Segment Information (Tables)

12 Months Ended

Sep. 30, 2019



	Total			Elim- inations				AmeriGas Propane			UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (a)
2019
Revenues from external customers	$	7,320.4		$	—			$	2,682.0		$	2,372.2		$	1,281.1			$	980.7		$	4.4
Intersegment revenues	$	—		$	(305.4	)	(b)	$	—		$	—		$	234.6			$	67.9		$	2.9
Cost of sales	$	4,323.1		$	(301.7	)	(b)	$	1,191.3		$	1,416.4		$	1,241.2			$	481.3		$	294.6
Operating income (loss)	$	617.1		$	0.5			$	404.0		$	228.9		$	105.0			$	224.2		$	(345.5	)
Income from equity investees	9.1			—				—			—			9.1			(c)	—			—
Loss on extinguishments of debt	(6.1		)	—				—			—			—				—			(6.1		)
Other non-operating income, net	38.2			—				—			5.4			—				1.5			31.3
Earnings (losses) before interest expense and income taxes	658.3			0.5				404.0			234.3			114.1				225.7			(320.3		)
Interest expense	(257.8		)	—				(167.4		)	(25.0		)	(9.0		)		(49.6		)	(6.8		)
Income tax (expense) benefit	(92.6		)	(0.2		)		(25.7		)	(64.6		)	(27.1		)		(42.9		)	67.9
Noncontrolling interests’ net (income) loss	(51.7		)	—				(142.7		)	0.1			—				—			90.9
Net income (loss) attributable to UGI	$	256.2		$	0.3			$	68.2		$	144.8		$	78.0			$	133.2		$	(168.3	)
Depreciation and amortization	$	448.1		$	(0.2	)		$	179.4		$	123.8		$	51.4			$	92.8		$	0.9
Total assets	$	13,346.6		$	(352.8	)		$	4,095.3		$	2,975.2		$	2,744.5			$	3,559.5		$	324.9
Short-term borrowings	$	796.3		$	—			$	328.0		$	210.9		$	91.4			$	166.0		$	—
Capital expenditures (including the effects of accruals)	$	707.6		$	—			$	107.3		$	106.4		$	137.7			$	355.3		$	0.9
Investments in equity investees	$	189.6		$	—			$	—		$	11.6		$	178.0			$	—		$	—
Goodwill	$	3,456.4		$	—			$	2,003.0		$	929.8		$	341.5			$	182.1		$	—

2018 (d)(e)
Revenues from external customers	$	7,651.2		$	—			$	2,823.0		$	2,683.8		$	1,149.1			$	998.5		$	(3.2	)
Intersegment revenues	$	—		$	(370.8	)	(b)	$	—		$	—		$	272.6			$	93.9		$	4.3
Cost of sales	$	4,074.9		$	(366.6	)	(b)	$	1,314.7		$	1,620.1		$	1,090.8			$	522.9		$	(107.0	)
Operating income (loss)	$	1,064.7		$	0.3			$	422.2		$	247.9		$	175.1			$	239.9		$	(20.7	)	(d)
Income (loss) from equity investees	4.3			—				—			(0.5		)	4.8			(c)	—			—
Other non-operating income (expense), net	15.6			—				—			(7.0		)	(1.2		)		(2.4		)	26.2
Earnings before interest expense and income taxes	1,084.6			0.3				422.2			240.4			178.7				237.5			5.5



	Total			Elim- inations				AmeriGas Propane			UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (a)
Interest expense	(230.1		)	—				(163.1		)	(21.1		)	(2.4		)		(42.9		)	(0.6		)
Income tax (expense) benefit	(32.1		)	(1.4		)		(30.5		)	(69.2		)	(49.6		)		(53.7		)	172.3
Noncontrolling interests’ net (income) loss	(103.7		)	—				(152.3		)	3.0			—				—			45.6
Net income (loss) attributable to UGI	$	718.7		$	(1.1	)		$	76.3		$	153.1		$	126.7			$	140.9		$	222.8
Depreciation and amortization	$	455.1		$	(0.3	)		$	185.8		$	140.6		$	43.5			$	84.6		$	0.9
Total assets	$	11,980.9		$	(125.3	)		$	3,933.9		$	3,279.0		$	1,328.9			$	3,266.6		$	297.8
Short-term borrowings	$	424.9		$	—			$	232.0		$	1.4		$	2.0			$	189.5		$	—
Capital expenditures (including the effects of accruals)	$	597.0		$	—			$	101.3		$	111.4		$	43.1			$	338.5		$	2.7
Investments in equity investees	$	87.6		$	—			$	—		$	12.8		$	74.8			$	—		$	—
Goodwill	$	3,160.4		$	—			$	2,003.0		$	963.7		$	11.6			$	182.1		$	—

2017 (e)
Revenues from external customers	$	6,120.7		$	—			$	2,453.5		$	1,877.5		$	943.0			$	847.5		$	(0.8	)
Intersegment revenues	$	—		$	(222.7	)	(b)	$	—		$	—		$	178.2			$	40.1		$	4.4
Cost of sales	$	2,837.3		$	(218.3	)	(b)	$	1,002.9		$	935.3		$	856.7			$	367.3		$	(106.6	)
Operating income	$	1,010.0		$	0.3			$	355.3		$	234.3		$	139.4			$	232.7		$	48.0
Income from equity investees	4.3			—				—			—			4.3			(c)	—			—
Loss on extinguishments of debt	(59.7		)	—				—			—			—				—			(59.7		)
Other non-operating (expense) income, net	(29.7		)	—				—			1.2			(0.2		)		(4.4		)	(26.3		)
Earnings (losses) before interest expense and income taxes	924.9			0.3				355.3			235.5			143.5				228.3			(38.0		)
Interest expense	(223.5		)	—				(160.2		)	(20.6		)	(2.1		)		(40.2		)	(0.4		)
Income tax (expense) benefit	(177.6		)	(0.2		)		(32.5		)	(58.9		)	(54.5		)		(72.1		)	40.6
Noncontrolling interests’ net (income) loss	(87.2		)	—				(108.4		)	(0.2		)	—				—			21.4
Net income attributable to UGI	$	436.6		$	0.1			$	54.2		$	155.8		$	86.9			$	116.0		$	23.6
Depreciation and amortization	$	416.3		$	(0.2	)		$	190.5		$	117.4		$	35.4			$	72.3		$	0.9
Total assets	$	11,582.2		$	(51.5	)		$	4,069.4		$	3,132.0		$	1,165.5			$	2,994.0		$	272.8
Short-term borrowings	$	366.9		$	—			$	140.0		$	17.9		$	39.0			$	170.0		$	—
Capital expenditures (including the effects of accruals)	$	624.3		$	—			$	98.1		$	90.3		$	117.5			$	317.7		$	0.7
Investments in equity investees	$	59.1		$	—			$	—		$	8.1		$	51.0			$	—		$	—
Goodwill	$	3,107.2		$	—			$	2,001.3		$	912.2		$	11.6			$	182.1		$	—

(a)

Corporate & Other includes specific items attributable to our reportable segments that are not included in the segment profit measures used by our CODM in assessing our reportable segments’ performance or allocating resources. The following table presents such pre-tax gains (losses) which have been included in Corporate & Other, and the reportable segments to which they relate, for Fiscal 2019, Fiscal 2018 and Fiscal 2017:



	Location on Income Statement	AmeriGas Propane			UGI International			Midstream & Marketing
2019
Net losses on commodity derivative instruments not associated with current-period transactions	Revenue / Cost of sales	$	(116.8	)	$	(142.5	)	$	(31.0	)
Unrealized gains on foreign currency derivative instruments	Other non-operating income (expense), net	$	—		$	32.2		$	—
Loss on extinguishments of debt	Loss on extinguishment of debt	$	—		$	(6.1	)	$	—
AmeriGas Merger expenses	Operating and administrative expenses	$	(6.3	)	$	—		$	—
Acquisition and integration expenses associated with the CMG Acquisition	Operating and administrative expenses	$	—		$	—		$	(15.6	)
LPG business transformation costs	Operating and administrative expenses	$	(14.5	)	$	(9.3	)	$	—

2018
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Revenue / Cost of sales	$	12.5		$	92.9		$	(1.5	)
Unrealized gains on foreign currency derivative instruments	Other non-operating income (expense), net	$	—		$	28.9		$	—
Integration expenses associated with Finagaz	Operating and administrative expenses	$	—		$	(30.5	)	$	—
Impairment of Partnership tradenames and trademarks	Impairment of Partnership tradenames and trademarks	$	(75.0	)	$	—		$	—

2017
Net gains on commodity derivative instruments not associated with current-period transactions	Revenue / Cost of sales	$	31.1		$	19.0		$	55.7
Unrealized losses on foreign currency derivative instruments	Other non-operating income (expense), net	$	—		$	(23.8	)	$	—
Loss on extinguishments of debt	Loss on extinguishment of debt	$	(59.7	)	$	—		$	—
Integration expenses associated with Finagaz	Operating and administrative expenses	$	—		$	(39.9	)	$	—


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


(c)	Includes AFUDC associated with PennEast (see Note 2). Fiscal 2019 also includes income from Pennant subsequent to the CMG Acquisition (see Note 5).

(d)

Fiscal 2018 results include impacts from the TCJA in the U.S. See Notes 7 and 9 for additional information. For Fiscal 2018, the remeasurement impacts from the TCJA and, for UGI International, the December 2017 French Finance Bills, were allocated from each of AmeriGas Propane, UGI International, Midstream & Marketing and UGI Utilities to Corporate & Other in amounts of $112.9, $4.0, $70.1 and $8.0, respectively. For Fiscal 2017, the remeasurement impact from the December 2016 French Finance Bills of $29.0 was allocated from UGI International to Corporate & Other.

(e)

Segment information recast to reflect the changes adopted during the fourth quarter of Fiscal 2019 in the segment measure of profit used by our CODM to evaluate the performance of our reportable segments.