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• | Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date. |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. |
• | Level 3 — Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. |
(Thousands of shares) | 2016 | 2015 | 2014 | ||||||
Weighted-average common shares outstanding for basic computation | 173,154 | 173,115 | 172,733 | ||||||
Incremental shares issuable for stock options and common stock awards (a) | 2,418 | 2,552 | 2,498 | ||||||
Weighted-average common shares outstanding for diluted computation | 175,572 | 175,667 | 175,231 |
(a) | For Fiscal 2016, Fiscal 2015 and Fiscal 2014, there were 38 shares, 1 share and 0 shares, respectively, associated with outstanding stock option awards that were not included in the computation of diluted earnings per share above because their effect was antidilutive. |
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Assets acquired: | |||
Cash | $ | 86.8 | |
Accounts receivable (a) | 170.3 | ||
Prepaid expenses and other current assets | 11.0 | ||
Property, plant and equipment | 375.6 | ||
Intangible assets (b) | 91.3 | ||
Other assets | 21.4 | ||
Total assets acquired | $ | 756.4 | |
Liabilities assumed: | |||
Accounts payable | 109.2 | ||
Other current liabilities | 103.5 | ||
Deferred income taxes | 117.5 | ||
Other noncurrent liabilities | 113.4 | ||
Total liabilities assumed | $ | 443.6 | |
Goodwill | 183.8 | ||
Net consideration transferred (including working capital adjustments) | $ | 496.6 |
(a) | Approximates the gross contractual amounts of receivables acquired. |
(b) | Comprises $79.3 of customer relationships and $12.0 of tradenames ($8.3 of which is subject to amortization), having average amortization periods of 15 years. |
• | Customer relationships were valued using a multi-period, excess earnings method. Key assumptions used in this method include discount rates, growth rates and cash flow projections. These assumptions are most sensitive and susceptible to change as they require significant management judgment; |
• | Tradenames were valued using the relief from royalty method, which estimates our theoretical royalty savings from ownership of the tradenames. Key assumptions used in this method include discount rates, royalty rates, growth rates and sales projections. These assumptions are most sensitive and susceptible to change as they require significant management judgment; and |
• | Property, plant and equipment were valued based on estimated fair values primarily using depreciated replacement cost and market value methods. |
2015 | 2014 | ||||||||||||||
As Reported | Pro Forma Adjusted | As Reported | Pro Forma Adjusted | ||||||||||||
Revenues | $ | 6,691.1 | $ | 7,065.8 | $ | 8,277.3 | $ | 8,999.6 | |||||||
Net income attributable to UGI Corporation | $ | 281.0 | $ | 341.2 | $ | 337.2 | $ | 385.5 | |||||||
Earnings per common share attributable to UGI Corporation stockholders: | |||||||||||||||
Basic | $ | 1.62 | $ | 1.97 | $ | 1.95 | $ | 2.23 | |||||||
Diluted | $ | 1.60 | $ | 1.94 | $ | 1.92 | $ | 2.20 |
|
2016 | 2015 | ||||||
AmeriGas Propane: | |||||||
AmeriGas Partners Senior Notes: | |||||||
5.875% due August 2026 | $ | 675.0 | $ | — | |||
5.625% due May 2024 | 675.0 | — | |||||
7.00%, due May 2022 | 980.8 | 980.8 | |||||
6.75%, due May 2020 | — | 550.0 | |||||
6.50%, due May 2021 | — | 270.0 | |||||
6.25%, due August 2019 | — | 450.0 | |||||
HOLP Senior Secured Notes, including unamortized premium of $0.7 and $2.5, respectively | 15.2 | 21.0 | |||||
Other | 14.2 | 11.7 | |||||
Unamortized debt issuance costs (a) | (26.6 | ) | (21.6 | ) | |||
Total AmeriGas Propane | 2,333.6 | 2,261.9 | |||||
UGI International: | |||||||
France SAS Senior Facilities term loan, due through April 2020 | 674.4 | 670.7 | |||||
Flaga variable rate term loan, due October 2020 | 51.4 | — | |||||
Flaga variable rate term loan, due September 2018 | 59.1 | 59.1 | |||||
Flaga variable rate term loan, due through August 2016 | — | 29.8 | |||||
Flaga variable rate term loan, due October 2016 | — | 21.4 | |||||
Other | 1.4 | 1.8 | |||||
Unamortized debt issuance costs (a) | (6.7 | ) | (8.6 | ) | |||
Total UGI International | 779.6 | 774.2 | |||||
UGI Utilities: | |||||||
Senior Notes: | |||||||
4.12%, due September 2046 | 200.0 | — | |||||
5.75%, due September 2016 | — | 175.0 | |||||
4.98%, due March 2044 | 175.0 | 175.0 | |||||
2.95%, due June 2026 | 100.0 | — | |||||
6.21%, due September 2036 | 100.0 | 100.0 | |||||
Medium-Term Notes: | |||||||
7.37%, due October 2015 | — | 22.0 | |||||
5.64%, due December 2015 | — | 50.0 | |||||
6.17%, due June 2017 | 20.0 | 20.0 | |||||
7.25%, due November 2017 | 20.0 | 20.0 | |||||
5.67%, due January 2018 | 20.0 | 20.0 | |||||
6.50%, due August 2033 | 20.0 | 20.0 | |||||
6.13%, due October 2034 | 20.0 | 20.0 | |||||
Unamortized debt issuance costs (a) | (3.5 | ) | (2.2 | ) | |||
Total UGI Utilities | 671.5 | 619.8 | |||||
Other | 10.8 | 11.5 | |||||
Total long-term debt | 3,795.5 | 3,667.4 | |||||
Less: current maturities | (29.5 | ) | (257.9 | ) | |||
Total long-term debt due after one year | $ | 3,766.0 | $ | 3,409.5 |
(a) | Prior-year amounts reflect the retrospective impact from the adoption of new accounting guidance regarding the classification of debt issuance costs (see Note 2 and Note 3). |
2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
AmeriGas Propane | $ | 8.5 | $ | 6.8 | $ | 6.4 | $ | 5.7 | $ | 1.6 | |||||||||
UGI Utilities | 20.0 | 40.0 | — | — | — | ||||||||||||||
UGI International | 0.3 | 127.3 | 67.6 | 539.6 | 51.5 | ||||||||||||||
Other | 0.7 | 0.8 | 0.8 | 0.9 | 0.9 | ||||||||||||||
Total | $ | 29.5 | $ | 174.9 | $ | 74.8 | $ | 546.2 | $ | 54.0 |
2016 | 2015 | ||||||
Credit Agreements: | |||||||
AmeriGas Propane | $ | 153.2 | $ | 68.1 | |||
UGI International | 0.5 | 0.6 | |||||
UGI Utilities | 112.5 | 71.7 | |||||
Midstream & Marketing | — | 30.0 | |||||
Energy Services Receivables Facility | 25.5 | 19.5 | |||||
Total short-term borrowings | $ | 291.7 | $ | 189.9 |
2016 | 2015 | 2014 | ||||||||||
Trade receivables transferred to ESFC during the year | $ | 756.4 | $ | 1,037.8 | $ | 1,260.6 | ||||||
ESFC trade receivables sold to the bank during the year | 204.0 | 306.5 | 354.0 | |||||||||
ESFC trade receivables - end of year (a) | 35.7 | 44.1 | 46.4 |
(a) | The amounts of ESFC trade receivables sold to the bank are reflected as short-term borrowings on the Consolidated Balance Sheets. |
|
2016 | 2015 | 2014 | |||||||||
Domestic | $ | 518.9 | $ | 552.3 | $ | 699.2 | |||||
Foreign | 191.1 | 39.5 | 68.6 | ||||||||
Total income before income taxes | $ | 710.0 | $ | 591.8 | $ | 767.8 |
2016 | 2015 | 2014 | |||||||||
Current expense (benefit): | |||||||||||
Federal | $ | 44.2 | $ | 97.1 | $ | 102.4 | |||||
State | 20.9 | 32.2 | 30.7 | ||||||||
Foreign | 78.7 | 36.0 | 37.0 | ||||||||
Investment tax credit | — | (1.2 | ) | (1.6 | ) | ||||||
Total current expense | 143.8 | 164.1 | 168.5 | ||||||||
Deferred expense (benefit): | |||||||||||
Federal | 81.2 | 28.1 | 61.9 | ||||||||
State | 1.3 | 2.9 | 7.8 | ||||||||
Foreign | (4.8 | ) | (17.0 | ) | (2.7 | ) | |||||
Investment tax credit amortization | (0.3 | ) | (0.3 | ) | (0.3 | ) | |||||
Total deferred expense | 77.4 | 13.7 | 66.7 | ||||||||
Total income tax expense | $ | 221.2 | $ | 177.8 | $ | 235.2 |
2016 | 2015 | 2014 | ||||||
U.S. federal statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Difference in tax rate due to: | ||||||||
Noncontrolling interests not subject to tax | (6.2 | ) | (7.9 | ) | (9.0 | ) | ||
State income taxes, net of federal benefit | 3.0 | 3.3 | 3.4 | |||||
Valuation allowance adjustments | (0.9 | ) | 0.8 | — | ||||
Effects of foreign operations | 0.6 | 0.2 | 1.0 | |||||
Other, net | (0.3 | ) | (1.4 | ) | 0.2 | |||
Effective tax rate | 31.2 | % | 30.0 | % | 30.6 | % |
2016 | 2015 | ||||||
Excess book basis over tax basis of property, plant and equipment | $ | 873.9 | $ | 798.4 | |||
Investment in AmeriGas Partners | 323.2 | 321.4 | |||||
Intangible assets and goodwill | 87.1 | 87.1 | |||||
Utility regulatory assets | 148.3 | 117.4 | |||||
Other | 11.9 | 8.9 | |||||
Gross deferred tax liabilities | 1,444.4 | 1,333.2 | |||||
Pension plan liabilities | (79.7 | ) | (59.1 | ) | |||
Employee-related benefits | (63.1 | ) | (57.6 | ) | |||
Operating loss carryforwards | (31.5 | ) | (32.5 | ) | |||
Foreign tax credit carryforwards | (105.1 | ) | (113.8 | ) | |||
Utility regulatory liabilities | (13.9 | ) | (24.0 | ) | |||
Derivative instruments | (14.7 | ) | (11.4 | ) | |||
Utility environmental liabilities | (22.8 | ) | (6.0 | ) | |||
Other | (28.3 | ) | (17.4 | ) | |||
Gross deferred tax assets | (359.1 | ) | (321.8 | ) | |||
Deferred tax assets valuation allowance | 114.3 | 131.3 | |||||
Net deferred tax liabilities | $ | 1,199.6 | $ | 1,142.7 |
2016 | 2015 | 2014 | |||||||||
Unrecognized tax benefits - beginning of year | $ | 3.2 | $ | 2.4 | $ | 3.4 | |||||
Additions for tax positions of the current year | 2.2 | 0.9 | 0.7 | ||||||||
Additions for tax positions taken in prior years | 2.3 | 0.5 | — | ||||||||
Settlements with tax authorities/statute lapses | (0.5 | ) | (0.6 | ) | (1.7 | ) | |||||
Unrecognized tax benefits - end of year | $ | 7.2 | $ | 3.2 | $ | 2.4 |
|
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Change in benefit obligations: | |||||||||||||||
Benefit obligations — beginning of year | $ | 614.7 | $ | 573.6 | $ | 25.4 | $ | 21.3 | |||||||
Service cost | 10.1 | 10.0 | 0.7 | 0.7 | |||||||||||
Interest cost | 26.8 | 25.5 | 0.9 | 0.8 | |||||||||||
Actuarial loss (gain) | 83.3 | 14.4 | 6.6 | (2.7 | ) | ||||||||||
Plan amendments | — | (0.6 | ) | (1.5 | ) | — | |||||||||
Curtailment | (1.4 | ) | (0.8 | ) | (0.3 | ) | — | ||||||||
Totalgaz acquisition | — | 21.3 | — | 6.8 | |||||||||||
Foreign currency | 0.1 | (4.4 | ) | — | (0.7 | ) | |||||||||
Benefits paid | (25.9 | ) | (24.3 | ) | (0.9 | ) | (0.8 | ) | |||||||
Benefit obligations — end of year | $ | 707.7 | $ | 614.7 | $ | 30.9 | $ | 25.4 | |||||||
Change in plan assets: | |||||||||||||||
Fair value of plan assets — beginning of year | $ | 453.8 | $ | 459.4 | $ | 12.5 | $ | 12.8 | |||||||
Actual gain (loss) on plan assets | 53.4 | 1.1 | 1.3 | (0.1 | ) | ||||||||||
Foreign currency | 0.1 | (0.4 | ) | — | — | ||||||||||
Employer contributions | 11.4 | 11.9 | 0.6 | 0.6 | |||||||||||
Totalgaz acquisition | — | 6.1 | — | — | |||||||||||
Benefits paid | (25.0 | ) | (24.3 | ) | (0.7 | ) | (0.8 | ) | |||||||
Fair value of plan assets — end of year | $ | 493.7 | $ | 453.8 | $ | 13.7 | $ | 12.5 | |||||||
Funded status of the plans — end of year | $ | (214.0 | ) | $ | (160.9 | ) | $ | (17.2 | ) | $ | (12.9 | ) | |||
Assets (liabilities) recorded in the balance sheet: | |||||||||||||||
Assets in excess of liabilities — included in other noncurrent assets | $ | — | $ | — | $ | 4.1 | $ | 4.0 | |||||||
Unfunded liabilities — included in other noncurrent liabilities | (214.0 | ) | (160.9 | ) | (21.3 | ) | (16.9 | ) | |||||||
Net amount recognized | $ | (214.0 | ) | $ | (160.9 | ) | $ | (17.2 | ) | $ | (12.9 | ) | |||
Amounts recorded in UGI Corporation stockholders’ equity (pre-tax): | |||||||||||||||
Prior service credit | $ | (0.6 | ) | $ | (0.6 | ) | $ | (1.5 | ) | $ | (0.1 | ) | |||
Net actuarial loss | 31.4 | 22.5 | 3.8 | 0.7 | |||||||||||
Total | $ | 30.8 | $ | 21.9 | $ | 2.3 | $ | 0.6 | |||||||
Amounts recorded in regulatory assets and liabilities (pre-tax): | |||||||||||||||
Prior service cost (credit) | $ | 1.2 | $ | 1.6 | $ | (2.2 | ) | $ | (2.9 | ) | |||||
Net actuarial loss | 181.0 | 138.4 | 2.4 | 2.3 | |||||||||||
Total | $ | 182.2 | $ | 140.0 | $ | 0.2 | $ | (0.6 | ) |
Pension Plan | Other Postretirement Benefits | ||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||
Weighted-average assumptions: | |||||||||||||||||||
Discount rate - benefit obligations | 3.80 | % | 4.60 | % | 4.60 | % | 3.80 | % | 4.70 | % | 4.60 | % | |||||||
Discount rate - benefit cost | 4.60 | % | 4.60 | % | 5.20 | % | 4.70 | % | 4.60 | % | 5.10% - 5.40% | ||||||||
Expected return on plan assets | 7.55 | % | 7.75 | % | 7.75 | % | 5.00 | % | 5.00 | % | 5.00 | % | |||||||
Rate of increase in salary levels | 3.25 | % | 3.25 | % | 3.25 | % | 3.25 | % | 3.25 | % | 3.25 | % |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||
Service cost | $ | 10.1 | $ | 10.0 | $ | 9.4 | $ | 0.7 | $ | 0.7 | $ | 0.5 | |||||||||||
Interest cost | 26.8 | 25.5 | 26.1 | 0.9 | 0.8 | 0.9 | |||||||||||||||||
Expected return on assets | (32.4 | ) | (32.2 | ) | (29.7 | ) | (0.6 | ) | (0.6 | ) | (0.6 | ) | |||||||||||
Curtailment gain | (1.2 | ) | (0.8 | ) | — | — | — | — | |||||||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service cost (benefit) | 0.3 | 0.3 | 0.3 | (0.6 | ) | (0.5 | ) | (0.5 | ) | ||||||||||||||
Actuarial loss | 10.9 | 10.0 | 7.7 | — | 0.1 | — | |||||||||||||||||
Net benefit cost | 14.5 | 12.8 | 13.8 | 0.4 | 0.5 | 0.3 | |||||||||||||||||
Change in associated regulatory liabilities | — | — | — | 1.0 | 3.7 | 3.7 | |||||||||||||||||
Net benefit cost after change in regulatory liabilities | $ | 14.5 | $ | 12.8 | $ | 13.8 | $ | 1.4 | $ | 4.2 | $ | 4.0 |
Pension Benefits | Other Postretirement Benefits | ||||||
Fiscal 2017 | $ | 28.7 | $ | 1.1 | |||
Fiscal 2018 | $ | 28.7 | $ | 1.1 | |||
Fiscal 2019 | $ | 30.0 | $ | 1.1 | |||
Fiscal 2020 | $ | 36.3 | $ | 1.1 | |||
Fiscal 2021 | $ | 39.5 | $ | 1.1 | |||
Fiscal 2022 - 2026 | $ | 189.1 | $ | 5.5 |
2016 | 2015 | ||||
Health care cost trend rate assumed for next year | 7.25 | % | 7.5 | % | |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.0 | % | 5.0 | % | |
Fiscal year that the rate reaches the ultimate trend rate | 2026 | 2026 |
Actual | Target Asset Allocation | Permitted Range | ||||||||
2016 | 2015 | |||||||||
Equity investments: | ||||||||||
Domestic | 54.1 | % | 56.2 | % | 52.5 | % | 40.0% - 65.0% | |||
International | 10.2 | % | 10.2 | % | 12.5 | % | 7.5% - 17.5% | |||
Total | 64.3 | % | 66.4 | % | 65.0 | % | 60.0% - 70.0% | |||
Fixed income funds & cash equivalents | 35.7 | % | 33.6 | % | 35.0 | % | 30.0% - 40.0% | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
Actual | Target Asset Allocation | Permitted Range | ||||||||
2016 | 2015 | |||||||||
Domestic equity investments | 69.9 | % | 67.4 | % | 65.0 | % | 60.0% - 70.0% | |||
Fixed income funds & cash equivalents | 30.1 | % | 32.6 | % | 35.0 | % | 30.0% - 40.0% | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
U.S. Pension Plan | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
September 30, 2016: | |||||||||||||||
Domestic equity investments: | |||||||||||||||
S&P 500 Index equity mutual funds | $ | 158.9 | $ | — | $ | — | $ | 158.9 | |||||||
Small and midcap equity mutual funds | 43.2 | — | — | 43.2 | |||||||||||
Smallcap common stocks | 11.4 | — | — | 11.4 | |||||||||||
UGI Corporation Common Stock | 37.0 | — | — | 37.0 | |||||||||||
Total domestic equity investments | 250.5 | — | — | 250.5 | |||||||||||
International index equity mutual funds | 47.3 | — | — | 47.3 | |||||||||||
Fixed income investments: | |||||||||||||||
Bond index mutual funds | 147.8 | — | — | 147.8 | |||||||||||
Cash equivalents | — | 17.8 | — | 17.8 | |||||||||||
Total fixed income investments | 147.8 | 17.8 | — | 165.6 | |||||||||||
Total | $ | 445.6 | $ | 17.8 | $ | — | $ | 463.4 | |||||||
September 30, 2015: | |||||||||||||||
Domestic equity investments: | |||||||||||||||
S&P 500 Index equity mutual funds | $ | 147.3 | $ | — | $ | — | $ | 147.3 | |||||||
Small and midcap equity mutual funds | 40.6 | — | — | 40.6 | |||||||||||
Smallcap common stocks | 10.7 | — | — | 10.7 | |||||||||||
UGI Corporation Common Stock | 43.4 | — | — | 43.4 | |||||||||||
Total domestic equity investments | 242.0 | — | — | 242.0 | |||||||||||
International index equity mutual funds | 43.9 | — | — | 43.9 | |||||||||||
Fixed income investments: | |||||||||||||||
Bond index mutual funds | 140.8 | — | — | 140.8 | |||||||||||
Cash equivalents | — | 4.1 | — | 4.1 | |||||||||||
Total fixed income investments | 140.8 | 4.1 | — | 144.9 | |||||||||||
Total | $ | 426.7 | $ | 4.1 | $ | — | $ | 430.8 |
VEBA | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
September 30, 2016: | |||||||||||||||
S&P 500 Index equity mutual fund | $ | 9.6 | $ | — | $ | — | $ | 9.6 | |||||||
Bond index mutual fund | 4.0 | — | — | 4.0 | |||||||||||
Cash equivalents | — | 0.1 | — | 0.1 | |||||||||||
Total | $ | 13.6 | $ | 0.1 | $ | — | $ | 13.7 | |||||||
September 30, 2015: | |||||||||||||||
S&P 500 Index equity mutual fund | $ | 8.4 | $ | — | $ | — | $ | 8.4 | |||||||
Bond index mutual fund | 3.8 | — | — | 3.8 | |||||||||||
Cash equivalents | — | 0.3 | — | 0.3 | |||||||||||
Total | $ | 12.2 | $ | 0.3 | $ | — | $ | 12.5 |
|
2016 | 2015 | ||||||
Regulatory assets: | |||||||
Income taxes recoverable | $ | 115.7 | $ | 115.9 | |||
Underfunded pension and postretirement plans | 183.1 | 140.8 | |||||
Environmental costs (a) | 59.4 | 20.0 | |||||
Removal costs, net | 27.9 | 21.2 | |||||
Other | 9.0 | 6.3 | |||||
Total regulatory assets | $ | 395.1 | $ | 304.2 | |||
Regulatory liabilities (b): | |||||||
Postretirement benefit overcollections | $ | 17.5 | $ | 20.0 | |||
Deferred fuel and power refunds | 22.3 | 36.6 | |||||
State income tax benefits — distribution system repairs | 15.1 | 13.3 | |||||
Other | 0.7 | 1.1 | |||||
Total regulatory liabilities | $ | 55.6 | $ | 71.0 |
(a) | Balance at September 30, 2016, includes amounts associated with UGI Gas’ Consent Order and Agreement with the Pennsylvania Department of Environmental Protection (see Note 15). |
(b) | Regulatory liabilities are recorded in other current and other noncurrent liabilities on the Consolidated Balance Sheets. |
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2016 | 2015 | ||||||
Non-utility LPG and natural gas | $ | 129.8 | $ | 140.7 | |||
Gas Utility natural gas | 29.2 | 37.5 | |||||
Materials, supplies and other | 51.3 | 61.7 | |||||
Total inventories | $ | 210.3 | $ | 239.9 |
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2016 | 2015 | ||||||
Utilities: | |||||||
Distribution | $ | 2,634.2 | $ | 2,458.1 | |||
Transmission | 93.5 | 90.0 | |||||
General and other, including work in process | 271.2 | 205.4 | |||||
Total Utilities | 2,998.9 | 2,753.5 | |||||
Non-utility: | |||||||
Land | 169.9 | 174.9 | |||||
Buildings and improvements | 382.2 | 391.4 | |||||
Transportation equipment | 301.7 | 327.9 | |||||
Equipment, primarily cylinders and tanks | 3,421.5 | 3,268.1 | |||||
Electric generation | 309.4 | 305.7 | |||||
Pipeline and related assets | 235.8 | 233.5 | |||||
Other, including work in process | 525.9 | 374.1 | |||||
Total non-utility | 5,346.4 | 5,075.6 | |||||
Total property, plant and equipment | $ | 8,345.3 | $ | 7,829.1 |
|
UGI International | |||||||||||||||||||||||
AmeriGas Propane | UGI Utilities | Energy Services (a) | UGI France | Flaga & Other | Total | ||||||||||||||||||
Balance September 30, 2014 | $ | 1,945.1 | $ | 182.1 | $ | 12.6 | $ | 601.2 | $ | 92.4 | $ | 2,833.4 | |||||||||||
Acquisitions | 10.9 | — | — | 186.2 | 2.9 | 200.0 | |||||||||||||||||
Dispositions | — | — | (1.0 | ) | — | — | (1.0 | ) | |||||||||||||||
Foreign currency translation | — | — | — | (66.0 | ) | (13.0 | ) | (79.0 | ) | ||||||||||||||
Balance September 30, 2015 | 1,956.0 | 182.1 | 11.6 | 721.4 | 82.3 | 2,953.4 | |||||||||||||||||
Acquisitions | 24.2 | — | — | — | 16.9 | 41.1 | |||||||||||||||||
Dispositions | — | — | — | — | (1.6 | ) | (1.6 | ) | |||||||||||||||
Purchase price adjustments | (1.9 | ) | — | — | (2.4 | ) | (0.2 | ) | (4.5 | ) | |||||||||||||
Foreign currency translation | — | — | — | 4.2 | (3.6 | ) | 0.6 | ||||||||||||||||
Balance September 30, 2016 | $ | 1,978.3 | $ | 182.1 | $ | 11.6 | $ | 723.2 | $ | 93.8 | $ | 2,989.0 |
(a) | Prior year amounts were restated to reflect the current-year changes in the presentation of our Energy Services reportable segment (see Note 21). |
2016 | 2015 | ||||||
Customer relationships, noncompete agreements and other | $ | 773.5 | $ | 761.1 | |||
Trademarks and tradenames (not subject to amortization) | 131.6 | 131.4 | |||||
Gross carrying amount | 905.1 | 892.5 | |||||
Accumulated amortization | (324.8 | ) | (282.4 | ) | |||
Intangible assets, net | $ | 580.3 | $ | 610.1 |
|
|
Issued | Treasury | Outstanding | ||||||
Balance, September 30, 2013 | 173,675,691 | (2,032,404 | ) | 171,643,287 | ||||
Issued: | ||||||||
Employee and director plans | 94,950 | 2,928,140 | 3,023,090 | |||||
Repurchases of common stock | — | (1,227,654 | ) | (1,227,654 | ) | |||
Reacquired common stock - employee and director plans | — | (1,164,942 | ) | (1,164,942 | ) | |||
Balance, September 30, 2014 | 173,770,641 | (1,496,860 | ) | 172,273,781 | ||||
Issued: | ||||||||
Employee and director plans | 36,350 | 1,155,376 | 1,191,726 | |||||
Repurchases of common stock | — | (1,000,000 | ) | (1,000,000 | ) | |||
Reacquired common stock - employee and director plans | — | (77,004 | ) | (77,004 | ) | |||
Balance, September 30, 2015 | 173,806,991 | (1,418,488 | ) | 172,388,503 | ||||
Issued: | ||||||||
Employee and director plans | 87,150 | 2,355,202 | 2,442,352 | |||||
Repurchases of common stock | — | (1,250,000 | ) | (1,250,000 | ) | |||
Reacquired common stock - employee and director plans | — | (620,406 | ) | (620,406 | ) | |||
Balance, September 30, 2016 | 173,894,141 | (933,692 | ) | 172,960,449 |
Shares | Weighted Average Option Price | Total Intrinsic Value | Weighted Average Contract Term (Years) | |||||||||
Shares under option — September 30, 2013 | 10,193,952 | $ | 19.28 | $ | 69.6 | 6.8 | ||||||
Granted | 1,665,600 | $ | 27.93 | |||||||||
Canceled | (86,707 | ) | $ | 22.76 | ||||||||
Exercised | (2,815,555 | ) | $ | 17.44 | $ | 37.4 | ||||||
Shares under option — September 30, 2014 | 8,957,290 | $ | 21.44 | $ | 113.3 | 7.0 | ||||||
Granted | 1,336,985 | $ | 37.70 | |||||||||
Canceled | (85,365 | ) | $ | 30.45 | ||||||||
Exercised | (953,533 | ) | $ | 19.10 | $ | 15.4 | ||||||
Shares under option — September 30, 2015 | 9,255,377 | $ | 23.97 | $ | 104.5 | 6.6 | ||||||
Granted | 1,510,625 | $ | 34.67 | |||||||||
Canceled | (84,213 | ) | $ | 34.13 | ||||||||
Exercised | (2,193,338 | ) | $ | 20.38 | $ | 40.1 | ||||||
Shares under option — September 30, 2016 | 8,488,451 | $ | 26.68 | $ | 157.6 | 6.6 | ||||||
Options exercisable — September 30, 2014 | 5,073,347 | $ | 19.45 | |||||||||
Options exercisable — September 30, 2015 | 6,050,946 | $ | 20.74 | |||||||||
Options exercisable — September 30, 2016 | 5,522,370 | $ | 22.94 | $ | 123.2 | 5.6 | ||||||
Options not exercisable — September 30, 2016 | 2,966,081 | $ | 33.63 | $ | 34.4 | 8.2 |
Range of exercise prices | ||||||||||||||||||
Under $20.00 | $20.01 - $25.00 | $25.01 - $30.00 | $30.01 - $35.00 | Over $35.00 | ||||||||||||||
Options outstanding at September 30, 2016: | ||||||||||||||||||
Number of options | 1,876,551 | 2,209,352 | 1,591,195 | 1,453,584 | 1,357,769 | |||||||||||||
Weighted average remaining contractual life (in years) | 4.1 | 5.6 | 7.1 | 9.1 | 8.4 | |||||||||||||
Weighted average exercise price | $ | 18.10 | $ | 21.58 | $ | 27.44 | $ | 33.65 | $ | 38.46 | ||||||||
Options exercisable at September 30, 2016: | ||||||||||||||||||
Number of options | 1,876,551 | 2,073,902 | 1,033,454 | 117,050 | 421,413 | |||||||||||||
Weighted average exercise price | $ | 18.10 | $ | 21.56 | $ | 27.34 | $ | 32.90 | $ | 37.73 |
2016 | 2015 | 2014 | |||
Expected life of option | 5.75 years | 5.75 years | 5.75 years | ||
Weighted average volatility | 19.5% | 19.5% | 24.3% | ||
Weighted average dividend yield | 2.6% | 2.5% | 2.9% | ||
Expected volatility | 19.3% | 19.1% -19.5% | 23.7% - 24.4% | ||
Expected dividend yield | 2.6% | 2.5% | 2.7% - 2.9% | ||
Risk free rate | 1.2% - 1.9% | 1.5% - 1.8% | 1.8% - 2.0% |
Grants Awarded in Fiscal Year | |||||
2016 | 2015 | 2014 | |||
Risk free rate | 1.3% | 1.1% | 0.8% | ||
Expected life | 3 years | 3 years | 3 years | ||
Expected volatility | 17.5% | 15.9% | 20.3% | ||
Dividend yield | 2.7% | 2.3% | 2.7% |
Total | Vested | Non-Vested | ||||||||||||||||||
Number of UGI Units | Weighted Average Grant Date Fair Value (per Unit) | Number of UGI Units | Weighted Average Grant Date Fair Value (per Unit) | Number of UGI Units | Weighted Average Grant Date Fair Value (per Unit) | |||||||||||||||
September 30, 2015 | 1,136,251 | $ | 23.78 | 803,817 | $ | 20.19 | 332,434 | $ | 32.28 | |||||||||||
UGI Performance Units: | ||||||||||||||||||||
Granted | 178,160 | $ | 32.64 | 25,291 | $ | 32.77 | 152,869 | $ | 32.62 | |||||||||||
Forfeited | (17,356 | ) | $ | 34.62 | — | $ | — | (17,356 | ) | $ | 34.62 | |||||||||
Vested | — | $ | — | 154,339 | $ | 28.66 | (154,339 | ) | $ | 28.66 | ||||||||||
Unit awards paid | (296,687 | ) | $ | 25.98 | (296,687 | ) | $ | 25.98 | — | $ | — | |||||||||
UGI Stock Units: | ||||||||||||||||||||
Granted (a) | 52,493 | $ | 34.39 | 39,093 | $ | 33.40 | 13,400 | $ | 37.29 | |||||||||||
Unit awards paid | (53,778 | ) | $ | 16.86 | (53,778 | ) | $ | 16.86 | — | $ | — | |||||||||
September 30, 2016 | 999,083 | $ | 25.44 | 672,075 | $ | 21.17 | 327,008 | $ | 34.21 |
(a) | Generally, shares granted under UGI Stock Unit awards are paid approximately 70% in shares. UGI Stock Unit awards granted in Fiscal 2015 and Fiscal 2014 were 39,801 and 44,814, respectively. |
2016 | 2015 | 2014 | |||||||||
UGI Performance Unit awards: | |||||||||||
Number of original awards granted | 308,362 | 294,300 | 331,038 | ||||||||
Fiscal year granted | 2013 | 2012 | 2011 | ||||||||
Payment of awards: | |||||||||||
Shares of UGI Common Stock issued, net of shares withheld for taxes | 209,592 | 188,418 | 174,168 | ||||||||
Cash paid | $ | 13.9 | $ | 13.3 | $ | 3.1 | |||||
UGI Stock Unit awards: | |||||||||||
Number of original awards granted | 51,037 | 67,419 | 34,639 | ||||||||
Payment of awards: | |||||||||||
Shares of UGI Common Stock issued, net of shares withheld for taxes | 39,422 | 44,034 | 22,604 | ||||||||
Cash paid | $ | 0.7 | $ | 0.8 | $ | 0.4 |
Grants Awarded in Fiscal Year | |||||
2016 | 2015 | 2014 | |||
Risk-free rate | 1.3% | 0.9% | 0.8% | ||
Expected life | 3 years | 3 years | 3 years | ||
Expected volatility | 20.6% | 19.2% | 21.1% | ||
Dividend yield | 10.7% | 6.8% | 7.5% |
Total | Vested | Non-Vested | ||||||||||||||||||
Number of AmeriGas Partners Common Units Subject to Award | Weighted Average Grant Date Fair Value (per Unit) | Number of AmeriGas Partners Common Units Subject to Award | Weighted Average Grant Date Fair Value (per Unit) | Number of AmeriGas Partners Common Units Subject to Award | Weighted Average Grant Date Fair Value (per Unit) | |||||||||||||||
September 30, 2015 | 192,583 | $ | 49.70 | 46,900 | $ | 44.97 | 145,683 | $ | 51.22 | |||||||||||
AmeriGas Performance Units: | ||||||||||||||||||||
Granted | 52,495 | $ | 37.65 | 1,267 | $ | 37.84 | 51,228 | $ | 37.65 | |||||||||||
Forfeited | (4,994 | ) | $ | 54.00 | — | $ | — | (4,994 | ) | $ | 54.00 | |||||||||
Vested | — | $ | — | 30,050 | $ | 43.65 | (30,050 | ) | $ | 43.65 | ||||||||||
Awards paid | (34,616 | ) | $ | 42.44 | (34,616 | ) | $ | 42.44 | — | $ | — | |||||||||
AmeriGas Stock Units: | ||||||||||||||||||||
Granted | 20,585 | $ | 38.65 | 12,785 | $ | 36.69 | 7,800 | $ | 41.85 | |||||||||||
Forfeited | (800 | ) | $ | 42.33 | — | $ | — | (800 | ) | $ | 42.33 | |||||||||
Vested | — | $ | — | 13,940 | $ | 49.94 | (13,940 | ) | $ | 49.94 | ||||||||||
Awards paid | (14,704 | ) | $ | 49.94 | (14,704 | ) | $ | 49.94 | — | $ | — | |||||||||
September 30, 2016 | 210,549 | $ | 47.24 | 55,622 | $ | 45.67 | 154,927 | $ | 47.80 |
2016 | 2015 | 2014 | |||||||||
AmeriGas Performance Unit awards: | |||||||||||
Number of Common Units subject to original awards granted | 44,800 | 55,750 | 41,251 | ||||||||
Fiscal year granted | 2013 | 2012 | 2011 | ||||||||
Payment of awards: | |||||||||||
AmeriGas Partners Common Units issued, net of units withheld for taxes | 23,017 | — | — | ||||||||
Cash paid | $ | 1.7 | $ | — | $ | — | |||||
AmeriGas Stock Unit awards: | |||||||||||
Number of Common Units subject to original awards granted | 20,336 | 42,532 | 72,023 | ||||||||
Payment of awards: | |||||||||||
AmeriGas Partners Common Units issued, net of units withheld for taxes | 9,272 | 21,509 | 40,842 | ||||||||
Cash paid | $ | 0.4 | $ | 0.8 | $ | 1.4 |
|
1. | all cash on hand at the end of such quarter, plus |
2. | all additional cash on hand as of the date of determination resulting from borrowings after the end of such quarter, less |
3. | the amount of cash reserves established by the General Partner in its reasonable discretion. |
|
2017 | 2018 | 2019 | 2020 | 2021 | After 2021 | ||||||||||||||||||
AmeriGas Propane | $ | 60.6 | $ | 53.2 | $ | 48.4 | $ | 44.3 | $ | 37.0 | $ | 103.8 | |||||||||||
UGI Utilities | 6.0 | 5.0 | 3.0 | 1.3 | 0.6 | 0.2 | |||||||||||||||||
UGI International | 11.4 | 8.8 | 6.4 | 4.2 | 2.8 | 8.0 | |||||||||||||||||
Other | 2.1 | 2.0 | 1.7 | 1.5 | 0.3 | 0.1 | |||||||||||||||||
Total | $ | 80.1 | $ | 69.0 | $ | 59.5 | $ | 51.3 | $ | 40.7 | $ | 112.1 |
2017 | 2018 | 2019 | 2020 | 2021 | After 2021 | ||||||||||||||||||
UGI Utilities supply, storage and transportation contracts | $ | 115.1 | $ | 71.1 | $ | 50.8 | $ | 36.5 | $ | 35.0 | $ | 116.0 | |||||||||||
Midstream & Marketing supply contracts | 168.4 | 80.4 | 34.0 | 2.3 | — | — | |||||||||||||||||
UGI International supply contracts | 78.7 | — | — | — | — | — | |||||||||||||||||
Total | $ | 362.2 | $ | 151.5 | $ | 84.8 | $ | 38.8 | $ | 35.0 | $ | 116.0 |
|
Asset (Liability) | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
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 | ) | |||||
Cross-currency swaps | $ | — | $ | (0.5 | ) | $ | — | $ | (0.5 | ) | |||||
Interest rate contracts | $ | — | $ | (3.9 | ) | $ | — | $ | (3.9 | ) | |||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 33.0 | $ | — | $ | — | $ | 33.0 | |||||||
September 30, 2015 | |||||||||||||||
Derivative instruments: | |||||||||||||||
Assets: | |||||||||||||||
Commodity contracts | $ | 17.4 | $ | 11.6 | $ | — | $ | 29.0 | |||||||
Foreign currency contracts | $ | — | $ | 29.1 | $ | — | $ | 29.1 | |||||||
Cross-currency swaps | $ | — | $ | 0.4 | $ | — | $ | 0.4 | |||||||
Liabilities: | |||||||||||||||
Commodity contracts | $ | (70.0 | ) | $ | (99.0 | ) | $ | — | $ | (169.0 | ) | ||||
Foreign currency contracts | $ | — | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | |||||
Interest rate contracts | $ | — | $ | (10.8 | ) | $ | — | $ | (10.8 | ) | |||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 30.3 | $ | — | $ | — | $ | 30.3 |
(a) | Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans (see Note 7). |
|
Notional Amounts (in millions) | ||||||||||||
Type | Units | Settlements Extending Through | 2016 | 2015 | ||||||||
Commodity Price Risk: | ||||||||||||
Regulated Utility Operations | ||||||||||||
Gas Utility NYMEX natural gas futures and option contracts | Dekatherms | September 2017 | 18.4 | 18.9 | ||||||||
Electric Utility forward electricity purchase contracts | Kilowatt hours | N/A | — | 136.0 | ||||||||
FTRs & NYISO capacity contracts | Kilowatt hours | May 2017 | 58.3 | 277.1 | ||||||||
Non-utility operations | ||||||||||||
LPG swaps & options | Gallons | September 2019 | 396.9 | 516.3 | ||||||||
Natural gas futures, forward and pipeline contracts | Dekatherms | December 2020 | 71.1 | 110.2 | ||||||||
Natural gas basis swap contracts | Dekatherms | December 2020 | 118.3 | 75.7 | ||||||||
NYMEX natural gas storage | Dekatherms | March 2017 | 1.9 | 1.9 | ||||||||
NYMEX propane storage | Gallons | N/A | — | 2.0 | ||||||||
Electricity long forward and futures contracts | Kilowatt hours | January 2020 | 761.2 | 474.3 | ||||||||
Electricity short forward and futures contracts | Kilowatt hours | January 2020 | 264.6 | 297.9 | ||||||||
FTRs & NYISO capacity contracts | Kilowatt hours | N/A | — | 82.0 | ||||||||
Interest Rate Risk: | ||||||||||||
Interest rate swaps | Euro | October 2020 | € | 645.8 | € | 645.8 | ||||||
IRPAs | USD | N/A | $ | — | $ | 250.0 | ||||||
Foreign Currency Exchange Rate Risk: | ||||||||||||
Forward foreign currency exchange contracts | USD | September 2019 | $ | 314.3 | $ | 227.9 | ||||||
Cross-currency swaps | USD | September 2018 | $ | 59.1 | $ | 59.1 |
2016 | 2015 | ||||||
Derivative assets: | |||||||
Derivatives designated as hedging instruments: | |||||||
Foreign currency contracts | $ | 17.8 | $ | 29.1 | |||
Cross-currency contracts | — | 0.4 | |||||
17.8 | 29.5 | ||||||
Derivatives subject to PGC and DS mechanisms: | |||||||
Commodity contracts | 4.5 | 1.3 | |||||
Derivatives not designated as hedging instruments: | |||||||
Commodity contracts | 50.4 | 27.7 | |||||
Total derivative assets - gross | 72.7 | 58.5 | |||||
Gross amounts offset in the balance sheet | (35.0 | ) | (18.9 | ) | |||
Cash collateral received | (0.3 | ) | — | ||||
Total derivative assets - net | $ | 37.4 | $ | 39.6 | |||
Derivative liabilities: | |||||||
Derivatives designated as hedging instruments: | |||||||
Foreign currency contracts | $ | (2.4 | ) | $ | (0.1 | ) | |
Cross-currency contracts | (0.5 | ) | — | ||||
Interest rate contracts | (3.9 | ) | (10.8 | ) | |||
(6.8 | ) | (10.9 | ) | ||||
Derivatives subject to PGC and DS mechanisms: | |||||||
Commodity contracts | (0.5 | ) | (5.6 | ) | |||
Derivatives not designated as hedging instruments: | |||||||
Commodity contracts | (98.1 | ) | (163.4 | ) | |||
Total derivative liabilities - gross | (105.4 | ) | (179.9 | ) | |||
Gross amounts offset in the balance sheet | 35.0 | 18.9 | |||||
Cash collateral pledged | — | 8.0 | |||||
Total derivative liabilities - net | $ | (70.4 | ) | $ | (153.0 | ) |
Gain or (Loss) Recognized in AOCI and Noncontrolling Interests | Gain or (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain or (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 50.8 | $ | — | $ | (2.2 | ) | $ | 67.0 | Cost of sales | |||||||||||
Foreign currency contracts | 3.6 | 26.0 | 15.3 | 17.2 | 9.7 | (3.7 | ) | Cost of sales | |||||||||||||||||
Cross-currency contracts | 0.1 | 5.4 | 3.1 | 0.4 | 8.5 | (0.1 | ) | Interest expense | |||||||||||||||||
Interest rate contracts | (32.5 | ) | (6.6 | ) | (3.1 | ) | (4.5 | ) | (20.4 | ) | (15.9 | ) | Interest expense /other operating income, net | ||||||||||||
Total | $ | (28.8 | ) | $ | 24.8 | $ | 66.1 | $ | 13.1 | $ | (4.4 | ) | $ | 47.3 |
Gain or (Loss) Recognized in Income | Location of Gain or (Loss) Recognized in Income | ||||||||||||
2016 | 2015 | 2014 | |||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||
Commodity contracts | $ | (65.0 | ) | $ | (375.8 | ) | $ | (36.3 | ) | Cost of sales | |||
Commodity contracts | (2.2 | ) | 0.3 | — | Revenues | ||||||||
Commodity contracts | (0.1 | ) | (0.8 | ) | — | Operating and administrative expenses / other operating income, net | |||||||
Total | $ | (67.3 | ) | $ | (376.3 | ) | $ | (36.3 | ) |
|
Postretirement Benefit Plans | Derivative Instruments | Foreign Currency | Total | ||||||||||||
AOCI - September 30, 2013 | $ | (16.4 | ) | $ | (26.9 | ) | $ | 51.7 | $ | 8.4 | |||||
Other comprehensive (loss) income before reclassification adjustments (after-tax) | (5.2 | ) | 54.0 | (43.0 | ) | 5.8 | |||||||||
Amounts reclassified from AOCI and noncontrolling interests: | |||||||||||||||
Reclassification adjustments (pre-tax) | 1.6 | (47.2 | ) | — | (45.6 | ) | |||||||||
Reclassification adjustments tax (expense) benefit | (0.6 | ) | 2.0 | — | 1.4 | ||||||||||
Reclassification adjustments (after-tax) | 1.0 | (45.2 | ) | — | (44.2 | ) | |||||||||
Other comprehensive (loss) income | (4.2 | ) | 8.8 | (43.0 | ) | (38.4 | ) | ||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 8.8 | — | 8.8 | |||||||||||
Other comprehensive (loss) income attributable to UGI | (4.2 | ) | 17.6 | (43.0 | ) | (29.6 | ) | ||||||||
AOCI - September 30, 2014 | $ | (20.6 | ) | $ | (9.3 | ) | $ | 8.7 | $ | (21.2 | ) | ||||
Other comprehensive (loss) income before reclassification adjustments (after-tax) | (1.2 | ) | 16.8 | (114.1 | ) | (98.5 | ) | ||||||||
Amounts reclassified from AOCI and noncontrolling interests: | |||||||||||||||
Reclassification adjustments (pre-tax) | 2.2 | 4.4 | — | 6.6 | |||||||||||
Reclassification adjustments tax expense | (0.8 | ) | (2.8 | ) | — | (3.6 | ) | ||||||||
Reclassification adjustments (after-tax) | 1.4 | 1.6 | — | 3.0 | |||||||||||
Other comprehensive income (loss) | 0.2 | 18.4 | (114.1 | ) | (95.5 | ) | |||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 2.1 | — | 2.1 | |||||||||||
Other comprehensive income (loss) attributable to UGI | 0.2 | 20.5 | (114.1 | ) | (93.4 | ) | |||||||||
AOCI - September 30, 2015 | $ | (20.4 | ) | $ | 11.2 | $ | (105.4 | ) | $ | (114.6 | ) | ||||
Other comprehensive loss before reclassification adjustments (after-tax) | (10.9 | ) | (16.5 | ) | (6.8 | ) | (34.2 | ) | |||||||
Amounts reclassified from AOCI: | |||||||||||||||
Reclassification adjustments (pre-tax) | 2.6 | (13.1 | ) | — | (10.5 | ) | |||||||||
Reclassification adjustments tax (expense) benefit | (0.4 | ) | 5.0 | — | 4.6 | ||||||||||
Reclassification adjustments (after-tax) | 2.2 | (8.1 | ) | — | (5.9 | ) | |||||||||
Other comprehensive loss attributable to UGI | (8.7 | ) | (24.6 | ) | (6.8 | ) | (40.1 | ) | |||||||
AOCI - September 30, 2016 | $ | (29.1 | ) | $ | (13.4 | ) | $ | (112.2 | ) | $ | (154.7 | ) |
|
2016 | 2015 | 2014 | |||||||||
Interest and interest-related income | $ | 0.2 | $ | 0.8 | $ | 3.6 | |||||
Utility non-tariff service income | 2.6 | 4.8 | 2.7 | ||||||||
Finance charges | 15.2 | 12.7 | 17.5 | ||||||||
Gains on sales of fixed assets, net | 3.3 | 11.1 | 5.4 | ||||||||
Other, net | 1.1 | 15.0 | 6.9 | ||||||||
Total other operating income, net | $ | 22.4 | $ | 44.4 | $ | 36.1 |
|
December 31, | March 31, | June 30, | September 30, | ||||||||||||||||||||||||
2015 | 2014 | 2016 | 2015 | 2016 (a) | 2015 (b) | 2016 (a) | 2015 | ||||||||||||||||||||
Revenues | $ | 1,606.6 | $ | 2,004.6 | $ | 1,972.1 | $ | 2,455.6 | $ | 1,130.8 | $ | 1,148.1 | $ | 976.2 | $ | 1,082.8 | |||||||||||
Operating income (loss) | $ | 305.5 | $ | 83.3 | $ | 615.4 | $ | 702.1 | $ | 155.7 | $ | 56.1 | $ | (88.6 | ) | $ | (6.6 | ) | |||||||||
Loss from equity investees | $ | (0.1 | ) | $ | (1.0 | ) | $ | — | $ | (0.1 | ) | $ | — | $ | — | $ | (0.1 | ) | $ | (0.1 | ) | ||||||
Loss on extinguishments of debt | $ | — | $ | — | $ | — | $ | — | $ | (37.1 | ) | $ | — | $ | (11.8 | ) | $ | — | |||||||||
Net income (loss) including noncontrolling interests | $ | 167.9 | $ | 0.2 | $ | 408.0 | $ | 482.2 | $ | 28.6 | $ | (15.9 | ) | $ | (115.7 | ) | $ | (52.5 | ) | ||||||||
Net income (loss) attributable to UGI Corporation | $ | 114.6 | $ | 34.1 | $ | 233.2 | $ | 246.5 | $ | 60.7 | $ | 9.6 | $ | (43.8 | ) | $ | (9.2 | ) | |||||||||
Earnings (loss) per common share attributable to UGI Corporation stockholders: | |||||||||||||||||||||||||||
Basic | $ | 0.66 | $ | 0.20 | $ | 1.35 | $ | 1.42 | $ | 0.35 | $ | 0.06 | $ | (0.25 | ) | $ | (0.05 | ) | |||||||||
Diluted | $ | 0.65 | $ | 0.19 | $ | 1.33 | $ | 1.40 | $ | 0.34 | $ | 0.05 | $ | (0.25 | ) | $ | (0.05 | ) |
(a) | 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 for the quarter ended June 30, 2016 and 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). |
(b) | Includes costs associated with an extinguishment of debt at Antargaz which decreased net income attributable to UGI Corporation by $4.6 or $0.03 per diluted share (see Note 5). |
|
Midstream & Marketing | UGI International | ||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | UGI Utilities | Energy Services | Electric Generation | UGI France | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||||||
Revenues | $ | 5,685.7 | $ | (143.9 | ) | (c) | $ | 2,311.8 | $ | 768.5 | $ | 813.8 | $ | 62.8 | $ | 1,344.7 | $ | 524.1 | $ | 3.9 | |||||||||||||||
Cost of sales | $ | 2,437.5 | $ | (141.5 | ) | (c) | $ | 864.8 | $ | 289.8 | $ | 583.7 | $ | 28.5 | $ | 597.6 | $ | 306.2 | $ | (91.6 | ) | ||||||||||||||
Operating income | $ | 988.0 | $ | 0.2 | $ | 356.3 | $ | 200.9 | $ | 141.8 | $ | 4.9 | $ | 166.1 | $ | 40.5 | $ | 77.3 | |||||||||||||||||
Loss from equity investees | $ | (0.2 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (0.2 | ) | $ | — | $ | — | |||||||||||||||
Loss on extinguishments of debt | $ | (48.9 | ) | $ | — | $ | (48.9 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Interest expense | $ | (228.9 | ) | $ | — | $ | (164.1 | ) | $ | (37.6 | ) | $ | (2.1 | ) | $ | — | $ | (20.8 | ) | $ | (3.6 | ) | $ | (0.7 | ) | ||||||||||
Income before income taxes | $ | 710.0 | $ | 0.2 | $ | 143.3 | $ | 163.3 | $ | 139.7 | $ | 4.9 | $ | 145.1 | $ | 36.9 | $ | 76.6 | |||||||||||||||||
Net income attributable to UGI | $ | 364.7 | $ | 0.1 | $ | 43.2 | $ | 97.4 | $ | 83.5 | $ | 3.6 | $ | 84.2 | $ | 27.4 | $ | 25.3 | |||||||||||||||||
Depreciation and amortization | $ | 400.9 | $ | (0.2 | ) | $ | 190.0 | $ | 67.3 | $ | 17.1 | $ | 13.5 | $ | 90.5 | $ | 21.9 | $ | 0.8 | ||||||||||||||||
Noncontrolling interests’ net income (loss) | $ | 124.1 | $ | — | $ | 75.9 | $ | — | $ | — | $ | — | $ | (0.1 | ) | $ | 0.1 | $ | 48.2 | ||||||||||||||||
Partnership Adjusted EBITDA (a) | $ | 543.0 | |||||||||||||||||||||||||||||||||
Total assets | $ | 10,847.2 | $ | (136.6 | ) | $ | 4,071.8 | $ | 2,743.1 | $ | 765.6 | $ | 272.6 | $ | 2,338.8 | $ | 526.3 | $ | 265.6 |
Midstream & Marketing | UGI International | ||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | UGI Utilities | Energy Services | Electric Generation | UGI France | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||
Short-term borrowings | $ | 291.7 | $ | — | $ | 153.2 | $ | 112.5 | $ | 25.5 | $ | — | $ | 0.4 | $ | 0.1 | $ | — | |||||||||||||||||
Capital expenditures | $ | 604.6 | $ | — | $ | 101.7 | $ | 262.5 | $ | 136.8 | $ | 3.6 | $ | 75.8 | $ | 24.1 | $ | 0.1 | |||||||||||||||||
Investments in equity investees | $ | 25.9 | $ | — | $ | — | $ | — | $ | 17.4 | $ | — | $ | 4.6 | $ | 3.9 | $ | — | |||||||||||||||||
Goodwill | $ | 2,989.0 | $ | — | $ | 1,978.3 | $ | 182.1 | $ | 11.6 | $ | — | $ | 723.2 | $ | 93.8 | $ | — | |||||||||||||||||
2015 (e) | |||||||||||||||||||||||||||||||||||
Revenues | $ | 6,691.1 | $ | (231.4 | ) | (c) | $ | 2,885.3 | $ | 1,041.6 | $ | 1,105.5 | $ | 75.9 | $ | 1,122.2 | $ | 686.3 | $ | 5.7 | |||||||||||||||
Cost of sales | $ | 3,736.5 | $ | (227.6 | ) | (c) | $ | 1,340.0 | $ | 510.8 | $ | 840.2 | $ | 32.2 | $ | 628.0 | $ | 492.0 | $ | 120.9 | |||||||||||||||
Operating income (loss) | $ | 834.9 | $ | (0.9 | ) | $ | 427.6 | $ | 241.7 | $ | 169.6 | $ | 13.0 | $ | 75.9 | $ | 36.9 | $ | (128.9 | ) | |||||||||||||||
Loss from equity investees | $ | (1.2 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1.2 | ) | $ | — | $ | — | |||||||||||||||
Interest expense | $ | (241.9 | ) | $ | — | $ | (162.8 | ) | $ | (41.1 | ) | $ | (2.1 | ) | $ | — | $ | (31.6 | ) | (d) | $ | (3.6 | ) | $ | (0.7 | ) | |||||||||
Income (loss) before income taxes | $ | 591.8 | $ | (0.9 | ) | $ | 264.8 | $ | 200.6 | $ | 167.5 | $ | 13.0 | $ | 43.1 | $ | 33.3 | $ | (129.6 | ) | |||||||||||||||
Net income (loss) attributable to UGI | $ | 281.0 | $ | (0.6 | ) | $ | 61.0 | $ | 121.1 | $ | 97.9 | $ | 9.6 | $ | 27.5 | $ | 25.2 | $ | (60.7 | ) | |||||||||||||||
Depreciation and amortization | $ | 374.1 | $ | — | $ | 194.9 | $ | 63.5 | $ | 15.5 | $ | 12.5 | $ | 63.7 | $ | 23.2 | $ | 0.8 | |||||||||||||||||
Noncontrolling interests’ net income (loss) | $ | 133.0 | $ | — | $ | 167.9 | $ | — | $ | — | $ | — | $ | — | $ | (0.1 | ) | $ | (34.8 | ) | |||||||||||||||
Partnership Adjusted EBITDA (a) | $ | 619.2 | |||||||||||||||||||||||||||||||||
Total assets | $ | 10,514.2 | $ | (90.4 | ) | $ | 4,128.4 | $ | 2,506.0 | $ | 687.6 | $ | 282.0 | $ | 2,331.8 | $ | 529.1 | $ | 139.7 | ||||||||||||||||
Short-term borrowings | $ | 189.9 | $ | — | $ | 68.1 | $ | 71.7 | $ | 49.5 | $ | — | $ | 0.1 | $ | 0.5 | $ | — | |||||||||||||||||
Capital expenditures | $ | 475.4 | $ | — | $ | 102.0 | $ | 197.7 | $ | 71.3 | $ | 16.7 | $ | 65.0 | $ | 22.5 | $ | 0.2 | |||||||||||||||||
Investments in equity investees | $ | 16.2 | $ | — | $ | — | $ | — | $ | 6.4 | $ | — | $ | 6.0 | $ | 3.8 | $ | — | |||||||||||||||||
Goodwill | $ | 2,953.4 | $ | — | $ | 1,956.0 | $ | 182.1 | $ | 11.6 | $ | — | $ | 721.4 | $ | 82.3 | $ | — | |||||||||||||||||
2014 (e) | |||||||||||||||||||||||||||||||||||
Revenues | $ | 8,277.3 | $ | (321.3 | ) | (c) | $ | 3,712.9 | $ | 1,086.9 | $ | 1,388.6 | $ | 85.1 | $ | 1,295.5 | $ | 1,026.9 | $ | 2.7 | |||||||||||||||
Cost of sales | $ | 5,175.7 | $ | (317.7 | ) | (c) | $ | 2,107.1 | $ | 562.9 | $ | 1,110.2 | $ | 39.6 | $ | 848.1 | $ | 809.9 | $ | 15.6 | |||||||||||||||
Operating income (loss) | $ | 1,005.6 | $ | 0.2 | $ | 472.0 | $ | 246.4 | $ | 178.7 | $ | 18.1 | $ | 79.1 | $ | 38.4 | $ | (27.3 | ) | ||||||||||||||||
Loss from equity investees | $ | (0.1 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (0.1 | ) | $ | — | $ | — | |||||||||||||||
Interest expense | $ | (237.7 | ) | $ | — | $ | (165.6 | ) | $ | (38.5 | ) | $ | (2.9 | ) | $ | — | $ | (25.1 | ) | $ | (4.9 | ) | $ | (0.7 | ) | ||||||||||
Income (loss) before income taxes | $ | 767.8 | $ | 0.2 | $ | 306.4 | $ | 207.9 | $ | 175.8 | $ | 18.1 | $ | 53.9 | $ | 33.5 | $ | (28.0 | ) | ||||||||||||||||
Net income (loss) attributable to UGI | $ | 337.2 | $ | — | $ | 63.0 | $ | 124.1 | $ | 104.1 | $ | 12.6 | $ | 20.6 | $ | 27.7 | $ | (14.9 | ) | ||||||||||||||||
Depreciation and amortization | $ | 362.9 | $ | — | $ | 197.2 | $ | 59.2 | $ | 13.5 | $ | 10.7 | $ | 54.5 | $ | 27.1 | $ | 0.7 | |||||||||||||||||
Noncontrolling interests’ net income (loss) | $ | 195.4 | $ | — | $ | 195.8 | $ | — | $ | — | $ | — | $ | (0.4 | ) | $ | — | $ | — | ||||||||||||||||
Partnership Adjusted EBITDA (a) | $ | 664.8 | |||||||||||||||||||||||||||||||||
Total assets | $ | 10,062.6 | $ | (86.5 | ) | $ | 4,351.4 | $ | 2,352.1 | $ | 601.5 | $ | 277.7 | $ | 1,656.8 | $ | 643.6 | $ | 266.0 | ||||||||||||||||
Short-term borrowings | $ | 210.8 | $ | — | $ | 109.0 | $ | 86.3 | $ | 7.5 | $ | — | $ | — | $ | 8.0 | $ | — | |||||||||||||||||
Capital expenditures | $ | 436.4 | $ | — | $ | 113.9 | $ | 164.2 | $ | 69.2 | $ | 15.6 | $ | 50.2 | $ | 23.0 | $ | 0.3 | |||||||||||||||||
Investments in equity investees | $ | 0.6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.6 | $ | — | |||||||||||||||||
Goodwill | $ | 2,833.4 | $ | — | $ | 1,945.1 | $ | 182.1 | $ | 12.6 | $ | — | $ | 601.2 | $ | 92.4 | $ | — |
(a) | The following table provides a reconciliation of Partnership Adjusted EBITDA to AmeriGas Propane income before income taxes: |
2016 | 2015 | 2014 | ||||||||||
Partnership Adjusted EBITDA | $ | 543.0 | $ | 619.2 | $ | 664.8 | ||||||
Depreciation and amortization | (190.0 | ) | (194.9 | ) | (197.2 | ) | ||||||
Interest expense | (164.1 | ) | (162.8 | ) | (165.6 | ) | ||||||
Loss on extinguishments of debt | (48.9 | ) | — | — | ||||||||
Noncontrolling interests (i) | 3.3 | 3.3 | 4.4 | |||||||||
Income before income taxes | $ | 143.3 | $ | 264.8 | $ | 306.4 |
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
(b) | Corporate & Other results principally comprise (1) revenues and expenses of UGI’s captive general liability insurance company and UGI’s corporate headquarters facility and (2) UGI Corporation’s unallocated corporate and general expenses and interest income. In addition, Corporate & Other results also include the effects of net pre-tax gains and (losses) on commodity derivative instruments not associated with current-period transactions (including such amounts attributable to noncontrolling interests) totaling $91.6, $(119.1) and $(18.0) in Fiscal 2016, Fiscal 2015 and Fiscal 2014, 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. Through March 2014, Corporate & Other also had an intercompany loan. The intercompany loan interest is removed in the segment presentation. |
(c) | Represents the elimination of intersegment transactions principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane. |
(d) | UGI France interest expense includes pre-tax costs of $10.3 associated with an extinguishment of debt (see Note 5). |
(e) | Restated to reflect (1) the current-year changes in the presentation of our UGI Utilities and Energy Services reportable segments and (2) the adoption of new accounting guidance related to debt issuance costs (see Note 2 and Note 3). |
|
September 30, | |||||||
2016 | 2015 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 4.8 | $ | 1.9 | |||
Accounts receivable - related parties | 9.2 | 3.3 | |||||
Deferred income taxes | — | 0.4 | |||||
Prepaid expenses and other current assets | 5.0 | 4.3 | |||||
Total current assets | 19.0 | 9.9 | |||||
Investments in subsidiaries | 2,832.5 | 2,689.7 | |||||
Other assets | 69.8 | 58.7 | |||||
Total assets | $ | 2,921.3 | $ | 2,758.3 | |||
LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts and notes payable | $ | 11.4 | $ | 10.9 | |||
Accrued liabilities | 4.4 | 5.0 | |||||
Total current liabilities | 15.8 | 15.9 | |||||
Noncurrent liabilities | 54.6 | 50.4 | |||||
Commitments and contingencies (Note 1) | |||||||
Common stockholders’ equity: | |||||||
Common Stock, without par value (authorized - 450,000,000 shares; issued - 173,894,141 and 173,806,991 shares, respectively) | 1,201.6 | 1,214.6 | |||||
Retained earnings | 1,840.9 | 1,636.9 | |||||
Accumulated other comprehensive loss | (154.7 | ) | (114.6 | ) | |||
Treasury stock, at cost | (36.9 | ) | (44.9 | ) | |||
Total common stockholders’ equity | 2,850.9 | 2,692.0 | |||||
Total liabilities and common stockholders’ equity | $ | 2,921.3 | $ | 2,758.3 |
Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Revenues | $ | — | $ | — | $ | — | |||||
Costs and expenses: | |||||||||||
Operating and administrative expenses | 45.7 | 48.7 | 44.5 | ||||||||
Other operating income, net (a) | (45.3 | ) | (48.5 | ) | (44.2 | ) | |||||
0.4 | 0.2 | 0.3 | |||||||||
Operating loss | (0.4 | ) | (0.2 | ) | (0.3 | ) | |||||
Intercompany interest income | 0.1 | 0.1 | 0.2 | ||||||||
Loss before income taxes | (0.3 | ) | (0.1 | ) | (0.1 | ) | |||||
Income tax (benefit) expense | (4.0 | ) | 1.9 | 2.4 | |||||||
Income (loss) before equity in income of unconsolidated subsidiaries | 3.7 | (2.0 | ) | (2.5 | ) | ||||||
Equity in income of unconsolidated subsidiaries | 361.0 | 283.0 | 339.7 | ||||||||
Net income attributable to UGI Corporation | $ | 364.7 | $ | 281.0 | $ | 337.2 | |||||
Other comprehensive (loss) income | (1.1 | ) | 0.1 | (0.7 | ) | ||||||
Equity in other comprehensive loss of unconsolidated subsidiaries | (39.0 | ) | (93.5 | ) | (28.9 | ) | |||||
Comprehensive income attributable to UGI Corporation | $ | 324.6 | $ | 187.6 | $ | 307.6 | |||||
Earnings per common share: | |||||||||||
Basic | $ | 2.11 | $ | 1.62 | $ | 1.95 | |||||
Diluted | $ | 2.08 | $ | 1.60 | $ | 1.92 | |||||
Average common shares outstanding (thousands): | |||||||||||
Basic | 173,154 | 173,115 | 172,733 | ||||||||
Diluted | 175,572 | 175,667 | 175,231 |
(a) | UGI provides certain financial and administrative services to certain of its subsidiaries. UGI bills these subsidiaries monthly for all direct expenses incurred by UGI on behalf of its subsidiaries as well as allocated shares of indirect corporate expense incurred or paid with respect to services provided by UGI. The allocation of indirect UGI corporate expenses to certain of its subsidiaries utilizes a weighted, three-component formula comprising revenues, operating expenses, and net assets employed and considers the relative percentage of such items for each subsidiary to the total of such items for all UGI operating subsidiaries for which general and administrative services are provided. Management believes that this allocation method is reasonable and equitable to its subsidiaries. These billed expenses are classified as “Other operating income, net” in the Statements of Income above. |
Year Ended September 30, | |||||||||||
2016 | 2015 | 2014 | |||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES (a) | $ | 195.6 | $ | 277.2 | $ | 199.7 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Net investments in unconsolidated subsidiaries | (8.9 | ) | (104.8 | ) | (47.3 | ) | |||||
Net cash used by investing activities | (8.9 | ) | (104.8 | ) | (47.3 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Payment of dividends on Common Stock | (160.7 | ) | (153.5 | ) | (136.1 | ) | |||||
Purchases of UGI Common Stock | (47.6 | ) | (34.1 | ) | (39.8 | ) | |||||
Issuances of Common Stock | 24.5 | 16.8 | 23.4 | ||||||||
Other | — | (0.5 | ) | — | |||||||
Net cash used by financing activities | (183.8 | ) | (171.3 | ) | (152.5 | ) | |||||
Cash and cash equivalents increase (decrease) | $ | 2.9 | $ | 1.1 | $ | (0.1 | ) | ||||
Cash and cash equivalents: | |||||||||||
End of year | $ | 4.8 | $ | 1.9 | $ | 0.8 | |||||
Beginning of year | 1.9 | 0.8 | 0.9 | ||||||||
Increase (decrease) | $ | 2.9 | $ | 1.1 | $ | (0.1 | ) |
(a) | Includes dividends received from unconsolidated subsidiaries of $193.1, $271.6 and $186.4 for the years ended September 30, 2016, 2015 and 2014, respectively. |
|
Balance at beginning of year | Charged (credited) to costs and expenses | Other | Balance at end of year | |||||||||||||
Year Ended September 30, 2016 | ||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||
Allowance for doubtful accounts | $ | 29.7 | $ | 21.7 | $ | (24.1 | ) | (1) | $ | 27.3 | ||||||
Other reserves: | ||||||||||||||||
Deferred tax assets valuation allowance | $ | 131.3 | $ | (5.8 | ) | $ | (8.8 | ) | (3) | $ | 114.3 | |||||
(2.4 | ) | (4) | ||||||||||||||
Year Ended September 30, 2015 | ||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||
Allowance for doubtful accounts | $ | 39.1 | $ | 31.6 | $ | (39.6 | ) | (1) | $ | 29.7 | ||||||
(1.4 | ) | (2) | ||||||||||||||
Other reserves: | ||||||||||||||||
Deferred tax assets valuation allowance | $ | 59.2 | $ | 5.1 | 66.1 | (3) | $ | 131.3 | ||||||||
(2.6 | ) | (4) | ||||||||||||||
3.5 | (5) | |||||||||||||||
Year Ended September 30, 2014 | ||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||
Allowance for doubtful accounts | $ | 39.5 | $ | 43.5 | $ | (43.0 | ) | (1) | $ | 39.1 | ||||||
(0.9 | ) | (2) | ||||||||||||||
Other reserves: | ||||||||||||||||
Deferred tax assets valuation allowance | $ | 97.6 | $ | 0.4 | $ | (34.0 | ) | (3) | $ | 59.2 | ||||||
$ | (4.8 | ) | (4) |
(1) | Uncollectible accounts written off, net of recoveries. |
(2) | Effects of currency exchange. |
(3) | Foreign tax credit valuation allowance adjustment. |
(4) | Decrease in unusable foreign operating loss carryforwards. |
(5) | Acquisitions |
|
• | Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date. |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. |
• | Level 3 — Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. |
|
(Thousands of shares) | 2016 | 2015 | 2014 | ||||||
Weighted-average common shares outstanding for basic computation | 173,154 | 173,115 | 172,733 | ||||||
Incremental shares issuable for stock options and common stock awards (a) | 2,418 | 2,552 | 2,498 | ||||||
Weighted-average common shares outstanding for diluted computation | 175,572 | 175,667 | 175,231 |
(a) | For Fiscal 2016, Fiscal 2015 and Fiscal 2014, there were 38 shares, 1 share and 0 shares, respectively, associated with outstanding stock option awards that were not included in the computation of diluted earnings per share above because their effect was antidilutive. |
|
Assets acquired: | |||
Cash | $ | 86.8 | |
Accounts receivable (a) | 170.3 | ||
Prepaid expenses and other current assets | 11.0 | ||
Property, plant and equipment | 375.6 | ||
Intangible assets (b) | 91.3 | ||
Other assets | 21.4 | ||
Total assets acquired | $ | 756.4 | |
Liabilities assumed: | |||
Accounts payable | 109.2 | ||
Other current liabilities | 103.5 | ||
Deferred income taxes | 117.5 | ||
Other noncurrent liabilities | 113.4 | ||
Total liabilities assumed | $ | 443.6 | |
Goodwill | 183.8 | ||
Net consideration transferred (including working capital adjustments) | $ | 496.6 |
(a) | Approximates the gross contractual amounts of receivables acquired. |
(b) | Comprises $79.3 of customer relationships and $12.0 of tradenames ($8.3 of which is subject to amortization), having average amortization periods of 15 years. |
2015 | 2014 | ||||||||||||||
As Reported | Pro Forma Adjusted | As Reported | Pro Forma Adjusted | ||||||||||||
Revenues | $ | 6,691.1 | $ | 7,065.8 | $ | 8,277.3 | $ | 8,999.6 | |||||||
Net income attributable to UGI Corporation | $ | 281.0 | $ | 341.2 | $ | 337.2 | $ | 385.5 | |||||||
Earnings per common share attributable to UGI Corporation stockholders: | |||||||||||||||
Basic | $ | 1.62 | $ | 1.97 | $ | 1.95 | $ | 2.23 | |||||||
Diluted | $ | 1.60 | $ | 1.94 | $ | 1.92 | $ | 2.20 |
|
2016 | 2015 | ||||||
AmeriGas Propane: | |||||||
AmeriGas Partners Senior Notes: | |||||||
5.875% due August 2026 | $ | 675.0 | $ | — | |||
5.625% due May 2024 | 675.0 | — | |||||
7.00%, due May 2022 | 980.8 | 980.8 | |||||
6.75%, due May 2020 | — | 550.0 | |||||
6.50%, due May 2021 | — | 270.0 | |||||
6.25%, due August 2019 | — | 450.0 | |||||
HOLP Senior Secured Notes, including unamortized premium of $0.7 and $2.5, respectively | 15.2 | 21.0 | |||||
Other | 14.2 | 11.7 | |||||
Unamortized debt issuance costs (a) | (26.6 | ) | (21.6 | ) | |||
Total AmeriGas Propane | 2,333.6 | 2,261.9 | |||||
UGI International: | |||||||
France SAS Senior Facilities term loan, due through April 2020 | 674.4 | 670.7 | |||||
Flaga variable rate term loan, due October 2020 | 51.4 | — | |||||
Flaga variable rate term loan, due September 2018 | 59.1 | 59.1 | |||||
Flaga variable rate term loan, due through August 2016 | — | 29.8 | |||||
Flaga variable rate term loan, due October 2016 | — | 21.4 | |||||
Other | 1.4 | 1.8 | |||||
Unamortized debt issuance costs (a) | (6.7 | ) | (8.6 | ) | |||
Total UGI International | 779.6 | 774.2 | |||||
UGI Utilities: | |||||||
Senior Notes: | |||||||
4.12%, due September 2046 | 200.0 | — | |||||
5.75%, due September 2016 | — | 175.0 | |||||
4.98%, due March 2044 | 175.0 | 175.0 | |||||
2.95%, due June 2026 | 100.0 | — | |||||
6.21%, due September 2036 | 100.0 | 100.0 | |||||
Medium-Term Notes: | |||||||
7.37%, due October 2015 | — | 22.0 | |||||
5.64%, due December 2015 | — | 50.0 | |||||
6.17%, due June 2017 | 20.0 | 20.0 | |||||
7.25%, due November 2017 | 20.0 | 20.0 | |||||
5.67%, due January 2018 | 20.0 | 20.0 | |||||
6.50%, due August 2033 | 20.0 | 20.0 | |||||
6.13%, due October 2034 | 20.0 | 20.0 | |||||
Unamortized debt issuance costs (a) | (3.5 | ) | (2.2 | ) | |||
Total UGI Utilities | 671.5 | 619.8 | |||||
Other | 10.8 | 11.5 | |||||
Total long-term debt | 3,795.5 | 3,667.4 | |||||
Less: current maturities | (29.5 | ) | (257.9 | ) | |||
Total long-term debt due after one year | $ | 3,766.0 | $ | 3,409.5 |
(a) | Prior-year amounts reflect the retrospective impact from the adoption of new accounting guidance regarding the classification of debt issuance costs (see Note 2 and Note 3). |
2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
AmeriGas Propane | $ | 8.5 | $ | 6.8 | $ | 6.4 | $ | 5.7 | $ | 1.6 | |||||||||
UGI Utilities | 20.0 | 40.0 | — | — | — | ||||||||||||||
UGI International | 0.3 | 127.3 | 67.6 | 539.6 | 51.5 | ||||||||||||||
Other | 0.7 | 0.8 | 0.8 | 0.9 | 0.9 | ||||||||||||||
Total | $ | 29.5 | $ | 174.9 | $ | 74.8 | $ | 546.2 | $ | 54.0 |
2016 | 2015 | ||||||
Credit Agreements: | |||||||
AmeriGas Propane | $ | 153.2 | $ | 68.1 | |||
UGI International | 0.5 | 0.6 | |||||
UGI Utilities | 112.5 | 71.7 | |||||
Midstream & Marketing | — | 30.0 | |||||
Energy Services Receivables Facility | 25.5 | 19.5 | |||||
Total short-term borrowings | $ | 291.7 | $ | 189.9 |
2016 | 2015 | 2014 | ||||||||||
Trade receivables transferred to ESFC during the year | $ | 756.4 | $ | 1,037.8 | $ | 1,260.6 | ||||||
ESFC trade receivables sold to the bank during the year | 204.0 | 306.5 | 354.0 | |||||||||
ESFC trade receivables - end of year (a) | 35.7 | 44.1 | 46.4 |
(a) | The amounts of ESFC trade receivables sold to the bank are reflected as short-term borrowings on the Consolidated Balance Sheets. |
|
2016 | 2015 | 2014 | |||||||||
Domestic | $ | 518.9 | $ | 552.3 | $ | 699.2 | |||||
Foreign | 191.1 | 39.5 | 68.6 | ||||||||
Total income before income taxes | $ | 710.0 | $ | 591.8 | $ | 767.8 |
2016 | 2015 | 2014 | |||||||||
Current expense (benefit): | |||||||||||
Federal | $ | 44.2 | $ | 97.1 | $ | 102.4 | |||||
State | 20.9 | 32.2 | 30.7 | ||||||||
Foreign | 78.7 | 36.0 | 37.0 | ||||||||
Investment tax credit | — | (1.2 | ) | (1.6 | ) | ||||||
Total current expense | 143.8 | 164.1 | 168.5 | ||||||||
Deferred expense (benefit): | |||||||||||
Federal | 81.2 | 28.1 | 61.9 | ||||||||
State | 1.3 | 2.9 | 7.8 | ||||||||
Foreign | (4.8 | ) | (17.0 | ) | (2.7 | ) | |||||
Investment tax credit amortization | (0.3 | ) | (0.3 | ) | (0.3 | ) | |||||
Total deferred expense | 77.4 | 13.7 | 66.7 | ||||||||
Total income tax expense | $ | 221.2 | $ | 177.8 | $ | 235.2 |
2016 | 2015 | 2014 | ||||||
U.S. federal statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Difference in tax rate due to: | ||||||||
Noncontrolling interests not subject to tax | (6.2 | ) | (7.9 | ) | (9.0 | ) | ||
State income taxes, net of federal benefit | 3.0 | 3.3 | 3.4 | |||||
Valuation allowance adjustments | (0.9 | ) | 0.8 | — | ||||
Effects of foreign operations | 0.6 | 0.2 | 1.0 | |||||
Other, net | (0.3 | ) | (1.4 | ) | 0.2 | |||
Effective tax rate | 31.2 | % | 30.0 | % | 30.6 | % |
2016 | 2015 | ||||||
Excess book basis over tax basis of property, plant and equipment | $ | 873.9 | $ | 798.4 | |||
Investment in AmeriGas Partners | 323.2 | 321.4 | |||||
Intangible assets and goodwill | 87.1 | 87.1 | |||||
Utility regulatory assets | 148.3 | 117.4 | |||||
Other | 11.9 | 8.9 | |||||
Gross deferred tax liabilities | 1,444.4 | 1,333.2 | |||||
Pension plan liabilities | (79.7 | ) | (59.1 | ) | |||
Employee-related benefits | (63.1 | ) | (57.6 | ) | |||
Operating loss carryforwards | (31.5 | ) | (32.5 | ) | |||
Foreign tax credit carryforwards | (105.1 | ) | (113.8 | ) | |||
Utility regulatory liabilities | (13.9 | ) | (24.0 | ) | |||
Derivative instruments | (14.7 | ) | (11.4 | ) | |||
Utility environmental liabilities | (22.8 | ) | (6.0 | ) | |||
Other | (28.3 | ) | (17.4 | ) | |||
Gross deferred tax assets | (359.1 | ) | (321.8 | ) | |||
Deferred tax assets valuation allowance | 114.3 | 131.3 | |||||
Net deferred tax liabilities | $ | 1,199.6 | $ | 1,142.7 |
2016 | 2015 | 2014 | |||||||||
Unrecognized tax benefits - beginning of year | $ | 3.2 | $ | 2.4 | $ | 3.4 | |||||
Additions for tax positions of the current year | 2.2 | 0.9 | 0.7 | ||||||||
Additions for tax positions taken in prior years | 2.3 | 0.5 | — | ||||||||
Settlements with tax authorities/statute lapses | (0.5 | ) | (0.6 | ) | (1.7 | ) | |||||
Unrecognized tax benefits - end of year | $ | 7.2 | $ | 3.2 | $ | 2.4 |
|
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Change in benefit obligations: | |||||||||||||||
Benefit obligations — beginning of year | $ | 614.7 | $ | 573.6 | $ | 25.4 | $ | 21.3 | |||||||
Service cost | 10.1 | 10.0 | 0.7 | 0.7 | |||||||||||
Interest cost | 26.8 | 25.5 | 0.9 | 0.8 | |||||||||||
Actuarial loss (gain) | 83.3 | 14.4 | 6.6 | (2.7 | ) | ||||||||||
Plan amendments | — | (0.6 | ) | (1.5 | ) | — | |||||||||
Curtailment | (1.4 | ) | (0.8 | ) | (0.3 | ) | — | ||||||||
Totalgaz acquisition | — | 21.3 | — | 6.8 | |||||||||||
Foreign currency | 0.1 | (4.4 | ) | — | (0.7 | ) | |||||||||
Benefits paid | (25.9 | ) | (24.3 | ) | (0.9 | ) | (0.8 | ) | |||||||
Benefit obligations — end of year | $ | 707.7 | $ | 614.7 | $ | 30.9 | $ | 25.4 | |||||||
Change in plan assets: | |||||||||||||||
Fair value of plan assets — beginning of year | $ | 453.8 | $ | 459.4 | $ | 12.5 | $ | 12.8 | |||||||
Actual gain (loss) on plan assets | 53.4 | 1.1 | 1.3 | (0.1 | ) | ||||||||||
Foreign currency | 0.1 | (0.4 | ) | — | — | ||||||||||
Employer contributions | 11.4 | 11.9 | 0.6 | 0.6 | |||||||||||
Totalgaz acquisition | — | 6.1 | — | — | |||||||||||
Benefits paid | (25.0 | ) | (24.3 | ) | (0.7 | ) | (0.8 | ) | |||||||
Fair value of plan assets — end of year | $ | 493.7 | $ | 453.8 | $ | 13.7 | $ | 12.5 | |||||||
Funded status of the plans — end of year | $ | (214.0 | ) | $ | (160.9 | ) | $ | (17.2 | ) | $ | (12.9 | ) | |||
Assets (liabilities) recorded in the balance sheet: | |||||||||||||||
Assets in excess of liabilities — included in other noncurrent assets | $ | — | $ | — | $ | 4.1 | $ | 4.0 | |||||||
Unfunded liabilities — included in other noncurrent liabilities | (214.0 | ) | (160.9 | ) | (21.3 | ) | (16.9 | ) | |||||||
Net amount recognized | $ | (214.0 | ) | $ | (160.9 | ) | $ | (17.2 | ) | $ | (12.9 | ) | |||
Amounts recorded in UGI Corporation stockholders’ equity (pre-tax): | |||||||||||||||
Prior service credit | $ | (0.6 | ) | $ | (0.6 | ) | $ | (1.5 | ) | $ | (0.1 | ) | |||
Net actuarial loss | 31.4 | 22.5 | 3.8 | 0.7 | |||||||||||
Total | $ | 30.8 | $ | 21.9 | $ | 2.3 | $ | 0.6 | |||||||
Amounts recorded in regulatory assets and liabilities (pre-tax): | |||||||||||||||
Prior service cost (credit) | $ | 1.2 | $ | 1.6 | $ | (2.2 | ) | $ | (2.9 | ) | |||||
Net actuarial loss | 181.0 | 138.4 | 2.4 | 2.3 | |||||||||||
Total | $ | 182.2 | $ | 140.0 | $ | 0.2 | $ | (0.6 | ) |
Pension Plan | Other Postretirement Benefits | ||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||
Weighted-average assumptions: | |||||||||||||||||||
Discount rate - benefit obligations | 3.80 | % | 4.60 | % | 4.60 | % | 3.80 | % | 4.70 | % | 4.60 | % | |||||||
Discount rate - benefit cost | 4.60 | % | 4.60 | % | 5.20 | % | 4.70 | % | 4.60 | % | 5.10% - 5.40% | ||||||||
Expected return on plan assets | 7.55 | % | 7.75 | % | 7.75 | % | 5.00 | % | 5.00 | % | 5.00 | % | |||||||
Rate of increase in salary levels | 3.25 | % | 3.25 | % | 3.25 | % | 3.25 | % | 3.25 | % | 3.25 | % |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||
Service cost | $ | 10.1 | $ | 10.0 | $ | 9.4 | $ | 0.7 | $ | 0.7 | $ | 0.5 | |||||||||||
Interest cost | 26.8 | 25.5 | 26.1 | 0.9 | 0.8 | 0.9 | |||||||||||||||||
Expected return on assets | (32.4 | ) | (32.2 | ) | (29.7 | ) | (0.6 | ) | (0.6 | ) | (0.6 | ) | |||||||||||
Curtailment gain | (1.2 | ) | (0.8 | ) | — | — | — | — | |||||||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service cost (benefit) | 0.3 | 0.3 | 0.3 | (0.6 | ) | (0.5 | ) | (0.5 | ) | ||||||||||||||
Actuarial loss | 10.9 | 10.0 | 7.7 | — | 0.1 | — | |||||||||||||||||
Net benefit cost | 14.5 | 12.8 | 13.8 | 0.4 | 0.5 | 0.3 | |||||||||||||||||
Change in associated regulatory liabilities | — | — | — | 1.0 | 3.7 | 3.7 | |||||||||||||||||
Net benefit cost after change in regulatory liabilities | $ | 14.5 | $ | 12.8 | $ | 13.8 | $ | 1.4 | $ | 4.2 | $ | 4.0 |
Pension Benefits | Other Postretirement Benefits | ||||||
Fiscal 2017 | $ | 28.7 | $ | 1.1 | |||
Fiscal 2018 | $ | 28.7 | $ | 1.1 | |||
Fiscal 2019 | $ | 30.0 | $ | 1.1 | |||
Fiscal 2020 | $ | 36.3 | $ | 1.1 | |||
Fiscal 2021 | $ | 39.5 | $ | 1.1 | |||
Fiscal 2022 - 2026 | $ | 189.1 | $ | 5.5 |
2016 | 2015 | ||||
Health care cost trend rate assumed for next year | 7.25 | % | 7.5 | % | |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.0 | % | 5.0 | % | |
Fiscal year that the rate reaches the ultimate trend rate | 2026 | 2026 |
Actual | Target Asset Allocation | Permitted Range | ||||||||
2016 | 2015 | |||||||||
Equity investments: | ||||||||||
Domestic | 54.1 | % | 56.2 | % | 52.5 | % | 40.0% - 65.0% | |||
International | 10.2 | % | 10.2 | % | 12.5 | % | 7.5% - 17.5% | |||
Total | 64.3 | % | 66.4 | % | 65.0 | % | 60.0% - 70.0% | |||
Fixed income funds & cash equivalents | 35.7 | % | 33.6 | % | 35.0 | % | 30.0% - 40.0% | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
Actual | Target Asset Allocation | Permitted Range | ||||||||
2016 | 2015 | |||||||||
Domestic equity investments | 69.9 | % | 67.4 | % | 65.0 | % | 60.0% - 70.0% | |||
Fixed income funds & cash equivalents | 30.1 | % | 32.6 | % | 35.0 | % | 30.0% - 40.0% | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
U.S. Pension Plan | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
September 30, 2016: | |||||||||||||||
Domestic equity investments: | |||||||||||||||
S&P 500 Index equity mutual funds | $ | 158.9 | $ | — | $ | — | $ | 158.9 | |||||||
Small and midcap equity mutual funds | 43.2 | — | — | 43.2 | |||||||||||
Smallcap common stocks | 11.4 | — | — | 11.4 | |||||||||||
UGI Corporation Common Stock | 37.0 | — | — | 37.0 | |||||||||||
Total domestic equity investments | 250.5 | — | — | 250.5 | |||||||||||
International index equity mutual funds | 47.3 | — | — | 47.3 | |||||||||||
Fixed income investments: | |||||||||||||||
Bond index mutual funds | 147.8 | — | — | 147.8 | |||||||||||
Cash equivalents | — | 17.8 | — | 17.8 | |||||||||||
Total fixed income investments | 147.8 | 17.8 | — | 165.6 | |||||||||||
Total | $ | 445.6 | $ | 17.8 | $ | — | $ | 463.4 | |||||||
September 30, 2015: | |||||||||||||||
Domestic equity investments: | |||||||||||||||
S&P 500 Index equity mutual funds | $ | 147.3 | $ | — | $ | — | $ | 147.3 | |||||||
Small and midcap equity mutual funds | 40.6 | — | — | 40.6 | |||||||||||
Smallcap common stocks | 10.7 | — | — | 10.7 | |||||||||||
UGI Corporation Common Stock | 43.4 | — | — | 43.4 | |||||||||||
Total domestic equity investments | 242.0 | — | — | 242.0 | |||||||||||
International index equity mutual funds | 43.9 | — | — | 43.9 | |||||||||||
Fixed income investments: | |||||||||||||||
Bond index mutual funds | 140.8 | — | — | 140.8 | |||||||||||
Cash equivalents | — | 4.1 | — | 4.1 | |||||||||||
Total fixed income investments | 140.8 | 4.1 | — | 144.9 | |||||||||||
Total | $ | 426.7 | $ | 4.1 | $ | — | $ | 430.8 |
VEBA | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
September 30, 2016: | |||||||||||||||
S&P 500 Index equity mutual fund | $ | 9.6 | $ | — | $ | — | $ | 9.6 | |||||||
Bond index mutual fund | 4.0 | — | — | 4.0 | |||||||||||
Cash equivalents | — | 0.1 | — | 0.1 | |||||||||||
Total | $ | 13.6 | $ | 0.1 | $ | — | $ | 13.7 | |||||||
September 30, 2015: | |||||||||||||||
S&P 500 Index equity mutual fund | $ | 8.4 | $ | — | $ | — | $ | 8.4 | |||||||
Bond index mutual fund | 3.8 | — | — | 3.8 | |||||||||||
Cash equivalents | — | 0.3 | — | 0.3 | |||||||||||
Total | $ | 12.2 | $ | 0.3 | $ | — | $ | 12.5 |
|
2016 | 2015 | ||||||
Regulatory assets: | |||||||
Income taxes recoverable | $ | 115.7 | $ | 115.9 | |||
Underfunded pension and postretirement plans | 183.1 | 140.8 | |||||
Environmental costs (a) | 59.4 | 20.0 | |||||
Removal costs, net | 27.9 | 21.2 | |||||
Other | 9.0 | 6.3 | |||||
Total regulatory assets | $ | 395.1 | $ | 304.2 | |||
Regulatory liabilities (b): | |||||||
Postretirement benefit overcollections | $ | 17.5 | $ | 20.0 | |||
Deferred fuel and power refunds | 22.3 | 36.6 | |||||
State income tax benefits — distribution system repairs | 15.1 | 13.3 | |||||
Other | 0.7 | 1.1 | |||||
Total regulatory liabilities | $ | 55.6 | $ | 71.0 |
(a) | Balance at September 30, 2016, includes amounts associated with UGI Gas’ Consent Order and Agreement with the Pennsylvania Department of Environmental Protection (see Note 15). |
(b) | Regulatory liabilities are recorded in other current and other noncurrent liabilities on the Consolidated Balance Sheets. |
|
2016 | 2015 | ||||||
Non-utility LPG and natural gas | $ | 129.8 | $ | 140.7 | |||
Gas Utility natural gas | 29.2 | 37.5 | |||||
Materials, supplies and other | 51.3 | 61.7 | |||||
Total inventories | $ | 210.3 | $ | 239.9 |
|
2016 | 2015 | ||||||
Utilities: | |||||||
Distribution | $ | 2,634.2 | $ | 2,458.1 | |||
Transmission | 93.5 | 90.0 | |||||
General and other, including work in process | 271.2 | 205.4 | |||||
Total Utilities | 2,998.9 | 2,753.5 | |||||
Non-utility: | |||||||
Land | 169.9 | 174.9 | |||||
Buildings and improvements | 382.2 | 391.4 | |||||
Transportation equipment | 301.7 | 327.9 | |||||
Equipment, primarily cylinders and tanks | 3,421.5 | 3,268.1 | |||||
Electric generation | 309.4 | 305.7 | |||||
Pipeline and related assets | 235.8 | 233.5 | |||||
Other, including work in process | 525.9 | 374.1 | |||||
Total non-utility | 5,346.4 | 5,075.6 | |||||
Total property, plant and equipment | $ | 8,345.3 | $ | 7,829.1 |
|
UGI International | |||||||||||||||||||||||
AmeriGas Propane | UGI Utilities | Energy Services (a) | UGI France | Flaga & Other | Total | ||||||||||||||||||
Balance September 30, 2014 | $ | 1,945.1 | $ | 182.1 | $ | 12.6 | $ | 601.2 | $ | 92.4 | $ | 2,833.4 | |||||||||||
Acquisitions | 10.9 | — | — | 186.2 | 2.9 | 200.0 | |||||||||||||||||
Dispositions | — | — | (1.0 | ) | — | — | (1.0 | ) | |||||||||||||||
Foreign currency translation | — | — | — | (66.0 | ) | (13.0 | ) | (79.0 | ) | ||||||||||||||
Balance September 30, 2015 | 1,956.0 | 182.1 | 11.6 | 721.4 | 82.3 | 2,953.4 | |||||||||||||||||
Acquisitions | 24.2 | — | — | — | 16.9 | 41.1 | |||||||||||||||||
Dispositions | — | — | — | — | (1.6 | ) | (1.6 | ) | |||||||||||||||
Purchase price adjustments | (1.9 | ) | — | — | (2.4 | ) | (0.2 | ) | (4.5 | ) | |||||||||||||
Foreign currency translation | — | — | — | 4.2 | (3.6 | ) | 0.6 | ||||||||||||||||
Balance September 30, 2016 | $ | 1,978.3 | $ | 182.1 | $ | 11.6 | $ | 723.2 | $ | 93.8 | $ | 2,989.0 |
(a) | Prior year amounts were restated to reflect the current-year changes in the presentation of our Energy Services reportable segment (see Note 21). |
2016 | 2015 | ||||||
Customer relationships, noncompete agreements and other | $ | 773.5 | $ | 761.1 | |||
Trademarks and tradenames (not subject to amortization) | 131.6 | 131.4 | |||||
Gross carrying amount | 905.1 | 892.5 | |||||
Accumulated amortization | (324.8 | ) | (282.4 | ) | |||
Intangible assets, net | $ | 580.3 | $ | 610.1 |
|
Issued | Treasury | Outstanding | ||||||
Balance, September 30, 2013 | 173,675,691 | (2,032,404 | ) | 171,643,287 | ||||
Issued: | ||||||||
Employee and director plans | 94,950 | 2,928,140 | 3,023,090 | |||||
Repurchases of common stock | — | (1,227,654 | ) | (1,227,654 | ) | |||
Reacquired common stock - employee and director plans | — | (1,164,942 | ) | (1,164,942 | ) | |||
Balance, September 30, 2014 | 173,770,641 | (1,496,860 | ) | 172,273,781 | ||||
Issued: | ||||||||
Employee and director plans | 36,350 | 1,155,376 | 1,191,726 | |||||
Repurchases of common stock | — | (1,000,000 | ) | (1,000,000 | ) | |||
Reacquired common stock - employee and director plans | — | (77,004 | ) | (77,004 | ) | |||
Balance, September 30, 2015 | 173,806,991 | (1,418,488 | ) | 172,388,503 | ||||
Issued: | ||||||||
Employee and director plans | 87,150 | 2,355,202 | 2,442,352 | |||||
Repurchases of common stock | — | (1,250,000 | ) | (1,250,000 | ) | |||
Reacquired common stock - employee and director plans | — | (620,406 | ) | (620,406 | ) | |||
Balance, September 30, 2016 | 173,894,141 | (933,692 | ) | 172,960,449 |
Shares | Weighted Average Option Price | Total Intrinsic Value | Weighted Average Contract Term (Years) | |||||||||
Shares under option — September 30, 2013 | 10,193,952 | $ | 19.28 | $ | 69.6 | 6.8 | ||||||
Granted | 1,665,600 | $ | 27.93 | |||||||||
Canceled | (86,707 | ) | $ | 22.76 | ||||||||
Exercised | (2,815,555 | ) | $ | 17.44 | $ | 37.4 | ||||||
Shares under option — September 30, 2014 | 8,957,290 | $ | 21.44 | $ | 113.3 | 7.0 | ||||||
Granted | 1,336,985 | $ | 37.70 | |||||||||
Canceled | (85,365 | ) | $ | 30.45 | ||||||||
Exercised | (953,533 | ) | $ | 19.10 | $ | 15.4 | ||||||
Shares under option — September 30, 2015 | 9,255,377 | $ | 23.97 | $ | 104.5 | 6.6 | ||||||
Granted | 1,510,625 | $ | 34.67 | |||||||||
Canceled | (84,213 | ) | $ | 34.13 | ||||||||
Exercised | (2,193,338 | ) | $ | 20.38 | $ | 40.1 | ||||||
Shares under option — September 30, 2016 | 8,488,451 | $ | 26.68 | $ | 157.6 | 6.6 | ||||||
Options exercisable — September 30, 2014 | 5,073,347 | $ | 19.45 | |||||||||
Options exercisable — September 30, 2015 | 6,050,946 | $ | 20.74 | |||||||||
Options exercisable — September 30, 2016 | 5,522,370 | $ | 22.94 | $ | 123.2 | 5.6 | ||||||
Options not exercisable — September 30, 2016 | 2,966,081 | $ | 33.63 | $ | 34.4 | 8.2 |
Range of exercise prices | ||||||||||||||||||
Under $20.00 | $20.01 - $25.00 | $25.01 - $30.00 | $30.01 - $35.00 | Over $35.00 | ||||||||||||||
Options outstanding at September 30, 2016: | ||||||||||||||||||
Number of options | 1,876,551 | 2,209,352 | 1,591,195 | 1,453,584 | 1,357,769 | |||||||||||||
Weighted average remaining contractual life (in years) | 4.1 | 5.6 | 7.1 | 9.1 | 8.4 | |||||||||||||
Weighted average exercise price | $ | 18.10 | $ | 21.58 | $ | 27.44 | $ | 33.65 | $ | 38.46 | ||||||||
Options exercisable at September 30, 2016: | ||||||||||||||||||
Number of options | 1,876,551 | 2,073,902 | 1,033,454 | 117,050 | 421,413 | |||||||||||||
Weighted average exercise price | $ | 18.10 | $ | 21.56 | $ | 27.34 | $ | 32.90 | $ | 37.73 |
2016 | 2015 | 2014 | |||
Expected life of option | 5.75 years | 5.75 years | 5.75 years | ||
Weighted average volatility | 19.5% | 19.5% | 24.3% | ||
Weighted average dividend yield | 2.6% | 2.5% | 2.9% | ||
Expected volatility | 19.3% | 19.1% -19.5% | 23.7% - 24.4% | ||
Expected dividend yield | 2.6% | 2.5% | 2.7% - 2.9% | ||
Risk free rate | 1.2% - 1.9% | 1.5% - 1.8% | 1.8% - 2.0% |
Grants Awarded in Fiscal Year | |||||
2016 | 2015 | 2014 | |||
Risk free rate | 1.3% | 1.1% | 0.8% | ||
Expected life | 3 years | 3 years | 3 years | ||
Expected volatility | 17.5% | 15.9% | 20.3% | ||
Dividend yield | 2.7% | 2.3% | 2.7% |
Total | Vested | Non-Vested | ||||||||||||||||||
Number of UGI Units | Weighted Average Grant Date Fair Value (per Unit) | Number of UGI Units | Weighted Average Grant Date Fair Value (per Unit) | Number of UGI Units | Weighted Average Grant Date Fair Value (per Unit) | |||||||||||||||
September 30, 2015 | 1,136,251 | $ | 23.78 | 803,817 | $ | 20.19 | 332,434 | $ | 32.28 | |||||||||||
UGI Performance Units: | ||||||||||||||||||||
Granted | 178,160 | $ | 32.64 | 25,291 | $ | 32.77 | 152,869 | $ | 32.62 | |||||||||||
Forfeited | (17,356 | ) | $ | 34.62 | — | $ | — | (17,356 | ) | $ | 34.62 | |||||||||
Vested | — | $ | — | 154,339 | $ | 28.66 | (154,339 | ) | $ | 28.66 | ||||||||||
Unit awards paid | (296,687 | ) | $ | 25.98 | (296,687 | ) | $ | 25.98 | — | $ | — | |||||||||
UGI Stock Units: | ||||||||||||||||||||
Granted (a) | 52,493 | $ | 34.39 | 39,093 | $ | 33.40 | 13,400 | $ | 37.29 | |||||||||||
Unit awards paid | (53,778 | ) | $ | 16.86 | (53,778 | ) | $ | 16.86 | — | $ | — | |||||||||
September 30, 2016 | 999,083 | $ | 25.44 | 672,075 | $ | 21.17 | 327,008 | $ | 34.21 |
(a) | Generally, shares granted under UGI Stock Unit awards are paid approximately 70% in shares. UGI Stock Unit awards granted in Fiscal 2015 and Fiscal 2014 were 39,801 and 44,814, respectively. |
2016 | 2015 | 2014 | |||||||||
UGI Performance Unit awards: | |||||||||||
Number of original awards granted | 308,362 | 294,300 | 331,038 | ||||||||
Fiscal year granted | 2013 | 2012 | 2011 | ||||||||
Payment of awards: | |||||||||||
Shares of UGI Common Stock issued, net of shares withheld for taxes | 209,592 | 188,418 | 174,168 | ||||||||
Cash paid | $ | 13.9 | $ | 13.3 | $ | 3.1 | |||||
UGI Stock Unit awards: | |||||||||||
Number of original awards granted | 51,037 | 67,419 | 34,639 | ||||||||
Payment of awards: | |||||||||||
Shares of UGI Common Stock issued, net of shares withheld for taxes | 39,422 | 44,034 | 22,604 | ||||||||
Cash paid | $ | 0.7 | $ | 0.8 | $ | 0.4 |
Grants Awarded in Fiscal Year | |||||
2016 | 2015 | 2014 | |||
Risk-free rate | 1.3% | 0.9% | 0.8% | ||
Expected life | 3 years | 3 years | 3 years | ||
Expected volatility | 20.6% | 19.2% | 21.1% | ||
Dividend yield | 10.7% | 6.8% | 7.5% |
Total | Vested | Non-Vested | ||||||||||||||||||
Number of AmeriGas Partners Common Units Subject to Award | Weighted Average Grant Date Fair Value (per Unit) | Number of AmeriGas Partners Common Units Subject to Award | Weighted Average Grant Date Fair Value (per Unit) | Number of AmeriGas Partners Common Units Subject to Award | Weighted Average Grant Date Fair Value (per Unit) | |||||||||||||||
September 30, 2015 | 192,583 | $ | 49.70 | 46,900 | $ | 44.97 | 145,683 | $ | 51.22 | |||||||||||
AmeriGas Performance Units: | ||||||||||||||||||||
Granted | 52,495 | $ | 37.65 | 1,267 | $ | 37.84 | 51,228 | $ | 37.65 | |||||||||||
Forfeited | (4,994 | ) | $ | 54.00 | — | $ | — | (4,994 | ) | $ | 54.00 | |||||||||
Vested | — | $ | — | 30,050 | $ | 43.65 | (30,050 | ) | $ | 43.65 | ||||||||||
Awards paid | (34,616 | ) | $ | 42.44 | (34,616 | ) | $ | 42.44 | — | $ | — | |||||||||
AmeriGas Stock Units: | ||||||||||||||||||||
Granted | 20,585 | $ | 38.65 | 12,785 | $ | 36.69 | 7,800 | $ | 41.85 | |||||||||||
Forfeited | (800 | ) | $ | 42.33 | — | $ | — | (800 | ) | $ | 42.33 | |||||||||
Vested | — | $ | — | 13,940 | $ | 49.94 | (13,940 | ) | $ | 49.94 | ||||||||||
Awards paid | (14,704 | ) | $ | 49.94 | (14,704 | ) | $ | 49.94 | — | $ | — | |||||||||
September 30, 2016 | 210,549 | $ | 47.24 | 55,622 | $ | 45.67 | 154,927 | $ | 47.80 |
2016 | 2015 | 2014 | |||||||||
AmeriGas Performance Unit awards: | |||||||||||
Number of Common Units subject to original awards granted | 44,800 | 55,750 | 41,251 | ||||||||
Fiscal year granted | 2013 | 2012 | 2011 | ||||||||
Payment of awards: | |||||||||||
AmeriGas Partners Common Units issued, net of units withheld for taxes | 23,017 | — | — | ||||||||
Cash paid | $ | 1.7 | $ | — | $ | — | |||||
AmeriGas Stock Unit awards: | |||||||||||
Number of Common Units subject to original awards granted | 20,336 | 42,532 | 72,023 | ||||||||
Payment of awards: | |||||||||||
AmeriGas Partners Common Units issued, net of units withheld for taxes | 9,272 | 21,509 | 40,842 | ||||||||
Cash paid | $ | 0.4 | $ | 0.8 | $ | 1.4 |
|
2017 | 2018 | 2019 | 2020 | 2021 | After 2021 | ||||||||||||||||||
AmeriGas Propane | $ | 60.6 | $ | 53.2 | $ | 48.4 | $ | 44.3 | $ | 37.0 | $ | 103.8 | |||||||||||
UGI Utilities | 6.0 | 5.0 | 3.0 | 1.3 | 0.6 | 0.2 | |||||||||||||||||
UGI International | 11.4 | 8.8 | 6.4 | 4.2 | 2.8 | 8.0 | |||||||||||||||||
Other | 2.1 | 2.0 | 1.7 | 1.5 | 0.3 | 0.1 | |||||||||||||||||
Total | $ | 80.1 | $ | 69.0 | $ | 59.5 | $ | 51.3 | $ | 40.7 | $ | 112.1 |
2017 | 2018 | 2019 | 2020 | 2021 | After 2021 | ||||||||||||||||||
UGI Utilities supply, storage and transportation contracts | $ | 115.1 | $ | 71.1 | $ | 50.8 | $ | 36.5 | $ | 35.0 | $ | 116.0 | |||||||||||
Midstream & Marketing supply contracts | 168.4 | 80.4 | 34.0 | 2.3 | — | — | |||||||||||||||||
UGI International supply contracts | 78.7 | — | — | — | — | — | |||||||||||||||||
Total | $ | 362.2 | $ | 151.5 | $ | 84.8 | $ | 38.8 | $ | 35.0 | $ | 116.0 |
|
Asset (Liability) | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
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 | ) | |||||
Cross-currency swaps | $ | — | $ | (0.5 | ) | $ | — | $ | (0.5 | ) | |||||
Interest rate contracts | $ | — | $ | (3.9 | ) | $ | — | $ | (3.9 | ) | |||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 33.0 | $ | — | $ | — | $ | 33.0 | |||||||
September 30, 2015 | |||||||||||||||
Derivative instruments: | |||||||||||||||
Assets: | |||||||||||||||
Commodity contracts | $ | 17.4 | $ | 11.6 | $ | — | $ | 29.0 | |||||||
Foreign currency contracts | $ | — | $ | 29.1 | $ | — | $ | 29.1 | |||||||
Cross-currency swaps | $ | — | $ | 0.4 | $ | — | $ | 0.4 | |||||||
Liabilities: | |||||||||||||||
Commodity contracts | $ | (70.0 | ) | $ | (99.0 | ) | $ | — | $ | (169.0 | ) | ||||
Foreign currency contracts | $ | — | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | |||||
Interest rate contracts | $ | — | $ | (10.8 | ) | $ | — | $ | (10.8 | ) | |||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 30.3 | $ | — | $ | — | $ | 30.3 |
(a) | Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans (see Note 7). |
|
Notional Amounts (in millions) | ||||||||||||
Type | Units | Settlements Extending Through | 2016 | 2015 | ||||||||
Commodity Price Risk: | ||||||||||||
Regulated Utility Operations | ||||||||||||
Gas Utility NYMEX natural gas futures and option contracts | Dekatherms | September 2017 | 18.4 | 18.9 | ||||||||
Electric Utility forward electricity purchase contracts | Kilowatt hours | N/A | — | 136.0 | ||||||||
FTRs & NYISO capacity contracts | Kilowatt hours | May 2017 | 58.3 | 277.1 | ||||||||
Non-utility operations | ||||||||||||
LPG swaps & options | Gallons | September 2019 | 396.9 | 516.3 | ||||||||
Natural gas futures, forward and pipeline contracts | Dekatherms | December 2020 | 71.1 | 110.2 | ||||||||
Natural gas basis swap contracts | Dekatherms | December 2020 | 118.3 | 75.7 | ||||||||
NYMEX natural gas storage | Dekatherms | March 2017 | 1.9 | 1.9 | ||||||||
NYMEX propane storage | Gallons | N/A | — | 2.0 | ||||||||
Electricity long forward and futures contracts | Kilowatt hours | January 2020 | 761.2 | 474.3 | ||||||||
Electricity short forward and futures contracts | Kilowatt hours | January 2020 | 264.6 | 297.9 | ||||||||
FTRs & NYISO capacity contracts | Kilowatt hours | N/A | — | 82.0 | ||||||||
Interest Rate Risk: | ||||||||||||
Interest rate swaps | Euro | October 2020 | € | 645.8 | € | 645.8 | ||||||
IRPAs | USD | N/A | $ | — | $ | 250.0 | ||||||
Foreign Currency Exchange Rate Risk: | ||||||||||||
Forward foreign currency exchange contracts | USD | September 2019 | $ | 314.3 | $ | 227.9 | ||||||
Cross-currency swaps | USD | September 2018 | $ | 59.1 | $ | 59.1 |
2016 | 2015 | ||||||
Derivative assets: | |||||||
Derivatives designated as hedging instruments: | |||||||
Foreign currency contracts | $ | 17.8 | $ | 29.1 | |||
Cross-currency contracts | — | 0.4 | |||||
17.8 | 29.5 | ||||||
Derivatives subject to PGC and DS mechanisms: | |||||||
Commodity contracts | 4.5 | 1.3 | |||||
Derivatives not designated as hedging instruments: | |||||||
Commodity contracts | 50.4 | 27.7 | |||||
Total derivative assets - gross | 72.7 | 58.5 | |||||
Gross amounts offset in the balance sheet | (35.0 | ) | (18.9 | ) | |||
Cash collateral received | (0.3 | ) | — | ||||
Total derivative assets - net | $ | 37.4 | $ | 39.6 | |||
Derivative liabilities: | |||||||
Derivatives designated as hedging instruments: | |||||||
Foreign currency contracts | $ | (2.4 | ) | $ | (0.1 | ) | |
Cross-currency contracts | (0.5 | ) | — | ||||
Interest rate contracts | (3.9 | ) | (10.8 | ) | |||
(6.8 | ) | (10.9 | ) | ||||
Derivatives subject to PGC and DS mechanisms: | |||||||
Commodity contracts | (0.5 | ) | (5.6 | ) | |||
Derivatives not designated as hedging instruments: | |||||||
Commodity contracts | (98.1 | ) | (163.4 | ) | |||
Total derivative liabilities - gross | (105.4 | ) | (179.9 | ) | |||
Gross amounts offset in the balance sheet | 35.0 | 18.9 | |||||
Cash collateral pledged | — | 8.0 | |||||
Total derivative liabilities - net | $ | (70.4 | ) | $ | (153.0 | ) |
Gain or (Loss) Recognized in AOCI and Noncontrolling Interests | Gain or (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain or (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 50.8 | $ | — | $ | (2.2 | ) | $ | 67.0 | Cost of sales | |||||||||||
Foreign currency contracts | 3.6 | 26.0 | 15.3 | 17.2 | 9.7 | (3.7 | ) | Cost of sales | |||||||||||||||||
Cross-currency contracts | 0.1 | 5.4 | 3.1 | 0.4 | 8.5 | (0.1 | ) | Interest expense | |||||||||||||||||
Interest rate contracts | (32.5 | ) | (6.6 | ) | (3.1 | ) | (4.5 | ) | (20.4 | ) | (15.9 | ) | Interest expense /other operating income, net | ||||||||||||
Total | $ | (28.8 | ) | $ | 24.8 | $ | 66.1 | $ | 13.1 | $ | (4.4 | ) | $ | 47.3 |
Gain or (Loss) Recognized in Income | Location of Gain or (Loss) Recognized in Income | ||||||||||||
2016 | 2015 | 2014 | |||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||
Commodity contracts | $ | (65.0 | ) | $ | (375.8 | ) | $ | (36.3 | ) | Cost of sales | |||
Commodity contracts | (2.2 | ) | 0.3 | — | Revenues | ||||||||
Commodity contracts | (0.1 | ) | (0.8 | ) | — | Operating and administrative expenses / other operating income, net | |||||||
Total | $ | (67.3 | ) | $ | (376.3 | ) | $ | (36.3 | ) |
|
Postretirement Benefit Plans | Derivative Instruments | Foreign Currency | Total | ||||||||||||
AOCI - September 30, 2013 | $ | (16.4 | ) | $ | (26.9 | ) | $ | 51.7 | $ | 8.4 | |||||
Other comprehensive (loss) income before reclassification adjustments (after-tax) | (5.2 | ) | 54.0 | (43.0 | ) | 5.8 | |||||||||
Amounts reclassified from AOCI and noncontrolling interests: | |||||||||||||||
Reclassification adjustments (pre-tax) | 1.6 | (47.2 | ) | — | (45.6 | ) | |||||||||
Reclassification adjustments tax (expense) benefit | (0.6 | ) | 2.0 | — | 1.4 | ||||||||||
Reclassification adjustments (after-tax) | 1.0 | (45.2 | ) | — | (44.2 | ) | |||||||||
Other comprehensive (loss) income | (4.2 | ) | 8.8 | (43.0 | ) | (38.4 | ) | ||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 8.8 | — | 8.8 | |||||||||||
Other comprehensive (loss) income attributable to UGI | (4.2 | ) | 17.6 | (43.0 | ) | (29.6 | ) | ||||||||
AOCI - September 30, 2014 | $ | (20.6 | ) | $ | (9.3 | ) | $ | 8.7 | $ | (21.2 | ) | ||||
Other comprehensive (loss) income before reclassification adjustments (after-tax) | (1.2 | ) | 16.8 | (114.1 | ) | (98.5 | ) | ||||||||
Amounts reclassified from AOCI and noncontrolling interests: | |||||||||||||||
Reclassification adjustments (pre-tax) | 2.2 | 4.4 | — | 6.6 | |||||||||||
Reclassification adjustments tax expense | (0.8 | ) | (2.8 | ) | — | (3.6 | ) | ||||||||
Reclassification adjustments (after-tax) | 1.4 | 1.6 | — | 3.0 | |||||||||||
Other comprehensive income (loss) | 0.2 | 18.4 | (114.1 | ) | (95.5 | ) | |||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 2.1 | — | 2.1 | |||||||||||
Other comprehensive income (loss) attributable to UGI | 0.2 | 20.5 | (114.1 | ) | (93.4 | ) | |||||||||
AOCI - September 30, 2015 | $ | (20.4 | ) | $ | 11.2 | $ | (105.4 | ) | $ | (114.6 | ) | ||||
Other comprehensive loss before reclassification adjustments (after-tax) | (10.9 | ) | (16.5 | ) | (6.8 | ) | (34.2 | ) | |||||||
Amounts reclassified from AOCI: | |||||||||||||||
Reclassification adjustments (pre-tax) | 2.6 | (13.1 | ) | — | (10.5 | ) | |||||||||
Reclassification adjustments tax (expense) benefit | (0.4 | ) | 5.0 | — | 4.6 | ||||||||||
Reclassification adjustments (after-tax) | 2.2 | (8.1 | ) | — | (5.9 | ) | |||||||||
Other comprehensive loss attributable to UGI | (8.7 | ) | (24.6 | ) | (6.8 | ) | (40.1 | ) | |||||||
AOCI - September 30, 2016 | $ | (29.1 | ) | $ | (13.4 | ) | $ | (112.2 | ) | $ | (154.7 | ) |
|
2016 | 2015 | 2014 | |||||||||
Interest and interest-related income | $ | 0.2 | $ | 0.8 | $ | 3.6 | |||||
Utility non-tariff service income | 2.6 | 4.8 | 2.7 | ||||||||
Finance charges | 15.2 | 12.7 | 17.5 | ||||||||
Gains on sales of fixed assets, net | 3.3 | 11.1 | 5.4 | ||||||||
Other, net | 1.1 | 15.0 | 6.9 | ||||||||
Total other operating income, net | $ | 22.4 | $ | 44.4 | $ | 36.1 |
|
December 31, | March 31, | June 30, | September 30, | ||||||||||||||||||||||||
2015 | 2014 | 2016 | 2015 | 2016 (a) | 2015 (b) | 2016 (a) | 2015 | ||||||||||||||||||||
Revenues | $ | 1,606.6 | $ | 2,004.6 | $ | 1,972.1 | $ | 2,455.6 | $ | 1,130.8 | $ | 1,148.1 | $ | 976.2 | $ | 1,082.8 | |||||||||||
Operating income (loss) | $ | 305.5 | $ | 83.3 | $ | 615.4 | $ | 702.1 | $ | 155.7 | $ | 56.1 | $ | (88.6 | ) | $ | (6.6 | ) | |||||||||
Loss from equity investees | $ | (0.1 | ) | $ | (1.0 | ) | $ | — | $ | (0.1 | ) | $ | — | $ | — | $ | (0.1 | ) | $ | (0.1 | ) | ||||||
Loss on extinguishments of debt | $ | — | $ | — | $ | — | $ | — | $ | (37.1 | ) | $ | — | $ | (11.8 | ) | $ | — | |||||||||
Net income (loss) including noncontrolling interests | $ | 167.9 | $ | 0.2 | $ | 408.0 | $ | 482.2 | $ | 28.6 | $ | (15.9 | ) | $ | (115.7 | ) | $ | (52.5 | ) | ||||||||
Net income (loss) attributable to UGI Corporation | $ | 114.6 | $ | 34.1 | $ | 233.2 | $ | 246.5 | $ | 60.7 | $ | 9.6 | $ | (43.8 | ) | $ | (9.2 | ) | |||||||||
Earnings (loss) per common share attributable to UGI Corporation stockholders: | |||||||||||||||||||||||||||
Basic | $ | 0.66 | $ | 0.20 | $ | 1.35 | $ | 1.42 | $ | 0.35 | $ | 0.06 | $ | (0.25 | ) | $ | (0.05 | ) | |||||||||
Diluted | $ | 0.65 | $ | 0.19 | $ | 1.33 | $ | 1.40 | $ | 0.34 | $ | 0.05 | $ | (0.25 | ) | $ | (0.05 | ) |
(a) | 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 for the quarter ended June 30, 2016 and 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). |
(b) | Includes costs associated with an extinguishment of debt at Antargaz which decreased net income attributable to UGI Corporation by $4.6 or $0.03 per diluted share (see Note 5) |
|
Midstream & Marketing | UGI International | ||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | UGI Utilities | Energy Services | Electric Generation | UGI France | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||
2016 | |||||||||||||||||||||||||||||||||||
Revenues | $ | 5,685.7 | $ | (143.9 | ) | (c) | $ | 2,311.8 | $ | 768.5 | $ | 813.8 | $ | 62.8 | $ | 1,344.7 | $ | 524.1 | $ | 3.9 | |||||||||||||||
Cost of sales | $ | 2,437.5 | $ | (141.5 | ) | (c) | $ | 864.8 | $ | 289.8 | $ | 583.7 | $ | 28.5 | $ | 597.6 | $ | 306.2 | $ | (91.6 | ) | ||||||||||||||
Operating income | $ | 988.0 | $ | 0.2 | $ | 356.3 | $ | 200.9 | $ | 141.8 | $ | 4.9 | $ | 166.1 | $ | 40.5 | $ | 77.3 | |||||||||||||||||
Loss from equity investees | $ | (0.2 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (0.2 | ) | $ | — | $ | — | |||||||||||||||
Loss on extinguishments of debt | $ | (48.9 | ) | $ | — | $ | (48.9 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Interest expense | $ | (228.9 | ) | $ | — | $ | (164.1 | ) | $ | (37.6 | ) | $ | (2.1 | ) | $ | — | $ | (20.8 | ) | $ | (3.6 | ) | $ | (0.7 | ) | ||||||||||
Income before income taxes | $ | 710.0 | $ | 0.2 | $ | 143.3 | $ | 163.3 | $ | 139.7 | $ | 4.9 | $ | 145.1 | $ | 36.9 | $ | 76.6 | |||||||||||||||||
Net income attributable to UGI | $ | 364.7 | $ | 0.1 | $ | 43.2 | $ | 97.4 | $ | 83.5 | $ | 3.6 | $ | 84.2 | $ | 27.4 | $ | 25.3 | |||||||||||||||||
Depreciation and amortization | $ | 400.9 | $ | (0.2 | ) | $ | 190.0 | $ | 67.3 | $ | 17.1 | $ | 13.5 | $ | 90.5 | $ | 21.9 | $ | 0.8 | ||||||||||||||||
Noncontrolling interests’ net income (loss) | $ | 124.1 | $ | — | $ | 75.9 | $ | — | $ | — | $ | — | $ | (0.1 | ) | $ | 0.1 | $ | 48.2 | ||||||||||||||||
Partnership Adjusted EBITDA (a) | $ | 543.0 | |||||||||||||||||||||||||||||||||
Total assets | $ | 10,847.2 | $ | (136.6 | ) | $ | 4,071.8 | $ | 2,743.1 | $ | 765.6 | $ | 272.6 | $ | 2,338.8 | $ | 526.3 | $ | 265.6 |
Midstream & Marketing | UGI International | ||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | UGI Utilities | Energy Services | Electric Generation | UGI France | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||
Short-term borrowings | $ | 291.7 | $ | — | $ | 153.2 | $ | 112.5 | $ | 25.5 | $ | — | $ | 0.4 | $ | 0.1 | $ | — | |||||||||||||||||
Capital expenditures | $ | 604.6 | $ | — | $ | 101.7 | $ | 262.5 | $ | 136.8 | $ | 3.6 | $ | 75.8 | $ | 24.1 | $ | 0.1 | |||||||||||||||||
Investments in equity investees | $ | 25.9 | $ | — | $ | — | $ | — | $ | 17.4 | $ | — | $ | 4.6 | $ | 3.9 | $ | — | |||||||||||||||||
Goodwill | $ | 2,989.0 | $ | — | $ | 1,978.3 | $ | 182.1 | $ | 11.6 | $ | — | $ | 723.2 | $ | 93.8 | $ | — | |||||||||||||||||
2015 (e) | |||||||||||||||||||||||||||||||||||
Revenues | $ | 6,691.1 | $ | (231.4 | ) | (c) | $ | 2,885.3 | $ | 1,041.6 | $ | 1,105.5 | $ | 75.9 | $ | 1,122.2 | $ | 686.3 | $ | 5.7 | |||||||||||||||
Cost of sales | $ | 3,736.5 | $ | (227.6 | ) | (c) | $ | 1,340.0 | $ | 510.8 | $ | 840.2 | $ | 32.2 | $ | 628.0 | $ | 492.0 | $ | 120.9 | |||||||||||||||
Operating income (loss) | $ | 834.9 | $ | (0.9 | ) | $ | 427.6 | $ | 241.7 | $ | 169.6 | $ | 13.0 | $ | 75.9 | $ | 36.9 | $ | (128.9 | ) | |||||||||||||||
Loss from equity investees | $ | (1.2 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1.2 | ) | $ | — | $ | — | |||||||||||||||
Interest expense | $ | (241.9 | ) | $ | — | $ | (162.8 | ) | $ | (41.1 | ) | $ | (2.1 | ) | $ | — | $ | (31.6 | ) | (d) | $ | (3.6 | ) | $ | (0.7 | ) | |||||||||
Income (loss) before income taxes | $ | 591.8 | $ | (0.9 | ) | $ | 264.8 | $ | 200.6 | $ | 167.5 | $ | 13.0 | $ | 43.1 | $ | 33.3 | $ | (129.6 | ) | |||||||||||||||
Net income (loss) attributable to UGI | $ | 281.0 | $ | (0.6 | ) | $ | 61.0 | $ | 121.1 | $ | 97.9 | $ | 9.6 | $ | 27.5 | $ | 25.2 | $ | (60.7 | ) | |||||||||||||||
Depreciation and amortization | $ | 374.1 | $ | — | $ | 194.9 | $ | 63.5 | $ | 15.5 | $ | 12.5 | $ | 63.7 | $ | 23.2 | $ | 0.8 | |||||||||||||||||
Noncontrolling interests’ net income (loss) | $ | 133.0 | $ | — | $ | 167.9 | $ | — | $ | — | $ | — | $ | — | $ | (0.1 | ) | $ | (34.8 | ) | |||||||||||||||
Partnership Adjusted EBITDA (a) | $ | 619.2 | |||||||||||||||||||||||||||||||||
Total assets | $ | 10,514.2 | $ | (90.4 | ) | $ | 4,128.4 | $ | 2,506.0 | $ | 687.6 | $ | 282.0 | $ | 2,331.8 | $ | 529.1 | $ | 139.7 | ||||||||||||||||
Short-term borrowings | $ | 189.9 | $ | — | $ | 68.1 | $ | 71.7 | $ | 49.5 | $ | — | $ | 0.1 | $ | 0.5 | $ | — | |||||||||||||||||
Capital expenditures | $ | 475.4 | $ | — | $ | 102.0 | $ | 197.7 | $ | 71.3 | $ | 16.7 | $ | 65.0 | $ | 22.5 | $ | 0.2 | |||||||||||||||||
Investments in equity investees | $ | 16.2 | $ | — | $ | — | $ | — | $ | 6.4 | $ | — | $ | 6.0 | $ | 3.8 | $ | — | |||||||||||||||||
Goodwill | $ | 2,953.4 | $ | — | $ | 1,956.0 | $ | 182.1 | $ | 11.6 | $ | — | $ | 721.4 | $ | 82.3 | $ | — | |||||||||||||||||
2014 (e) | |||||||||||||||||||||||||||||||||||
Revenues | $ | 8,277.3 | $ | (321.3 | ) | (c) | $ | 3,712.9 | $ | 1,086.9 | $ | 1,388.6 | $ | 85.1 | $ | 1,295.5 | $ | 1,026.9 | $ | 2.7 | |||||||||||||||
Cost of sales | $ | 5,175.7 | $ | (317.7 | ) | (c) | $ | 2,107.1 | $ | 562.9 | $ | 1,110.2 | $ | 39.6 | $ | 848.1 | $ | 809.9 | $ | 15.6 | |||||||||||||||
Operating income (loss) | $ | 1,005.6 | $ | 0.2 | $ | 472.0 | $ | 246.4 | $ | 178.7 | $ | 18.1 | $ | 79.1 | $ | 38.4 | $ | (27.3 | ) | ||||||||||||||||
Loss from equity investees | $ | (0.1 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (0.1 | ) | $ | — | $ | — | |||||||||||||||
Interest expense | $ | (237.7 | ) | $ | — | $ | (165.6 | ) | $ | (38.5 | ) | $ | (2.9 | ) | $ | — | $ | (25.1 | ) | $ | (4.9 | ) | $ | (0.7 | ) | ||||||||||
Income (loss) before income taxes | $ | 767.8 | $ | 0.2 | $ | 306.4 | $ | 207.9 | $ | 175.8 | $ | 18.1 | $ | 53.9 | $ | 33.5 | $ | (28.0 | ) | ||||||||||||||||
Net income (loss) attributable to UGI | $ | 337.2 | $ | — | $ | 63.0 | $ | 124.1 | $ | 104.1 | $ | 12.6 | $ | 20.6 | $ | 27.7 | $ | (14.9 | ) | ||||||||||||||||
Depreciation and amortization | $ | 362.9 | $ | — | $ | 197.2 | $ | 59.2 | $ | 13.5 | $ | 10.7 | $ | 54.5 | $ | 27.1 | $ | 0.7 | |||||||||||||||||
Noncontrolling interests’ net income (loss) | $ | 195.4 | $ | — | $ | 195.8 | $ | — | $ | — | $ | — | $ | (0.4 | ) | $ | — | $ | — | ||||||||||||||||
Partnership Adjusted EBITDA (a) | $ | 664.8 | |||||||||||||||||||||||||||||||||
Total assets | $ | 10,062.6 | $ | (86.5 | ) | $ | 4,351.4 | $ | 2,352.1 | $ | 601.5 | $ | 277.7 | $ | 1,656.8 | $ | 643.6 | $ | 266.0 | ||||||||||||||||
Short-term borrowings | $ | 210.8 | $ | — | $ | 109.0 | $ | 86.3 | $ | 7.5 | $ | — | $ | — | $ | 8.0 | $ | — | |||||||||||||||||
Capital expenditures | $ | 436.4 | $ | — | $ | 113.9 | $ | 164.2 | $ | 69.2 | $ | 15.6 | $ | 50.2 | $ | 23.0 | $ | 0.3 | |||||||||||||||||
Investments in equity investees | $ | 0.6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.6 | $ | — | |||||||||||||||||
Goodwill | $ | 2,833.4 | $ | — | $ | 1,945.1 | $ | 182.1 | $ | 12.6 | $ | — | $ | 601.2 | $ | 92.4 | $ | — |
(a) | The following table provides a reconciliation of Partnership Adjusted EBITDA to AmeriGas Propane income before income taxes: |
2016 | 2015 | 2014 | ||||||||||
Partnership Adjusted EBITDA | $ | 543.0 | $ | 619.2 | $ | 664.8 | ||||||
Depreciation and amortization | (190.0 | ) | (194.9 | ) | (197.2 | ) | ||||||
Interest expense | (164.1 | ) | (162.8 | ) | (165.6 | ) | ||||||
Loss on extinguishments of debt | (48.9 | ) | — | — | ||||||||
Noncontrolling interests (i) | 3.3 | 3.3 | 4.4 | |||||||||
Income before income taxes | $ | 143.3 | $ | 264.8 | $ | 306.4 |
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
(b) | Corporate & Other results principally comprise (1) revenues and expenses of UGI’s captive general liability insurance company and UGI’s corporate headquarters facility and (2) UGI Corporation’s unallocated corporate and general expenses and interest income. In addition, Corporate & Other results also include the effects of net pre-tax gains and (losses) on commodity derivative instruments not associated with current-period transactions (including such amounts attributable to noncontrolling interests) totaling $91.6, $(119.1) and $(18.0) in Fiscal 2016, Fiscal 2015 and Fiscal 2014, 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. Through March 2014, Corporate & Other also had an intercompany loan. The intercompany loan interest is removed in the segment presentation. |
(c) | Represents the elimination of intersegment transactions principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane. |
(d) | UGI France interest expense includes pre-tax costs of $10.3 associated with an extinguishment of debt (see Note 5). |
(e) | Restated to reflect (1) the current-year changes in the presentation of our UGI Utilities and Energy Services reportable segments and (2) the adoption of new accounting guidance related to debt issuance costs (see Note 2 and Note 3). |
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