Segment Information (Tables)

9 Months Ended

Jun. 30, 2019

Schedule of Segment Reporting Information



Three Months Ended June 30, 2019	Total			Eliminations				AmeriGas Propane			UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (b)
Revenues	$	1,363.7		$	—			$	478.7		$	486.6		$	239.3			$	153.0		$	6.1
Intersegment revenues	$	—		$	(39.6	)	(c)	$	—		$	—		$	28.0			$	10.9		$	0.7
Cost of sales	$	781.4		$	(38.5	)	(c)	$	210.3		$	278.5		$	225.4			$	61.0		$	44.7
Segment profit:
Operating income (loss)	$	9.6		$	0.2			$	(3.0	)	$	27.5		$	2.7			$	20.4		$	(38.2	)
Income from equity investees	1.5			—				—			—			1.5			(d)	—			—
Other non-operating income (expense), net	0.7			—				—			1.2			0.1				0.4			(1.0		)
Interest expense	(60.5		)	—				(41.6		)	(5.8		)	(0.7		)		(12.4		)	—
(Loss) income before income taxes	$	(48.7	)	$	0.2			$	(44.6	)	$	22.9		$	3.6			$	8.4		$	(39.2	)
Partnership Adjusted EBITDA (a)								$	42.5
Noncontrolling interests’ net loss	$	(44.6	)	$	—			$	(42.1	)	$	(0.1	)	$	—			$	—		$	(2.4	)
Depreciation and amortization	$	109.9		$	(0.2	)		$	44.0		$	30.8		$	11.8			$	23.2		$	0.3
Capital expenditures (including the effects of accruals)	$	166.0		$	—			$	21.0		$	24.1		$	36.4			$	84.5		$	—



Three Months Ended June 30, 2018	Total			Eliminations				AmeriGas Propane				UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (b)
Revenues	$	1,440.9		$	—			$	528.4			$	533.6		$	229.6			$	150.3		$	(1.0	)
Intersegment revenues	$	—		$	(44.4	)	(c)	$	—			$	—		$	34.2			$	9.6		$	0.6
Cost of sales	$	732.5		$	(43.5	)	(c)	$	244.5			$	314.3		$	215.0			$	72.5		$	(70.3	)
Segment profit:
Operating income (loss) (f)	$	29.5		$	(0.3	)		$	(54.7	)	(e)	$	9.2		$	7.4			$	4.4		$	63.5
Income from equity investees	1.3			—				—				—			1.3			(d)	—			—
Other non-operating income (expense), net (f)	24.6			—				—				(0.7		)	—				(0.5		)	25.8
Interest expense	(56.5		)	—				(40.4		)		(5.5		)	(0.5		)		(10.0		)	(0.1		)
(Loss) income before income taxes	$	(1.1	)	$	(0.3	)		$	(95.1	)		$	3.0		$	8.2			$	(6.1	)	$	89.2
Partnership Adjusted EBITDA (a)								$	67.2
Noncontrolling interests’ net (loss) income	$	(64.1	)	$	—			$	(78.1	)		$	(0.8	)	$	—			$	—		$	14.8
Depreciation and amortization	$	118.8		$	(0.1	)		$	46.4			$	39.8		$	11.1			$	21.4		$	0.2
Capital expenditures (including the effects of accruals)	$	142.7		$	—			$	25.7			$	27.3		$	9.9			$	79.7		$	0.1



Nine Months Ended June 30, 2019	Total			Eliminations				AmeriGas Propane			UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (b)
Revenues	$	6,170.0		$	—			$	2,270.5		$	1,980.5		$	1,055.4			$	856.4		$	7.2
Intersegment revenues	$	—		$	(276.0	)	(c)	$	—		$	—		$	213.7			$	59.8		$	2.5
Cost of sales	$	3,633.3		$	(272.9	)	(c)	$	1,024.0		$	1,171.8		$	1,052.2			$	438.5		$	219.7
Segment profit:
Operating income (loss)	$	716.1		$	0.2			$	410.0		$	212.7		$	95.1			$	217.3		$	(219.2	)
Income from equity investees	4.6			—				—			0.1			4.5			(d)	—			—
Loss on extinguishments of debt	(6.1		)	—				—			(6.1		)	—				—			—
Other non-operating income, net	17.6			—				—			5.0			0.1				1.2			11.3
Interest expense	(181.7		)	—				(126.2		)	(17.3		)	(1.7		)		(36.3		)	(0.2		)
Income (loss) before income taxes	$	550.5		$	0.2			$	283.8		$	194.4		$	98.0			$	182.2		$	(208.1	)
Partnership Adjusted EBITDA (a)								$	543.5
Noncontrolling interests’ net income (loss)	$	131.0		$	—			$	178.1		$	0.2		$	—			$	—		$	(47.3	)
Depreciation and amortization	$	330.0		$	(0.3	)		$	134.0		$	92.8		$	34.8			$	68.0		$	0.7
Capital expenditures (including the effects of accruals)	$	479.0		$	—			$	77.8		$	74.0		$	93.8			$	232.6		$	0.8
As of June 30, 2019
Total assets	$	12,018.9		$	(116.9	)		$	3,789.4		$	3,168.0		$	1,444.7			$	3,375.6		$	358.1
Short-term borrowings	$	380.2		$	—			$	248.5		$	0.7		$	55.0			$	76.0		$	—
Goodwill	$	3,159.1		$	—			$	2,003.0		$	956.2		$	17.8			$	182.1		$	—



Nine Months Ended June 30, 2018	Total			Eliminations				AmeriGas Propane				UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (b)
Revenues	$	6,378.1		$	—			$	2,356.0			$	2,227.4		$	915.6			$	880.3		$	(1.2	)
Intersegment revenues	$	—		$	(330.4	)	(c)	$	—			$	—		$	241.4			$	86.0		$	3.0
Cost of sales	$	3,430.1		$	(327.4	)	(c)	$	1,094.3			$	1,340.2		$	872.6			$	481.6		$	(31.2	)
Segment profit:
Operating income (f)	$	1,015.5		$	0.2			$	359.8		(e)	$	234.4		$	168.4			$	237.0		$	15.7
Income (loss) from equity investees	3.0			—				—				(0.3		)	3.3			(d)	—			—
Other non-operating income (expense), net (f)	4.1			—				—				(14.7		)	(1.2		)		(1.7		)	21.7
Interest expense	(172.8		)	—				(122.0		)		(16.3		)	(2.1		)		(32.0		)	(0.4		)
Income before income taxes	$	849.8		$	0.2			$	237.8			$	203.1		$	168.4			$	203.3		$	37.0
Partnership Adjusted EBITDA (a)								$	570.8
Noncontrolling interests’ net income (loss)	$	135.9		$	—			$	145.6			$	(2.3	)	$	—			$	—		$	(7.4	)
Depreciation and amortization	$	341.3		$	(0.2	)		$	139.0			$	106.9		$	32.0			$	62.9		$	0.7
Capital expenditures (including the effects of accruals)	$	381.3		$	—			$	72.9			$	75.1		$	25.5			$	206.5		$	1.3
As of June 30, 2018
Total assets	$	11,876.7		$	(74.2	)		$	3,932.7			$	3,232.5		$	1,316.5			$	3,194.0		$	275.2
Short-term borrowings	$	299.1		$	—			$	177.0			$	3.6		$	—			$	118.5		$	—
Goodwill	$	3,169.0		$	—			$	2,005.5			$	969.9		$	11.5			$	182.1		$	—

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



	Three Months Ended June 30,						Nine Months Ended June 30,
	2019			2018			2019			2018
Partnership Adjusted EBITDA	$	42.5		$	67.2		$	543.5		$	570.8
Depreciation and amortization	(44.0		)	(46.4		)	(134.0		)	(139.0		)
Interest expense	(41.6		)	(40.4		)	(126.2		)	(122.0		)
Impairment of Partnership tradenames and trademarks	—			(75.0		)	—			(75.0		)
Merger expense	(1.8		)	—			(2.7		)	—
Noncontrolling interest (i)	0.3			(0.5		)	3.2			3.0
(Loss) income before income taxes	$	(44.6	)	$	(95.1	)	$	283.8		$	237.8


(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 $(39.5) and $95.5 for the three months ended June 30, 2019 and 2018, respectively, and $(200.7) and $54.0 for the nine months ended June 30, 2019 and 2018, respectively.


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


(d)	Represents AFUDC associated with our PennEast Pipeline equity investment.


(e)	Includes a pre-tax impairment charge of $75.0, as a result of a plan to discontinue the use of certain tradenames and trademarks primarily associated with the Partnership’s January 2012 acquisition of Heritage Propane (see Note 7).

(f)

Amounts reflect the reclassification of non-service income (expense) associated with our pension and other postretirement plans from “Operating and administrative expenses” to “Other non-operating income, net,” on the Condensed Consolidated Statements of Income as a result of the adoption of ASU No. 2017-07 (see Note 3).

Reconciliation of Adjusted EBITDA to (Loss) Income Before Income Taxes

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



	Three Months Ended June 30,						Nine Months Ended June 30,
	2019			2018			2019			2018
Partnership Adjusted EBITDA	$	42.5		$	67.2		$	543.5		$	570.8
Depreciation and amortization	(44.0		)	(46.4		)	(134.0		)	(139.0		)
Interest expense	(41.6		)	(40.4		)	(126.2		)	(122.0		)
Impairment of Partnership tradenames and trademarks	—			(75.0		)	—			(75.0		)
Merger expense	(1.8		)	—			(2.7		)	—
Noncontrolling interest (i)	0.3			(0.5		)	3.2			3.0
(Loss) income before income taxes	$	(44.6	)	$	(95.1	)	$	283.8		$	237.8

(i)

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