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Three Months Ended December 31, | ||||||
2016 | 2015 | |||||
Denominator (thousands of shares): | ||||||
Weighted-average common shares outstanding — basic | 173,512 | 172,862 | ||||
Incremental shares issuable for stock options and awards | 3,472 | (a) | 2,356 | |||
Weighted-average common shares outstanding — diluted | 176,984 | 175,218 |
(a) | See “Adoption of New Accounting Standard - Employee Share-based Payments” below for the impact on the calculation of diluted shares resulting from the adoption of new accounting guidance regarding share-based payments. |
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December 31, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||
Non-utility LPG and natural gas | $ | 150.9 | $ | 129.8 | $ | 148.6 | ||||||
Gas Utility natural gas | 25.8 | 29.2 | 35.9 | |||||||||
Materials, supplies and other | 51.5 | 51.3 | 62.3 | |||||||||
Total inventories | $ | 228.2 | $ | 210.3 | $ | 246.8 |
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December 31, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||
Goodwill (not subject to amortization) | $ | 2,935.8 | $ | 2,989.0 | $ | 2,965.1 | ||||||
Intangible assets: | ||||||||||||
Customer relationships, noncompete agreements and other | $ | 759.4 | $ | 773.5 | $ | 764.6 | ||||||
Accumulated amortization | (329.0 | ) | (324.8 | ) | (292.2 | ) | ||||||
Intangible assets, net (definite-lived) | 430.4 | 448.7 | 472.4 | |||||||||
Trademarks and tradenames (indefinite-lived) | 128.5 | 131.6 | 130.0 | |||||||||
Total intangible assets, net | $ | 558.9 | $ | 580.3 | $ | 602.4 |
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December 31, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||
Regulatory assets: | ||||||||||||
Income taxes recoverable | $ | 117.8 | $ | 115.7 | $ | 117.4 | ||||||
Underfunded pension and postretirement plans | 179.4 | 183.1 | 138.3 | |||||||||
Environmental costs | 61.4 | 59.4 | 17.6 | |||||||||
Removal costs, net | 27.1 | 27.9 | 22.3 | |||||||||
Other | 7.2 | 9.0 | 6.2 | |||||||||
Total regulatory assets | $ | 392.9 | $ | 395.1 | $ | 301.8 | ||||||
Regulatory liabilities (a): | ||||||||||||
Postretirement benefits | $ | 17.3 | $ | 17.5 | $ | 20.3 | ||||||
Deferred fuel and power refunds | 23.8 | 22.3 | 28.1 | |||||||||
State tax benefits—distribution system repairs | 15.6 | 15.1 | 13.7 | |||||||||
Other | 2.0 | 0.7 | 1.1 | |||||||||
Total regulatory liabilities | $ | 58.7 | $ | 55.6 | $ | 63.2 |
(a) | Regulatory liabilities are recorded in “other current liabilities” and “other noncurrent liabilities” on the Condensed Consolidated Balance Sheets. |
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Three Months Ended December 31, | ||||||||
2016 | 2015 | |||||||
Trade receivables transferred to ESFC during the period | $ | 246.4 | $ | 199.3 | ||||
ESFC trade receivables sold to the bank during the period | $ | 66.0 | $ | 61.5 |
December 31, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||
ESFC trade receivables - end of period (a) | $ | 81.4 | $ | 35.7 | $ | 55.4 |
(a) | At December 31, 2016, September 30, 2016 and December 31, 2015, the amounts of ESFC trade receivables sold to the bank were $35.0, $25.5 and $26.0, respectively, and are reflected as “short-term borrowings” on the Condensed Consolidated Balance Sheets. |
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Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three Months Ended December 31, | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Service cost | $ | 3.0 | $ | 2.5 | $ | 0.2 | $ | 0.2 | ||||||||
Interest cost | 6.2 | 6.6 | 0.2 | 0.2 | ||||||||||||
Expected return on assets | (8.3 | ) | (8.0 | ) | (0.2 | ) | (0.2 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | 0.1 | (0.1 | ) | (0.1 | ) | ||||||||||
Actuarial loss | 4.1 | 2.7 | 0.1 | — | ||||||||||||
Net benefit cost | 5.1 | 3.9 | 0.2 | 0.1 | ||||||||||||
Change in associated regulatory liabilities | — | — | (0.1 | ) | 0.9 | |||||||||||
Net expense | $ | 5.1 | $ | 3.9 | $ | 0.1 | $ | 1.0 |
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Asset (Liability) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
December 31, 2016: | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | 62.7 | $ | 61.8 | $ | — | $ | 124.5 | ||||||||
Foreign currency contracts | $ | — | $ | 26.0 | $ | — | $ | 26.0 | ||||||||
Cross-currency swaps | $ | — | $ | 3.5 | $ | — | $ | 3.5 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | (53.1 | ) | $ | (12.4 | ) | $ | — | $ | (65.5 | ) | |||||
Foreign currency contracts | $ | — | $ | (0.2 | ) | $ | — | $ | (0.2 | ) | ||||||
Interest rate contracts | $ | — | $ | (2.8 | ) | $ | — | $ | (2.8 | ) | ||||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 34.2 | $ | — | $ | — | $ | 34.2 | ||||||||
September 30, 2016: | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | 28.9 | $ | 26.0 | $ | — | $ | 54.9 | ||||||||
Foreign currency contracts | $ | — | $ | 17.8 | $ | — | $ | 17.8 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | (76.8 | ) | $ | (21.8 | ) | $ | — | $ | (98.6 | ) | |||||
Foreign currency contracts | $ | — | $ | (2.4 | ) | $ | — | $ | (2.4 | ) | ||||||
Interest rate contracts | $ | — | $ | (3.9 | ) | $ | — | $ | (3.9 | ) | ||||||
Cross-currency swaps | $ | — | $ | (0.5 | ) | $ | — | $ | (0.5 | ) | ||||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 33.0 | $ | — | $ | — | $ | 33.0 | ||||||||
December 31, 2015: | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | 19.7 | $ | 10.8 | $ | — | $ | 30.5 | ||||||||
Foreign currency contracts | $ | — | $ | 25.4 | $ | — | $ | 25.4 | ||||||||
Interest rate contracts | $ | — | $ | 0.6 | $ | — | $ | 0.6 | ||||||||
Cross-currency swaps | $ | — | $ | 1.9 | $ | — | $ | 1.9 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | (70.5 | ) | $ | (97.5 | ) | $ | — | $ | (168.0 | ) | |||||
Interest rate contracts | $ | — | $ | (9.8 | ) | $ | — | $ | (9.8 | ) | ||||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 31.7 | $ | — | $ | — | $ | 31.7 |
(a) | Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans. |
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Notional Amounts (in millions) | ||||||||||||||||
Type | Units | Settlements Extending Through | December 31, 2016 | September 30, 2016 | December 31, 2015 | |||||||||||
Commodity Price Risk: | ||||||||||||||||
Regulated Utility Operations | ||||||||||||||||
Gas Utility NYMEX natural gas futures and option contracts | Dekatherms | September 2017 | 11.7 | 18.4 | 12.4 | |||||||||||
Electric Utility forward electricity purchase contracts | Kilowatt hours | N/A | — | — | 55.9 | |||||||||||
FTRs | Kilowatt hours | May 2017 | 36.2 | 58.3 | 172.6 | |||||||||||
Non-utility operations | ||||||||||||||||
LPG swaps & options | Gallons | September 2019 | 325.9 | 396.9 | 481.9 | |||||||||||
Natural gas futures, forward and pipeline contracts | Dekatherms | December 2020 | 70.2 | 71.1 | 104.9 | |||||||||||
Natural gas basis swap contracts | Dekatherms | December 2020 | 120.1 | 118.3 | 86.1 | |||||||||||
NYMEX natural gas storage | Dekatherms | April 2017 | 1.3 | 1.9 | 1.6 | |||||||||||
NYMEX propane storage | Gallons | N/A | — | — | 1.8 | |||||||||||
Electricity long forward and futures contracts | Kilowatt hours | January 2020 | 685.5 | 761.2 | 547.8 | |||||||||||
Electricity short forward and futures contracts | Kilowatt hours | January 2020 | 352.5 | 264.6 | 252.9 | |||||||||||
FTRs | Kilowatt hours | N/A | — | — | 51.1 | |||||||||||
Interest Rate Risk: | ||||||||||||||||
Interest rate swaps | Euro | October 2020 | € | 645.8 | € | 645.8 | € | 645.8 | ||||||||
IRPAs | USD | N/A | $ | — | $ | — | $ | 290.0 | ||||||||
Foreign Currency Exchange Rate Risk: | ||||||||||||||||
Forward foreign currency exchange contracts | USD | September 2020 | $ | 416.7 | $ | 314.3 | $ | 280.5 | ||||||||
Cross-currency swaps | USD | September 2018 | $ | 59.1 | $ | 59.1 | $ | 59.1 |
December 31, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||
Derivative assets: | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Foreign currency contracts | $ | 24.6 | $ | 17.8 | $ | 25.4 | ||||||
Cross-currency contracts | 3.5 | — | 1.9 | |||||||||
Interest rate contracts | — | — | 0.6 | |||||||||
28.1 | 17.8 | 27.9 | ||||||||||
Derivatives subject to PGC and DS mechanisms: | ||||||||||||
Commodity contracts | 6.9 | 4.5 | 0.2 | |||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Commodity contracts | 117.6 | 50.4 | 30.3 | |||||||||
Foreign currency contracts | 1.4 | — | — | |||||||||
119.0 | 50.4 | 30.3 | ||||||||||
Total derivative assets — gross | 154.0 | 72.7 | 58.4 | |||||||||
Gross amounts offset in the balance sheet | (35.7 | ) | (35.0 | ) | (15.6 | ) | ||||||
Cash collateral received | (7.1 | ) | (0.3 | ) | — | |||||||
Total derivative assets — net | $ | 111.2 | $ | 37.4 | $ | 42.8 | ||||||
Derivative liabilities: | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Foreign currency contracts | $ | — | $ | (2.4 | ) | $ | — | |||||
Cross-currency contracts | — | (0.5 | ) | — | ||||||||
Interest rate contracts | (2.8 | ) | (3.9 | ) | (9.8 | ) | ||||||
(2.8 | ) | (6.8 | ) | (9.8 | ) | |||||||
Derivatives subject to PGC and DS mechanisms: | ||||||||||||
Commodity contracts | (0.3 | ) | (0.5 | ) | (6.3 | ) | ||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Commodity contracts | (65.2 | ) | (98.1 | ) | (161.7 | ) | ||||||
Foreign currency contracts | (0.2 | ) | — | — | ||||||||
(65.4 | ) | (98.1 | ) | (161.7 | ) | |||||||
Total derivative liabilities — gross | (68.5 | ) | (105.4 | ) | (177.8 | ) | ||||||
Gross amounts offset in the balance sheet | 35.7 | 35.0 | 15.6 | |||||||||
Cash collateral pledged | — | — | 5.5 | |||||||||
Total derivative liabilities — net | $ | (32.8 | ) | $ | (70.4 | ) | $ | (156.7 | ) |
Three Months Ended December 31,: | ||||||||||||||||||
Gain (Loss) Recognized in AOCI | Gain (Loss) Reclassified from AOCI into Income | Location of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Cash Flow Hedges: | 2016 | 2015 | 2016 | 2015 | ||||||||||||||
Foreign currency contracts | 17.2 | 5.4 | 7.9 | 9.1 | Cost of sales | |||||||||||||
Cross-currency contracts | (0.1 | ) | — | (0.3 | ) | — | Interest expense/other operating income, net | |||||||||||
Interest rate contracts | 1.2 | 5.6 | (1.0 | ) | (0.6 | ) | Interest expense | |||||||||||
Total | $ | 18.3 | $ | 11.0 | $ | 6.6 | $ | 8.5 | ||||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2016 | 2015 | ||||||||||||||||
Commodity contracts | $ | 108.5 | $ | (46.2 | ) | Cost of sales | ||||||||||||
Commodity contracts | 0.1 | 1.6 | Revenues | |||||||||||||||
Commodity contracts | (0.1 | ) | (0.1 | ) | Operating and administrative expenses | |||||||||||||
Foreign currency contracts | 1.3 | — | Gains on foreign currency contracts, net | |||||||||||||||
Total | $ | 109.8 | $ | (44.7 | ) |
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Three Months Ended December 31, 2016 | Postretirement Benefit Plans | Derivative Instruments | Foreign Currency | Total | ||||||||||||
AOCI - September 30, 2016 | $ | (29.1 | ) | $ | (13.4 | ) | $ | (112.2 | ) | $ | (154.7 | ) | ||||
Other comprehensive income (loss) before reclassification adjustments (after-tax) | — | 12.3 | (70.9 | ) | (58.6 | ) | ||||||||||
Amounts reclassified from AOCI: | ||||||||||||||||
Reclassification adjustments (pre-tax) | 1.6 | (6.6 | ) | — | (5.0 | ) | ||||||||||
Reclassification adjustments tax (expense) benefit | (0.6 | ) | 2.1 | — | 1.5 | |||||||||||
Reclassification adjustments (after-tax) | 1.0 | (4.5 | ) | — | (3.5 | ) | ||||||||||
Other comprehensive income (loss) attributable to UGI | 1.0 | 7.8 | (70.9 | ) | (62.1 | ) | ||||||||||
AOCI - December 31, 2016 | $ | (28.1 | ) | $ | (5.6 | ) | $ | (183.1 | ) | $ | (216.8 | ) | ||||
Three Months Ended December 31, 2015 | Postretirement Benefit Plans | Derivative Instruments | Foreign Currency | Total | ||||||||||||
AOCI - September 30, 2015 | $ | (20.4 | ) | $ | 11.2 | $ | (105.4 | ) | $ | (114.6 | ) | |||||
Other comprehensive income (loss) before reclassification adjustments (after-tax) | — | 6.8 | (30.2 | ) | (23.4 | ) | ||||||||||
Amounts reclassified from AOCI: | ||||||||||||||||
Reclassification adjustments (pre-tax) | 0.7 | (8.5 | ) | — | (7.8 | ) | ||||||||||
Reclassification adjustments tax (expense) benefit | (0.3 | ) | 3.2 | — | 2.9 | |||||||||||
Reclassification adjustments (after-tax) | 0.4 | (5.3 | ) | — | (4.9 | ) | ||||||||||
Other comprehensive income (loss) attributable to UGI | 0.4 | 1.5 | (30.2 | ) | (28.3 | ) | ||||||||||
AOCI - December 31, 2015 | $ | (20.0 | ) | $ | 12.7 | $ | (135.6 | ) | $ | (142.9 | ) |
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Three Months Ended December 31, 2016 | Total | Eliminations | AmeriGas Propane | UGI International | Midstream & Marketing | UGI Utilities | Corporate & Other (b) | |||||||||||||||||||||
Revenues | $ | 1,679.5 | $ | (68.5 | ) | (c) | $ | 677.2 | $ | 539.1 | $ | 269.8 | $ | 261.4 | $ | 0.5 | ||||||||||||
Cost of sales | $ | 647.4 | $ | (67.7 | ) | (c) | $ | 260.7 | $ | 258.0 | $ | 191.8 | $ | 109.5 | $ | (104.9 | ) | |||||||||||
Segment profit: | ||||||||||||||||||||||||||||
Operating income | $ | 466.2 | $ | 0.1 | $ | 141.9 | $ | 88.9 | $ | 49.7 | $ | 82.2 | $ | 103.4 | ||||||||||||||
Loss from equity investees | (0.2 | ) | — | — | (0.2 | ) | — | — | — | |||||||||||||||||||
Gains on foreign currency contracts, net | 1.3 | — | — | 0.1 | — | — | 1.2 | |||||||||||||||||||||
Loss on extinguishment of debt | (33.2 | ) | — | (33.2 | ) | — | — | — | — | |||||||||||||||||||
Interest expense | (55.4 | ) | — | (40.0 | ) | (4.8 | ) | (0.6 | ) | (10.0 | ) | — | ||||||||||||||||
Income before income taxes | $ | 378.7 | $ | 0.1 | $ | 68.7 | $ | 84.0 | $ | 49.1 | $ | 72.2 | $ | 104.6 | ||||||||||||||
Partnership Adjusted EBITDA (a) | $ | 185.1 | ||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 60.2 | $ | — | $ | 41.2 | $ | 0.2 | $ | — | $ | — | $ | 18.8 | ||||||||||||||
Depreciation and amortization | $ | 98.1 | $ | — | $ | 44.6 | $ | 27.9 | $ | 8.0 | $ | 17.4 | $ | 0.2 | ||||||||||||||
Capital expenditures (including the effects of accruals) | $ | 173.6 | $ | — | $ | 26.4 | $ | 21.5 | $ | 61.5 | $ | 64.1 | $ | 0.1 | ||||||||||||||
As of December 31, 2016 | ||||||||||||||||||||||||||||
Total assets | $ | 11,300.5 | $ | (107.9 | ) | $ | 4,217.9 | $ | 2,853.4 | $ | 1,178.4 | $ | 2,898.5 | $ | 260.2 | |||||||||||||
Short-term borrowings | $ | 234.4 | $ | — | $ | 77.5 | $ | 3.5 | $ | 55.0 | $ | 98.4 | $ | — | ||||||||||||||
Goodwill | $ | 2,935.8 | $ | — | $ | 1,978.5 | $ | 763.7 | $ | 11.5 | $ | 182.1 | $ | — |
Three Months Ended December 31, 2015 (d) | Total | Eliminations | AmeriGas Propane | UGI International | Midstream & Marketing | UGI Utilities | Corporate & Other (b) | |||||||||||||||||||||
Revenues | $ | 1,606.6 | $ | (42.7 | ) | (c) | $ | 644.1 | $ | 578.2 | $ | 226.9 | $ | 198.0 | $ | 2.1 | ||||||||||||
Cost of sales | $ | 734.0 | $ | (41.8 | ) | (c) | $ | 243.2 | $ | 302.8 | $ | 154.5 | $ | 75.4 | $ | (0.1 | ) | |||||||||||
Segment profit: | ||||||||||||||||||||||||||||
Operating income (loss) | $ | 305.5 | $ | 0.1 | $ | 129.6 | $ | 85.1 | $ | 42.9 | $ | 48.3 | $ | (0.5 | ) | |||||||||||||
Loss from equity investees | (0.1 | ) | — | — | (0.1 | ) | — | — | — | |||||||||||||||||||
Interest expense | (57.9 | ) | — | (41.0 | ) | (6.5 | ) | (0.8 | ) | (9.5 | ) | (0.1 | ) | |||||||||||||||
Income (loss) before income taxes | $ | 247.5 | $ | 0.1 | $ | 88.6 | $ | 78.5 | $ | 42.1 | $ | 38.8 | $ | (0.6 | ) | |||||||||||||
Partnership EBITDA (a) | $ | 177.7 | ||||||||||||||||||||||||||
Noncontrolling interests’ net income (loss) | $ | 53.3 | $ | — | $ | 57.3 | $ | 0.1 | $ | — | $ | — | $ | (4.1 | ) | |||||||||||||
Depreciation and amortization | $ | 100.6 | $ | — | $ | 49.2 | $ | 27.2 | $ | 7.4 | $ | 16.7 | $ | 0.1 | ||||||||||||||
Capital expenditures (including the effects of accruals) | $ | 132.9 | $ | — | $ | 28.0 | $ | 21.0 | $ | 22.4 | $ | 61.5 | $ | — | ||||||||||||||
As of December 31, 2015 | ||||||||||||||||||||||||||||
Total assets | $ | 10,749.7 | $ | (106.2 | ) | $ | 4,222.1 | $ | 2,905.8 | $ | 1,000.0 | $ | 2,604.2 | $ | 123.8 | |||||||||||||
Short-term borrowings | $ | 456.8 | $ | — | $ | 182.0 | $ | 1.1 | $ | 56.0 | $ | 217.7 | $ | — | ||||||||||||||
Goodwill | $ | 2,965.1 | $ | — | $ | 1,971.3 | $ | 800.2 | $ | 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 December 31, | ||||||||
2016 | 2015 | |||||||
Partnership Adjusted EBITDA | $ | 185.1 | $ | 177.7 | ||||
Depreciation and amortization | (44.6 | ) | (49.2 | ) | ||||
Interest expense | (40.0 | ) | (41.0 | ) | ||||
Loss on extinguishment of debt | (33.2 | ) | — | |||||
Noncontrolling interest (i) | 1.4 | 1.1 | ||||||
Income before income taxes | $ | 68.7 | $ | 88.6 |
(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. In addition, Corporate & Other results also include the effects of net pre-tax gains on commodity and certain foreign currency derivative instruments not associated with current-period transactions (including such amounts attributable to noncontrolling interests) totaling $105.5 and $1.1 during the three months ended December 31, 2016 and 2015, respectively. Corporate & Other assets principally comprise cash and cash equivalents of UGI and its captive insurance company; UGI corporate headquarters’ assets; and our 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). |
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Three Months Ended December 31, | ||||||
2016 | 2015 | |||||
Denominator (thousands of shares): | ||||||
Weighted-average common shares outstanding — basic | 173,512 | 172,862 | ||||
Incremental shares issuable for stock options and awards | 3,472 | (a) | 2,356 | |||
Weighted-average common shares outstanding — diluted | 176,984 | 175,218 |
(a) | See “Adoption of New Accounting Standard - Employee Share-based Payments” below for the impact on the calculation of diluted shares resulting from the adoption of new accounting guidance regarding share-based payments. |
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December 31, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||
Non-utility LPG and natural gas | $ | 150.9 | $ | 129.8 | $ | 148.6 | ||||||
Gas Utility natural gas | 25.8 | 29.2 | 35.9 | |||||||||
Materials, supplies and other | 51.5 | 51.3 | 62.3 | |||||||||
Total inventories | $ | 228.2 | $ | 210.3 | $ | 246.8 |
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December 31, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||
Goodwill (not subject to amortization) | $ | 2,935.8 | $ | 2,989.0 | $ | 2,965.1 | ||||||
Intangible assets: | ||||||||||||
Customer relationships, noncompete agreements and other | $ | 759.4 | $ | 773.5 | $ | 764.6 | ||||||
Accumulated amortization | (329.0 | ) | (324.8 | ) | (292.2 | ) | ||||||
Intangible assets, net (definite-lived) | 430.4 | 448.7 | 472.4 | |||||||||
Trademarks and tradenames (indefinite-lived) | 128.5 | 131.6 | 130.0 | |||||||||
Total intangible assets, net | $ | 558.9 | $ | 580.3 | $ | 602.4 |
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December 31, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||
Regulatory assets: | ||||||||||||
Income taxes recoverable | $ | 117.8 | $ | 115.7 | $ | 117.4 | ||||||
Underfunded pension and postretirement plans | 179.4 | 183.1 | 138.3 | |||||||||
Environmental costs | 61.4 | 59.4 | 17.6 | |||||||||
Removal costs, net | 27.1 | 27.9 | 22.3 | |||||||||
Other | 7.2 | 9.0 | 6.2 | |||||||||
Total regulatory assets | $ | 392.9 | $ | 395.1 | $ | 301.8 | ||||||
Regulatory liabilities (a): | ||||||||||||
Postretirement benefits | $ | 17.3 | $ | 17.5 | $ | 20.3 | ||||||
Deferred fuel and power refunds | 23.8 | 22.3 | 28.1 | |||||||||
State tax benefits—distribution system repairs | 15.6 | 15.1 | 13.7 | |||||||||
Other | 2.0 | 0.7 | 1.1 | |||||||||
Total regulatory liabilities | $ | 58.7 | $ | 55.6 | $ | 63.2 |
(a) | Regulatory liabilities are recorded in “other current liabilities” and “other noncurrent liabilities” on the Condensed Consolidated Balance Sheets. |
December 31, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||
Regulatory assets: | ||||||||||||
Income taxes recoverable | $ | 117.8 | $ | 115.7 | $ | 117.4 | ||||||
Underfunded pension and postretirement plans | 179.4 | 183.1 | 138.3 | |||||||||
Environmental costs | 61.4 | 59.4 | 17.6 | |||||||||
Removal costs, net | 27.1 | 27.9 | 22.3 | |||||||||
Other | 7.2 | 9.0 | 6.2 | |||||||||
Total regulatory assets | $ | 392.9 | $ | 395.1 | $ | 301.8 | ||||||
Regulatory liabilities (a): | ||||||||||||
Postretirement benefits | $ | 17.3 | $ | 17.5 | $ | 20.3 | ||||||
Deferred fuel and power refunds | 23.8 | 22.3 | 28.1 | |||||||||
State tax benefits—distribution system repairs | 15.6 | 15.1 | 13.7 | |||||||||
Other | 2.0 | 0.7 | 1.1 | |||||||||
Total regulatory liabilities | $ | 58.7 | $ | 55.6 | $ | 63.2 |
(a) | Regulatory liabilities are recorded in “other current liabilities” and “other noncurrent liabilities” on the Condensed Consolidated Balance Sheets. |
|
Three Months Ended December 31, | ||||||||
2016 | 2015 | |||||||
Trade receivables transferred to ESFC during the period | $ | 246.4 | $ | 199.3 | ||||
ESFC trade receivables sold to the bank during the period | $ | 66.0 | $ | 61.5 |
December 31, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||
ESFC trade receivables - end of period (a) | $ | 81.4 | $ | 35.7 | $ | 55.4 |
(a) | At December 31, 2016, September 30, 2016 and December 31, 2015, the amounts of ESFC trade receivables sold to the bank were $35.0, $25.5 and $26.0, respectively, and are reflected as “short-term borrowings” on the Condensed Consolidated Balance Sheets. |
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Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three Months Ended December 31, | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Service cost | $ | 3.0 | $ | 2.5 | $ | 0.2 | $ | 0.2 | ||||||||
Interest cost | 6.2 | 6.6 | 0.2 | 0.2 | ||||||||||||
Expected return on assets | (8.3 | ) | (8.0 | ) | (0.2 | ) | (0.2 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | 0.1 | (0.1 | ) | (0.1 | ) | ||||||||||
Actuarial loss | 4.1 | 2.7 | 0.1 | — | ||||||||||||
Net benefit cost | 5.1 | 3.9 | 0.2 | 0.1 | ||||||||||||
Change in associated regulatory liabilities | — | — | (0.1 | ) | 0.9 | |||||||||||
Net expense | $ | 5.1 | $ | 3.9 | $ | 0.1 | $ | 1.0 |
|
Asset (Liability) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
December 31, 2016: | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | 62.7 | $ | 61.8 | $ | — | $ | 124.5 | ||||||||
Foreign currency contracts | $ | — | $ | 26.0 | $ | — | $ | 26.0 | ||||||||
Cross-currency swaps | $ | — | $ | 3.5 | $ | — | $ | 3.5 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | (53.1 | ) | $ | (12.4 | ) | $ | — | $ | (65.5 | ) | |||||
Foreign currency contracts | $ | — | $ | (0.2 | ) | $ | — | $ | (0.2 | ) | ||||||
Interest rate contracts | $ | — | $ | (2.8 | ) | $ | — | $ | (2.8 | ) | ||||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 34.2 | $ | — | $ | — | $ | 34.2 | ||||||||
September 30, 2016: | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | 28.9 | $ | 26.0 | $ | — | $ | 54.9 | ||||||||
Foreign currency contracts | $ | — | $ | 17.8 | $ | — | $ | 17.8 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | (76.8 | ) | $ | (21.8 | ) | $ | — | $ | (98.6 | ) | |||||
Foreign currency contracts | $ | — | $ | (2.4 | ) | $ | — | $ | (2.4 | ) | ||||||
Interest rate contracts | $ | — | $ | (3.9 | ) | $ | — | $ | (3.9 | ) | ||||||
Cross-currency swaps | $ | — | $ | (0.5 | ) | $ | — | $ | (0.5 | ) | ||||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 33.0 | $ | — | $ | — | $ | 33.0 | ||||||||
December 31, 2015: | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | 19.7 | $ | 10.8 | $ | — | $ | 30.5 | ||||||||
Foreign currency contracts | $ | — | $ | 25.4 | $ | — | $ | 25.4 | ||||||||
Interest rate contracts | $ | — | $ | 0.6 | $ | — | $ | 0.6 | ||||||||
Cross-currency swaps | $ | — | $ | 1.9 | $ | — | $ | 1.9 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | (70.5 | ) | $ | (97.5 | ) | $ | — | $ | (168.0 | ) | |||||
Interest rate contracts | $ | — | $ | (9.8 | ) | $ | — | $ | (9.8 | ) | ||||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 31.7 | $ | — | $ | — | $ | 31.7 |
(a) | Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans. |
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Notional Amounts (in millions) | ||||||||||||||||
Type | Units | Settlements Extending Through | December 31, 2016 | September 30, 2016 | December 31, 2015 | |||||||||||
Commodity Price Risk: | ||||||||||||||||
Regulated Utility Operations | ||||||||||||||||
Gas Utility NYMEX natural gas futures and option contracts | Dekatherms | September 2017 | 11.7 | 18.4 | 12.4 | |||||||||||
Electric Utility forward electricity purchase contracts | Kilowatt hours | N/A | — | — | 55.9 | |||||||||||
FTRs | Kilowatt hours | May 2017 | 36.2 | 58.3 | 172.6 | |||||||||||
Non-utility operations | ||||||||||||||||
LPG swaps & options | Gallons | September 2019 | 325.9 | 396.9 | 481.9 | |||||||||||
Natural gas futures, forward and pipeline contracts | Dekatherms | December 2020 | 70.2 | 71.1 | 104.9 | |||||||||||
Natural gas basis swap contracts | Dekatherms | December 2020 | 120.1 | 118.3 | 86.1 | |||||||||||
NYMEX natural gas storage | Dekatherms | April 2017 | 1.3 | 1.9 | 1.6 | |||||||||||
NYMEX propane storage | Gallons | N/A | — | — | 1.8 | |||||||||||
Electricity long forward and futures contracts | Kilowatt hours | January 2020 | 685.5 | 761.2 | 547.8 | |||||||||||
Electricity short forward and futures contracts | Kilowatt hours | January 2020 | 352.5 | 264.6 | 252.9 | |||||||||||
FTRs | Kilowatt hours | N/A | — | — | 51.1 | |||||||||||
Interest Rate Risk: | ||||||||||||||||
Interest rate swaps | Euro | October 2020 | € | 645.8 | € | 645.8 | € | 645.8 | ||||||||
IRPAs | USD | N/A | $ | — | $ | — | $ | 290.0 | ||||||||
Foreign Currency Exchange Rate Risk: | ||||||||||||||||
Forward foreign currency exchange contracts | USD | September 2020 | $ | 416.7 | $ | 314.3 | $ | 280.5 | ||||||||
Cross-currency swaps | USD | September 2018 | $ | 59.1 | $ | 59.1 | $ | 59.1 |
December 31, 2016 | September 30, 2016 | December 31, 2015 | ||||||||||
Derivative assets: | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Foreign currency contracts | $ | 24.6 | $ | 17.8 | $ | 25.4 | ||||||
Cross-currency contracts | 3.5 | — | 1.9 | |||||||||
Interest rate contracts | — | — | 0.6 | |||||||||
28.1 | 17.8 | 27.9 | ||||||||||
Derivatives subject to PGC and DS mechanisms: | ||||||||||||
Commodity contracts | 6.9 | 4.5 | 0.2 | |||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Commodity contracts | 117.6 | 50.4 | 30.3 | |||||||||
Foreign currency contracts | 1.4 | — | — | |||||||||
119.0 | 50.4 | 30.3 | ||||||||||
Total derivative assets — gross | 154.0 | 72.7 | 58.4 | |||||||||
Gross amounts offset in the balance sheet | (35.7 | ) | (35.0 | ) | (15.6 | ) | ||||||
Cash collateral received | (7.1 | ) | (0.3 | ) | — | |||||||
Total derivative assets — net | $ | 111.2 | $ | 37.4 | $ | 42.8 | ||||||
Derivative liabilities: | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Foreign currency contracts | $ | — | $ | (2.4 | ) | $ | — | |||||
Cross-currency contracts | — | (0.5 | ) | — | ||||||||
Interest rate contracts | (2.8 | ) | (3.9 | ) | (9.8 | ) | ||||||
(2.8 | ) | (6.8 | ) | (9.8 | ) | |||||||
Derivatives subject to PGC and DS mechanisms: | ||||||||||||
Commodity contracts | (0.3 | ) | (0.5 | ) | (6.3 | ) | ||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Commodity contracts | (65.2 | ) | (98.1 | ) | (161.7 | ) | ||||||
Foreign currency contracts | (0.2 | ) | — | — | ||||||||
(65.4 | ) | (98.1 | ) | (161.7 | ) | |||||||
Total derivative liabilities — gross | (68.5 | ) | (105.4 | ) | (177.8 | ) | ||||||
Gross amounts offset in the balance sheet | 35.7 | 35.0 | 15.6 | |||||||||
Cash collateral pledged | — | — | 5.5 | |||||||||
Total derivative liabilities — net | $ | (32.8 | ) | $ | (70.4 | ) | $ | (156.7 | ) |
Three Months Ended December 31,: | ||||||||||||||||||
Gain (Loss) Recognized in AOCI | Gain (Loss) Reclassified from AOCI into Income | Location of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Cash Flow Hedges: | 2016 | 2015 | 2016 | 2015 | ||||||||||||||
Foreign currency contracts | 17.2 | 5.4 | 7.9 | 9.1 | Cost of sales | |||||||||||||
Cross-currency contracts | (0.1 | ) | — | (0.3 | ) | — | Interest expense/other operating income, net | |||||||||||
Interest rate contracts | 1.2 | 5.6 | (1.0 | ) | (0.6 | ) | Interest expense | |||||||||||
Total | $ | 18.3 | $ | 11.0 | $ | 6.6 | $ | 8.5 | ||||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2016 | 2015 | ||||||||||||||||
Commodity contracts | $ | 108.5 | $ | (46.2 | ) | Cost of sales | ||||||||||||
Commodity contracts | 0.1 | 1.6 | Revenues | |||||||||||||||
Commodity contracts | (0.1 | ) | (0.1 | ) | Operating and administrative expenses | |||||||||||||
Foreign currency contracts | 1.3 | — | Gains on foreign currency contracts, net | |||||||||||||||
Total | $ | 109.8 | $ | (44.7 | ) |
|
Three Months Ended December 31, 2016 | Postretirement Benefit Plans | Derivative Instruments | Foreign Currency | Total | ||||||||||||
AOCI - September 30, 2016 | $ | (29.1 | ) | $ | (13.4 | ) | $ | (112.2 | ) | $ | (154.7 | ) | ||||
Other comprehensive income (loss) before reclassification adjustments (after-tax) | — | 12.3 | (70.9 | ) | (58.6 | ) | ||||||||||
Amounts reclassified from AOCI: | ||||||||||||||||
Reclassification adjustments (pre-tax) | 1.6 | (6.6 | ) | — | (5.0 | ) | ||||||||||
Reclassification adjustments tax (expense) benefit | (0.6 | ) | 2.1 | — | 1.5 | |||||||||||
Reclassification adjustments (after-tax) | 1.0 | (4.5 | ) | — | (3.5 | ) | ||||||||||
Other comprehensive income (loss) attributable to UGI | 1.0 | 7.8 | (70.9 | ) | (62.1 | ) | ||||||||||
AOCI - December 31, 2016 | $ | (28.1 | ) | $ | (5.6 | ) | $ | (183.1 | ) | $ | (216.8 | ) | ||||
Three Months Ended December 31, 2015 | Postretirement Benefit Plans | Derivative Instruments | Foreign Currency | Total | ||||||||||||
AOCI - September 30, 2015 | $ | (20.4 | ) | $ | 11.2 | $ | (105.4 | ) | $ | (114.6 | ) | |||||
Other comprehensive income (loss) before reclassification adjustments (after-tax) | — | 6.8 | (30.2 | ) | (23.4 | ) | ||||||||||
Amounts reclassified from AOCI: | ||||||||||||||||
Reclassification adjustments (pre-tax) | 0.7 | (8.5 | ) | — | (7.8 | ) | ||||||||||
Reclassification adjustments tax (expense) benefit | (0.3 | ) | 3.2 | — | 2.9 | |||||||||||
Reclassification adjustments (after-tax) | 0.4 | (5.3 | ) | — | (4.9 | ) | ||||||||||
Other comprehensive income (loss) attributable to UGI | 0.4 | 1.5 | (30.2 | ) | (28.3 | ) | ||||||||||
AOCI - December 31, 2015 | $ | (20.0 | ) | $ | 12.7 | $ | (135.6 | ) | $ | (142.9 | ) |
|
Three Months Ended December 31, 2016 | Total | Eliminations | AmeriGas Propane | UGI International | Midstream & Marketing | UGI Utilities | Corporate & Other (b) | |||||||||||||||||||||
Revenues | $ | 1,679.5 | $ | (68.5 | ) | (c) | $ | 677.2 | $ | 539.1 | $ | 269.8 | $ | 261.4 | $ | 0.5 | ||||||||||||
Cost of sales | $ | 647.4 | $ | (67.7 | ) | (c) | $ | 260.7 | $ | 258.0 | $ | 191.8 | $ | 109.5 | $ | (104.9 | ) | |||||||||||
Segment profit: | ||||||||||||||||||||||||||||
Operating income | $ | 466.2 | $ | 0.1 | $ | 141.9 | $ | 88.9 | $ | 49.7 | $ | 82.2 | $ | 103.4 | ||||||||||||||
Loss from equity investees | (0.2 | ) | — | — | (0.2 | ) | — | — | — | |||||||||||||||||||
Gains on foreign currency contracts, net | 1.3 | — | — | 0.1 | — | — | 1.2 | |||||||||||||||||||||
Loss on extinguishment of debt | (33.2 | ) | — | (33.2 | ) | — | — | — | — | |||||||||||||||||||
Interest expense | (55.4 | ) | — | (40.0 | ) | (4.8 | ) | (0.6 | ) | (10.0 | ) | — | ||||||||||||||||
Income before income taxes | $ | 378.7 | $ | 0.1 | $ | 68.7 | $ | 84.0 | $ | 49.1 | $ | 72.2 | $ | 104.6 | ||||||||||||||
Partnership Adjusted EBITDA (a) | $ | 185.1 | ||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 60.2 | $ | — | $ | 41.2 | $ | 0.2 | $ | — | $ | — | $ | 18.8 | ||||||||||||||
Depreciation and amortization | $ | 98.1 | $ | — | $ | 44.6 | $ | 27.9 | $ | 8.0 | $ | 17.4 | $ | 0.2 | ||||||||||||||
Capital expenditures (including the effects of accruals) | $ | 173.6 | $ | — | $ | 26.4 | $ | 21.5 | $ | 61.5 | $ | 64.1 | $ | 0.1 | ||||||||||||||
As of December 31, 2016 | ||||||||||||||||||||||||||||
Total assets | $ | 11,300.5 | $ | (107.9 | ) | $ | 4,217.9 | $ | 2,853.4 | $ | 1,178.4 | $ | 2,898.5 | $ | 260.2 | |||||||||||||
Short-term borrowings | $ | 234.4 | $ | — | $ | 77.5 | $ | 3.5 | $ | 55.0 | $ | 98.4 | $ | — | ||||||||||||||
Goodwill | $ | 2,935.8 | $ | — | $ | 1,978.5 | $ | 763.7 | $ | 11.5 | $ | 182.1 | $ | — |
Three Months Ended December 31, 2015 (d) | Total | Eliminations | AmeriGas Propane | UGI International | Midstream & Marketing | UGI Utilities | Corporate & Other (b) | |||||||||||||||||||||
Revenues | $ | 1,606.6 | $ | (42.7 | ) | (c) | $ | 644.1 | $ | 578.2 | $ | 226.9 | $ | 198.0 | $ | 2.1 | ||||||||||||
Cost of sales | $ | 734.0 | $ | (41.8 | ) | (c) | $ | 243.2 | $ | 302.8 | $ | 154.5 | $ | 75.4 | $ | (0.1 | ) | |||||||||||
Segment profit: | ||||||||||||||||||||||||||||
Operating income (loss) | $ | 305.5 | $ | 0.1 | $ | 129.6 | $ | 85.1 | $ | 42.9 | $ | 48.3 | $ | (0.5 | ) | |||||||||||||
Loss from equity investees | (0.1 | ) | — | — | (0.1 | ) | — | — | — | |||||||||||||||||||
Interest expense | (57.9 | ) | — | (41.0 | ) | (6.5 | ) | (0.8 | ) | (9.5 | ) | (0.1 | ) | |||||||||||||||
Income (loss) before income taxes | $ | 247.5 | $ | 0.1 | $ | 88.6 | $ | 78.5 | $ | 42.1 | $ | 38.8 | $ | (0.6 | ) | |||||||||||||
Partnership EBITDA (a) | $ | 177.7 | ||||||||||||||||||||||||||
Noncontrolling interests’ net income (loss) | $ | 53.3 | $ | — | $ | 57.3 | $ | 0.1 | $ | — | $ | — | $ | (4.1 | ) | |||||||||||||
Depreciation and amortization | $ | 100.6 | $ | — | $ | 49.2 | $ | 27.2 | $ | 7.4 | $ | 16.7 | $ | 0.1 | ||||||||||||||
Capital expenditures (including the effects of accruals) | $ | 132.9 | $ | — | $ | 28.0 | $ | 21.0 | $ | 22.4 | $ | 61.5 | $ | — | ||||||||||||||
As of December 31, 2015 | ||||||||||||||||||||||||||||
Total assets | $ | 10,749.7 | $ | (106.2 | ) | $ | 4,222.1 | $ | 2,905.8 | $ | 1,000.0 | $ | 2,604.2 | $ | 123.8 | |||||||||||||
Short-term borrowings | $ | 456.8 | $ | — | $ | 182.0 | $ | 1.1 | $ | 56.0 | $ | 217.7 | $ | — | ||||||||||||||
Goodwill | $ | 2,965.1 | $ | — | $ | 1,971.3 | $ | 800.2 | $ | 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 December 31, | ||||||||
2016 | 2015 | |||||||
Partnership Adjusted EBITDA | $ | 185.1 | $ | 177.7 | ||||
Depreciation and amortization | (44.6 | ) | (49.2 | ) | ||||
Interest expense | (40.0 | ) | (41.0 | ) | ||||
Loss on extinguishment of debt | (33.2 | ) | — | |||||
Noncontrolling interest (i) | 1.4 | 1.1 | ||||||
Income before income taxes | $ | 68.7 | $ | 88.6 |
(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. In addition, Corporate & Other results also include the effects of net pre-tax gains on commodity and certain foreign currency derivative instruments not associated with current-period transactions (including such amounts attributable to noncontrolling interests) totaling $105.5 and $1.1 during the three months ended December 31, 2016 and 2015, respectively. Corporate & Other assets principally comprise cash and cash equivalents of UGI and its captive insurance company; UGI corporate headquarters’ assets; and our 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). |
Three Months Ended December 31, | ||||||||
2016 | 2015 | |||||||
Partnership Adjusted EBITDA | $ | 185.1 | $ | 177.7 | ||||
Depreciation and amortization | (44.6 | ) | (49.2 | ) | ||||
Interest expense | (40.0 | ) | (41.0 | ) | ||||
Loss on extinguishment of debt | (33.2 | ) | — | |||||
Noncontrolling interest (i) | 1.4 | 1.1 | ||||||
Income before income taxes | $ | 68.7 | $ | 88.6 |
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
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