,025.9		$	657.6			$	409.1		$	39.1
Segment profit:
Operating income (loss)	$	981.3		$	0.5			$	414.5		$	224.9		$	159.8			$	231.4		$	(49.8	)
Income (loss) from equity investees	1.7			—				—			(0.3		)	2.0			(d)	—			—
Losses on foreign currency contracts, net	(15.8		)	—				—			(13.7		)	—				—			(2.1		)
Interest expense	(116.3		)	—				(81.6		)	(10.8		)	(1.6		)		(22.0		)	(0.3		)
Income (loss) before income taxes	$	850.9		$	0.5			$	332.9		$	200.1		$	160.2			$	209.4		$	(52.2	)
Partnership Adjusted EBITDA (a)								$	503.6
Noncontrolling interests’ net income (loss)	$	200.0		$	—			$	223.7		$	(1.5	)	$	—			$	—		$	(22.2	)
Depreciation and amortization	$	222.5		$	(0.1	)		$	92.6		$	67.1		$	20.9			$	41.5		$	0.5
Capital expenditures (including the effects of accruals)	$	238.6		$	—			$	47.2		$	47.8		$	15.6			$	126.8		$	1.2
As of March 31, 2018
Total assets	$	12,445.3		$	(59.4	)		$	4,149.8		$	3,562.3		$	1,347.7			$	3,204.0		$	240.9
Short-term borrowings	$	302.8		$	—			$	154.5		$	3.3		$	10.0			$	135.0		$	—
Goodwill	$	3,218.1		$	—			$	2,001.3		$	1,023.2		$	11.5			$	182.1		$	—



Six Months Ended March 31, 2017	Total			Eliminations				AmeriGas Propane			UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (b)
Revenues	$	3,853.3		$	—			$	1,540.8		$	1,159.8		$	557.1			$	595.1		$	0.5
Intersegment revenues	$	—		$	(164.3	)	(c)	$	—		$	—		$	136.4			$	26.3		$	1.6
Cost of sales	$	1,718.6		$	(162.6	)	(c)	$	616.5		$	571.1		$	501.6			$	274.0		$	(82.0	)
Segment profit:
Operating income	$	979.4		$	0.1			$	369.2		$	209.9		$	131.8			$	198.6		$	69.8
Income (loss) from equity investees	2.1			—				—			(0.3		)	2.4			(d)	—			—
Gains (losses) on foreign currency contracts, net	0.1			—				—			0.2			—				—			(0.1		)
Loss on extinguishments of debt	(55.3		)	—				(55.3		)	—			—				—			—
Interest expense	(111.2		)	—				(80.0		)	(9.6		)	(1.3		)		(20.3		)	—
Income before income taxes	$	815.1		$	0.1			$	233.9		$	200.2		$	132.9			$	178.3		$	69.7
Partnership Adjusted EBITDA (a)								$	456.3
Noncontrolling interests’ net income (loss)	$	152.1		$	—			$	153.9		$	0.3		$	—			$	—		$	(2.1	)
Depreciation and amortization	$	197.4		$	(0.1	)		$	89.6		$	55.5		$	16.8			$	35.1		$	0.5
Capital expenditures (including the effects of accruals)	$	299.8		$	—			$	53.6		$	43.0		$	82.3			$	120.6		$	0.3
As of March 31, 2017
Total assets	$	11,385.5		$	(58.6	)		$	4,238.1		$	2,804.7		$	1,200.7			$	2,909.7		$	290.9
Short-term borrowings	$	50.1		$	—			$	—		$	1.6		$	—			$	48.5		$	—
Goodwill	$	2,948.4		$	—			$	1,981.2		$	773.6		$	11.5			$	182.1		$	—

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



	Three Months Ended March 31,						Six Months Ended March 31,
	2018			2017			2018			2017
Partnership Adjusted EBITDA	$	309.5		$	271.2		$	503.6		$	456.3
Depreciation and amortization	(45.2		)	(45.0		)	(92.6		)	(89.6		)
Interest expense	(41.0		)	(40.0		)	(81.6		)	(80.0		)
Loss on extinguishments of debt	—			(22.1		)	—			(55.3		)
Noncontrolling interest (i)	2.3			1.1			3.5			2.5
Income before income taxes	$	225.6		$	165.2		$	332.9		$	233.9


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

(b)

Includes 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 $(48.1) and $(23.9) during the three months ended March 31, 2018 and 2017, respectively, and $(41.5) and $81.6 during the six months ended March 31, 2018 and 2017, respectively. Corporate & Other results for the three and six months ended March 31, 2017, also include a pre-tax loss of $7.0 associated with the impairment of a cost basis investment (see Note 2).


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


(d)	Represents allowance for funds used during construction (“AFUDC”) associated with our PennEast Pipeline equity investment.