Document and Entity Information - shares |
6 Months Ended | |
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Mar. 31, 2018 |
Apr. 30, 2018 |
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| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | AMERIGAS PARTNERS LP | |
| Entity Central Index Key | 0000932628 | |
| Document Type | 10-Q | |
| Document Period End Date | Mar. 31, 2018 | |
| Amendment Flag | false | |
| Document Fiscal Year Focus | 2018 | |
| Document Fiscal Period Focus | Q2 | |
| Current Fiscal Year End Date | --09-30 | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 92,976,504 |
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Sep. 30, 2017 |
Mar. 31, 2017 |
|---|---|---|---|
| Statement of Financial Position [Abstract] | |||
| Accounts receivable, allowances for doubtful accounts | $ 16,283 | $ 11,820 | $ 13,777 |
| Property, plant and equipment, accumulated depreciation and amortization | $ 1,209,985 | $ 1,511,890 | $ 1,552,790 |
| Common unitholders, units issued (in shares) | 92,976,504 | 92,958,586 | 92,958,063 |
Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
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| Revenues: | ||||
| Propane | $ 967,789 | $ 795,806 | $ 1,679,253 | $ 1,399,862 |
| Other | 72,543 | 67,854 | 148,375 | 140,964 |
| Total, revenues | 1,040,332 | 863,660 | 1,827,628 | 1,540,826 |
| Costs and expenses: | ||||
| Cost of sales — propane (excluding depreciation shown below) | 495,644 | 367,079 | 839,995 | 581,484 |
| Cost of sales — other (excluding depreciation shown below) | 19,284 | 17,327 | 40,278 | 37,909 |
| Operating and administrative expenses | 251,449 | 240,006 | 481,788 | 466,808 |
| Depreciation | 35,578 | 34,420 | 73,395 | 68,409 |
| Amortization | 9,573 | 10,592 | 19,180 | 21,214 |
| Other operating income, net | (7,013) | (5,628) | (11,650) | (2,493) |
| Total, costs and expenses | 804,515 | 663,796 | 1,442,986 | 1,173,331 |
| Operating income | 235,817 | 199,864 | 384,642 | 367,495 |
| Loss on extinguishments of debt | 0 | (22,144) | 0 | (55,295) |
| Interest expense | (40,995) | (39,991) | (81,572) | (80,019) |
| Income before income taxes | 194,822 | 137,729 | 303,070 | 232,181 |
| Income tax expense | (656) | (646) | (3,034) | (1,483) |
| Net income including noncontrolling interest | 194,166 | 137,083 | 300,036 | 230,698 |
| Deduct net income attributable to noncontrolling interest | (2,342) | (1,995) | (3,791) | (3,656) |
| Net income attributable to AmeriGas Partners, L.P. | 191,824 | 135,088 | 296,245 | 227,042 |
| General partner’s interest in net income attributable to AmeriGas Partners, L.P. | 13,249 | 11,786 | 25,621 | 23,138 |
| Limited partners’ interest in net income attributable to AmeriGas Partners, L.P. | $ 178,575 | $ 123,302 | $ 270,624 | $ 203,904 |
| Income per limited partner unit: | ||||
| Basic (in usd per share) | $ 1.44 | $ 1.14 | $ 2.41 | $ 2.04 |
| Diluted (in usd per share) | $ 1.44 | $ 1.14 | $ 2.41 | $ 2.04 |
| Weighted average limited partner units outstanding (thousands): | ||||
| Basic (in shares) | 93,035 | 93,003 | 93,027 | 92,987 |
| Diluted (in shares) | 93,074 | 93,045 | 93,079 | 93,039 |
Nature of Operations |
6 Months Ended |
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Mar. 31, 2018 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Nature of Operations | Note 1 — Nature of Operations AmeriGas Partners, L.P. (“AmeriGas Partners”) is a publicly traded limited partnership that conducts a national propane distribution business through its principal operating subsidiary AmeriGas Propane, L.P. (“AmeriGas OLP”). AmeriGas Partners and AmeriGas OLP are Delaware limited partnerships. AmeriGas Partners, AmeriGas OLP and all of their subsidiaries are collectively referred to herein as “the Partnership” or “we.” AmeriGas OLP is engaged in the distribution of propane and related equipment and supplies. AmeriGas OLP comprises the largest retail propane distribution business in the United States serving residential, commercial, industrial, motor fuel and agricultural customers in all 50 states. At March 31, 2018, AmeriGas Propane, Inc. (the “General Partner”), an indirect wholly owned subsidiary of UGI Corporation (“UGI”), held a 1% general partner interest in AmeriGas Partners and a 1.01% general partner interest in AmeriGas OLP. The General Partner also owns AmeriGas Partners Common Units (“Common Units”). The remaining Common Units outstanding represents publicly held Common Units. Common Units represent limited partner interests in AmeriGas Partners. AmeriGas Partners holds a 98.99% limited partner interest in AmeriGas OLP. AmeriGas Partners and AmeriGas OLP have no employees. Employees of the General Partner conduct, direct and manage our operations. The General Partner is reimbursed monthly for all direct and indirect expenses it incurs on our behalf (see Note 9). |
Summary of Significant Accounting Policies |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). They include all adjustments which we consider necessary for a fair statement of the results for the interim periods presented. Such adjustments consist only of normal recurring items unless otherwise disclosed. The September 30, 2017, condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). These financial statements should be read in conjunction with the financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017 (“the Partnership’s 2017 Annual Report”). Weather significantly impacts demand for propane and profitability because many customers use propane for heating purposes. Due to the seasonal nature of the Partnership’s propane business, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. Principles of Consolidation. The consolidated financial statements include the accounts of AmeriGas Partners, its majority-owned subsidiary AmeriGas OLP, and its 100%-owned finance subsidiaries AmeriGas Finance Corp., AmeriGas Eagle Finance Corp., AP Eagle Finance Corp., and AmeriGas Finance LLC. AmeriGas Partners and AmeriGas OLP are under the common control of the General Partner. The General Partner of AmeriGas OLP, which is also the General Partner of AmeriGas Partners, makes all decisions for AmeriGas OLP; limited partners of AmeriGas OLP do not have the ability to remove the General Partner or participate in the decision-making for AmeriGas OLP. The accounts of AmeriGas OLP are included based upon the determination that AmeriGas Partners has a controlling financial interest in and is the primary beneficiary of AmeriGas OLP. Allocation of Net Income (Loss). Net income (loss) attributable to AmeriGas Partners, L.P. is allocated to the General Partner and the limited partners in accordance with their respective ownership percentages after giving effect to amounts distributed to the General Partner in excess of its 1% general partner interest in AmeriGas Partners based on its incentive distribution rights (“IDRs”) under the Fourth Amended and Restated Agreement of Limited Partnership of AmeriGas Partners, L.P., as amended (“Partnership Agreement”). Net Income (Loss) Per Unit. Income (loss) per limited partner unit is computed in accordance with GAAP regarding the application of the two-class method for determining income (loss) per unit for master limited partnerships (“MLPs”) when IDRs are present. The two-class method requires that income per limited partner unit be calculated as if all earnings for the period were distributed and requires a separate calculation for each quarter- and year-to-date period. In periods when our net income attributable to AmeriGas Partners exceeds our Available Cash, as defined in the Partnership Agreement, and is above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the General Partner. Generally, in periods when our Available Cash in respect of the quarter- or year-to-date periods exceeds our net income (loss) attributable to AmeriGas Partners, the calculation according to the two-class method results in an allocation of earnings to the General Partner greater than its relative ownership interest in the Partnership (or in the case of a net loss attributable to AmeriGas Partners, an allocation of such net loss to the Common Unitholders greater than their relative ownership interest in the Partnership). The following table sets forth reconciliations of the numerators and denominators of the basic and diluted income per limited partner unit computations:
Theoretical distributions of net income attributable to AmeriGas Partners, L.P. in accordance with the two-class method for the three months ended March 31, 2018, and 2017 resulted in an increased allocation of net income attributable to AmeriGas Partners, L.P. to the General Partner in the computation of income per limited partner unit which had the effect of decreasing earnings per limited partner unit by $0.48 and $0.19, respectively. Theoretical distributions of net income attributable to AmeriGas Partners, L.P. in accordance with the two-class method for the six months ended March 31, 2018 and 2017, resulted in an increased allocation of net income attributable to AmeriGas Partners, L.P. to the General Partner in the computation of income per limited partner unit which had the effect of decreasing earnings per limited partner unit by $0.49 and $0.15, respectively. Potentially dilutive Common Units included in the diluted limited partner units outstanding computation reflect the effects of restricted Common Unit awards granted under the General Partner’s incentive compensation plans. Derivative Instruments. Derivative instruments are reported in the condensed consolidated balance sheets at their fair values, unless the derivative instruments qualify for the normal purchase and normal sale (“NPNS”) exception under GAAP. The accounting for changes in fair value depends upon the purpose of the derivative instrument and whether it is designated and qualifies for hedge accounting. Changes in the fair values of these derivative instruments are reflected in “Cost of sales — propane” on the Condensed Consolidated Statements of Operations. Cash flows from derivative instruments are included in cash flows from operating activities. For a more detailed description of the derivative instruments we use, our accounting for derivatives, our objectives for using them and other information, see Note 8. Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions. Reclassifications. Certain prior-period amounts have been reclassified to conform to the current-period presentation. |
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Accounting Changes |
6 Months Ended |
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Mar. 31, 2018 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| Accounting Changes | Note 3 — Accounting Changes Accounting Standards Not Yet Adopted Derivatives and Hedging. In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-12, “Targeted Improvements to Accounting for Hedging Activities.” This ASU amends and simplifies existing guidance to allow companies to more accurately present the economic effects of risk management activities in the financial statements. The amendments in this ASU are effective for interim and annual periods beginning after December 15, 2018 (Fiscal 2020). Early adoption is permitted. For cash flow and net investment hedges as of the adoption date, the guidance requires a modified retrospective approach. The amended presentation and disclosure guidance is required only prospectively. The Partnership is in the process of assessing the impact on its financial statements from the adoption of the new guidance and determining the period in which the new guidance will be adopted. Leases. In February 2016, the FASB issued ASU No. 2016-02, "Leases." This ASU amends existing guidance to require entities that lease assets to recognize the assets and liabilities for the rights and obligations created by those leases on the balance sheet. The new guidance also requires additional disclosures about the amount, timing and uncertainty of cash flows from leases. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2018 (Fiscal 2020). Early adoption is permitted. Lessees must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Partnership is in the process of assessing the impact on its financial statements from the adoption of the new guidance but anticipates an increase in the recognition of right-of-use assets and lease liabilities. Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). The guidance provided under ASU 2014-09, as amended, supersedes the revenue recognition requirements in ASC No. 605, “Revenue Recognition,” and most industry-specific guidance included in the ASC. ASU 2014-09 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance is effective for the Partnership for interim and annual periods beginning after December 15, 2017 (Fiscal 2019) and allows for either full retrospective adoption or modified retrospective adoption. The Partnership is in the process of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. The Partnership has completed the assessment of a significant number of its contracts with customers under the new guidance to determine the effect of the adoption of the new guidance. Although the Partnership has not completed its assessment of the impact of the new guidance, the Partnership does not expect its adoption will have a material impact on its consolidated financial statements. The Partnership anticipates that it will adopt the new standard using the modified retrospective transition method effective October 1, 2018. |
Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets | Note 4 — Goodwill and Intangible Assets The Partnership’s goodwill and intangible assets comprise the following:
Amortization expense of intangible assets was $9,573 and $9,398 for the three months ended March 31, 2018 and 2017, respectively. Amortization expense of intangible assets was $19,180 and $18,829 for the six months ended March 31, 2018 and 2017, respectively. No amortization expense is included in cost of sales on the condensed consolidated statements of operations. The estimated aggregate amortization expense of intangible assets for the remainder of Fiscal 2018 and the next four fiscal years is as follows: remainder of Fiscal 2018 — $19,069; Fiscal 2019 — $37,024; Fiscal 2020 — $35,803; Fiscal 2021 — $33,968; Fiscal 2022 — $32,361. During the quarter ended March 31, 2018, the Partnership performed a formal business review of the current and planned use of its indefinite-lived tradenames and trademarks, primarily associated with its January 2012 acquisition of Heritage Propane. This review included obtaining an understanding of the costs and benefits of continuing to utilize these tradenames and trademarks in the operations of the Partnership’s business. The results from this business review formed the basis for a plan and recommendations to be presented to the Partnership’s senior management for approval and the General Partner’s Board of Directors for endorsement. In April 2018, a plan to discontinue the use of these tradenames and trademarks was presented to the Partnership’s senior management. After considering the merits of the plan, the Partnership’s senior management approved, and the General Partner’s Board of Directors endorsed, a plan to discontinue the use of these tradenames and trademarks expected to occur over a period of approximately four years. As a result, in April 2018, the Partnership determined that these tradenames and trademarks no longer had indefinite lives and, in accordance with GAAP associated with intangible assets, the Partnership will adjust the carrying amounts of these tradenames and trademarks to their fair values. During the quarter ending June 30, 2018, we estimate that the Partnership will record a non-cash impairment charge of approximately $70,000 related to these tradenames and trademarks. In addition, the Partnership will reclassify the remaining fair value of these tradenames and trademarks of approximately $13,000 from indefinite-lived intangible assets to definite-lived intangible assets, and will begin amortizing this fair value over the remaining estimated period of benefit of approximately four years. |
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Debt |
6 Months Ended |
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Mar. 31, 2018 | |
| Debt Disclosure [Abstract] | |
| Debt | Note 5 — Debt In December 2017, AmeriGas OLP entered into the Second Amended and Restated Credit Agreement (“Second Amended Credit Agreement”) with a group of banks. The Second Amended Credit Agreement amends and restates a previous credit agreement. The Second Amended Credit Agreement provides for borrowings up to $600,000 (including a $150,000 sublimit for letters of credit) and expires in December 2022. The Second Amended Credit Agreement permits AmeriGas OLP to borrow at prevailing interest rates, including the base rate, defined as the higher of the Federal Funds rate plus 0.50% or the agent bank’s prime rate, or at a one-week, one-, two-, three-, or six-month Eurodollar Rate, as defined in the Second Amended Credit Agreement, plus a margin. Under the Second Amended Credit Agreement, the applicable margin on base rate borrowings ranges from 0.50% to 1.75%; the applicable margin on Eurodollar Rate borrowings ranges from 1.50% to 2.75%; and the facility fee ranges from 0.30% to 0.50%. The aforementioned margins and facility fees are dependent upon AmeriGas Partners’ ratio of debt to earnings before interest expense, income taxes, depreciation and amortization (each as defined in the Second Amended Credit Agreement). During the three and six months ended March 31, 2017, the Partnership recognized losses of $22,144 and $55,295, respectively, in connection with the early repayments of a portion of its 7.00% Senior Notes. These losses are reflected in “Loss on extinguishments of debt” on the Condensed Consolidated Statements of Income for the three and six months ended March 31, 2017. |
Commitments and Contingencies |
6 Months Ended |
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Mar. 31, 2018 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Note 6 — Commitments and Contingencies Contingencies Saranac Lake Environmental Matter. By letter dated March 6, 2008, the New York State Department of Environmental Conservation (“DEC”) notified AmeriGas OLP that the DEC had placed property purportedly owned by AmeriGas OLP in Saranac Lake, New York on the New York State Registry of Inactive Hazardous Waste Disposal Sites. A site characterization study performed by the DEC disclosed contamination related to a former manufactured gas plant (“MGP”). At that time, AmeriGas OLP reviewed the study and researched the history of the site, including the extent of AmeriGas OLP’s ownership. In its written response to the DEC in early 2009, AmeriGas OLP disputed DEC’s contention it was a potentially responsible party (“PRP”) as it did not operate the MGP and appeared to only own a portion of the site. The DEC did not respond to the 2009 communication. In March 2017, the DEC communicated to AmeriGas OLP that the DEC had previously issued three Records of Decision (“RODs”) related to the site and requested additional information regarding AmeriGas OLP’s purported ownership. The selected remedies identified in the RODs total approximately $27,700. Based on public reports, the DEC has commenced implementation of the remediation plan. AmeriGas OLP responded to the DEC’s March 2017 request for ownership information, renewing its challenge to designation as a PRP and identifying potential defenses. In October 2017, the DEC identified a third party PRP with respect to the site. Based on our evaluation of the available information, during the third quarter of Fiscal 2017, the Partnership accrued an environmental remediation liability of $7,545 related to the site. Our share of the actual remediation costs could be significantly more or less than the accrued amount. Purported Class Action Lawsuits. Between May and October of 2014, more than 35 purported class action lawsuits were filed in multiple jurisdictions against the Partnership/UGI and a competitor by certain of their direct and indirect customers. The class action lawsuits allege, among other things, that the Partnership and its competitor colluded, beginning in 2008, to reduce the fill level of portable propane cylinders from 17 pounds to 15 pounds and combined to persuade their common customer, Walmart Stores, Inc., to accept that fill reduction, resulting in increased cylinder costs to retailers and end-user customers in violation of federal and certain state antitrust laws. The claims seek treble damages, injunctive relief, attorneys’ fees and costs on behalf of the putative classes. On October 16, 2014, the United States Judicial Panel on Multidistrict Litigation transferred all of these purported class action cases to the Western Division of the United States District Court for the Western District of Missouri (“District Court”). In July 2015, the District Court dismissed all claims brought by direct customers. In June 2017, the United States Court of Appeals for the Eighth Circuit (“Eighth Circuit”) ruled en banc to reverse the dismissal by the District Court, which had previously been affirmed by a panel of the Eighth Circuit. In September 2017, we filed a Petition for a Writ of Certiorari to the U.S. Supreme Court appealing the decision of the Eighth Circuit. The petition was denied in January 2018 and, as a result, the case was transferred back to the District Court for further proceedings. In July 2015, the District Court also dismissed all claims brought by the indirect customers other than those for injunctive relief. The indirect customers filed an amended complaint with the District Court claiming injunctive relief and state law claims under Wisconsin, Maine and Vermont law. In September 2016, the District Court dismissed the amended complaint in its entirety. The indirect customers appealed this decision to the Eighth Circuit. On July 21, 2016, several new indirect customer plaintiffs filed an antitrust class action lawsuit against the Partnership in the Western District of Missouri. The new indirect customer class action lawsuit was dismissed in September 2016 and certain indirect customer plaintiffs appealed the decision, consolidating their appeal with the indirect customer appeal still pending in the Eighth Circuit. The parties submitted briefs in October 2017 to the Eighth Circuit and held oral argument in February 2018. The parties are now awaiting the court’s ruling. We are unable to reasonably estimate the impact, if any, arising from such litigation. We believe we have strong defenses to the claims and intend to vigorously defend against them. In addition to the matters described above, there are other pending claims and legal actions arising in the normal course of our businesses. Although we cannot predict the final results of these pending claims and legal actions, we believe, after consultation with counsel, that the final outcome of these matters will not have a material effect on our financial statements. |
Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Note 7 — Fair Value Measurements Derivative Instruments The following table presents on a gross basis our derivative assets and liabilities, including both current and noncurrent portions, that are measured at fair value on a recurring basis within the fair value hierarchy, as of March 31, 2018, September 30, 2017 and March 31, 2017:
The fair values of our non-exchange traded commodity derivative contracts included in Level 2 are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. For commodity option contracts not traded on an exchange, we use a Black Scholes option pricing model that considers time value and volatility of the underlying commodity. Other Financial Instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. We estimate the fair value of long-term debt by using current market rates and by discounting future cash flows using rates available for similar type debt (Level 2). The carrying amount and estimated fair value of our long-term debt (including current maturities but excluding unamortized debt issuance costs) at March 31, 2018, September 30, 2017 and March 31, 2017 were as follows:
Financial instruments other than derivative instruments, such as short-term investments and trade accounts receivable, could expose us to concentrations of credit risk. We limit credit risk from short-term investments by investing only in investment-grade commercial paper, money market mutual funds, securities guaranteed by the U.S. Government or its agencies and FDIC insured bank deposits. The credit risk arising from concentrations of trade accounts receivable is limited because we have a large customer base that extends across many different U.S. markets. |
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Derivative Instruments and Hedging Activities |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities | Note 8 — Derivative Instruments and Hedging Activities The Partnership is exposed to certain market risks associated with its ongoing business operations. Management uses derivative financial and commodity instruments, among other things, to manage these risks. The primary risk managed by derivative instruments is commodity price risk. Although we use derivative financial and commodity instruments to reduce market risk associated with forecasted transactions, we do not use derivative financial and commodity instruments for speculative or trading purposes. The use of derivative instruments is controlled by our risk management and credit policies which govern, among other things, the derivative instruments the Partnership can use, counterparty credit limits and contract authorization limits. Although our commodity derivative instruments extend over a number of years, a significant portion of our commodity derivative instruments economically hedge commodity price risk during the next twelve months. Commodity Price Risk In order to manage market risk associated with the Partnership’s fixed-price programs, the Partnership uses over-the-counter derivative commodity instruments, principally price swap contracts. In addition, the Partnership uses over-the-counter price swap and option contracts to reduce propane price volatility associated with a portion of forecasted propane purchases. The Partnership, from time to time, enters into price swap and put option agreements to reduce the effects of short-term commodity price volatility. At March 31, 2018, September 30, 2017 and March 31, 2017, total volumes associated with propane commodity derivatives totaled 151.4 million gallons, 213.6 million gallons and 199.8 million gallons, respectively. At March 31, 2018, the maximum period over which we are economically hedging propane market price risk is 21 months. Derivative Instruments Credit Risk The Partnership is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Our counterparties principally comprise major energy companies and major U.S. financial institutions. We maintain credit policies with regard to our counterparties that we believe reduce overall credit risk. These policies include evaluating and monitoring our counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by the Partnership in the forms of letters of credit, parental guarantees or cash. Although we have concentrations of credit risk associated with derivative instruments held by certain derivative instrument counterparties, the maximum amount of loss due to credit risk that, based upon the gross fair values of the derivative instruments, we would incur if these counterparties that make up the concentration failed to perform according to the terms of their contracts was not material at March 31, 2018. Certain of our derivative contracts have credit-risk-related contingent features that may require the posting of additional collateral in the event of a downgrade in the Partnership’s debt rating. At March 31, 2018, if the credit-risk-related contingent features were triggered, the amount of collateral required to be posted would not be material. Offsetting Derivative Assets and Liabilities Derivative assets and liabilities are presented net by counterparty on the condensed consolidated balance sheets if the right of offset exists. Our derivative instruments comprise over-the-counter transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Certain over-the-counter contracts contain contractual rights of offset through master netting arrangements and contract default provisions. In addition, the contracts are subject to conditional rights of offset through counterparty nonperformance, insolvency or other conditions. In general, most of our over-the-counter transactions are subject to collateral requirements. Types of collateral generally include cash or letters of credit. Cash collateral paid by us to our over-the-counter derivative counterparties, if any, is reflected in the table below to offset derivative liabilities. Cash collateral received by us from our over-the-counter derivative counterparties, if any, is reflected in the table below to offset derivative assets. Certain other accounts receivable and accounts payable balances recognized on the condensed consolidated balance sheets with our derivative counterparties are not included in the table below but could reduce our net exposure to such counterparties because such balances are subject to master netting or similar arrangements. Fair Value of Derivative Instruments The following table presents our derivative assets and liabilities by type, as well as the effects of offsetting, as of March 31, 2018, September 30, 2017 and March 31, 2017:
Effect of Derivative Instruments The following tables provide information on the effects of derivative instruments on the condensed consolidated statements of operations for the three and six months ended March 31, 2018 and 2017:
We are also a party to a number of contracts that have elements of a derivative instrument. These contracts include, among others, binding purchase orders, contracts that provide for the purchase and delivery of propane and service contracts that require the counterparty to provide commodity storage or transportation service to meet our normal sales commitments. Although certain of these contracts have the requisite elements of a derivative instrument, these contracts qualify for NPNS accounting under GAAP because they provide for the delivery of products or services in quantities that are expected to be used in the normal course of operating our business and the price in the contract is based on an underlying that is directly associated with the price of the product or service being purchased or sold. |
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Related Party Transactions |
6 Months Ended |
|---|---|
Mar. 31, 2018 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Note 9 — Related Party Transactions Pursuant to the Partnership Agreement and a management services agreement, the General Partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of the Partnership. These costs, which totaled $157,113 and $149,827 for the three months ended March 31, 2018 and 2017, respectively, and $304,400 and $297,418 for the six months ended March 31, 2018 and 2017, respectively, include employee compensation and benefit expenses of employees of the General Partner and general and administrative expenses. UGI provides certain financial and administrative services to the General Partner. UGI bills the General Partner monthly for all direct and indirect corporate expenses incurred in connection with providing these services and the General Partner is reimbursed by the Partnership for these expenses. The allocation of indirect UGI corporate expenses to the Partnership utilizes a weighted, three-component formula based on the relative percentage of the Partnership’s revenues, operating expenses and net assets employed to the total of such items for all UGI operating subsidiaries for which general and administrative services are provided. The General Partner believes that this allocation method is reasonable and equitable to the Partnership. Such corporate expenses totaled $4,305 and $5,697 for the three months ended March 31, 2018 and 2017, respectively, and $8,018 and $9,381 for the six months ended March 31, 2018 and 2017, respectively. In addition, UGI and certain of its subsidiaries provide office space and stop loss medical coverage to the Partnership. The costs incurred related to these items during the three and six months ended March 31, 2018 and 2017, were not material. From time to time, AmeriGas OLP purchases propane on an as needed basis from UGI Energy Services, LLC (“Energy Services”). The price of the purchases is generally based on the market price at the time of purchase. Purchases of propane by AmeriGas OLP from Energy Services during the three and six months ended March 31, 2018 and 2017, were not material. In addition, the AmeriGas OLP sells propane to affiliates of UGI. Sales of propane to affiliates of UGI during the three and six months ended March 31, 2018 and 2017 were not material. UGI Standby Commitment to Purchase AmeriGas Partners Class B Common Units On November 7, 2017, AmeriGas Partners entered into a Standby Equity Commitment Agreement (the “Commitment Agreement”) with the General Partner and UGI. Under the terms of the Commitment Agreement, UGI has committed to make up to $225,000 of capital contributions to the Partnership through July 1, 2019 (the “Commitment Period”). UGI’s capital contributions may be made from time to time during the Commitment Period upon request of the Partnership. There have been no capital contributions made to the Partnership under the Commitment Agreement. In consideration for any capital contributions pursuant to the Commitment Agreement, the Partnership will issue to UGI or a wholly owned subsidiary new Class B Common Units representing limited partner interests in the Partnership (“Class B Units”). The Class B Units will be issued at a price per unit equal to the 20-day volume-weighted average price of AmeriGas Partners Common Units prior to the date of the Partnership’s related capital call. The Class B Units will be entitled to cumulative quarterly distributions at a rate equal to the annualized Common Unit yield at the time of the applicable capital call, plus 130 basis points. The Partnership may choose to make the distributions in cash or in kind in the form of additional Class B Units. While outstanding, the Class B Units will not be subject to any incentive distributions from the Partnership. At any time after five years from the initial issuance of the Class B Units, holders may elect to convert all or any portion of the Class B Units they own into Common Units on a one-for-one basis. At any time after six years from the initial issuance of the Class B Units, the Partnership may elect to convert all or any portion of the Class B Units into Common Units if (i) the closing trading price of the Common Units is greater than 110% of the applicable purchase price for the Class B Units and (ii) the Common Units are listed or admitted for trading on a National Securities Exchange. Upon certain events involving a change of control, and immediately prior to a liquidation or winding up of the Partnership, the Class B Units will automatically convert into Common Units on a one-for-one basis. |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
|---|---|
Mar. 31, 2018 | |
| Accounting Policies [Abstract] | |
| Principles of Consolidation | Principles of Consolidation. The consolidated financial statements include the accounts of AmeriGas Partners, its majority-owned subsidiary AmeriGas OLP, and its 100%-owned finance subsidiaries AmeriGas Finance Corp., AmeriGas Eagle Finance Corp., AP Eagle Finance Corp., and AmeriGas Finance LLC. AmeriGas Partners and AmeriGas OLP are under the common control of the General Partner. The General Partner of AmeriGas OLP, which is also the General Partner of AmeriGas Partners, makes all decisions for AmeriGas OLP; limited partners of AmeriGas OLP do not have the ability to remove the General Partner or participate in the decision-making for AmeriGas OLP. The accounts of AmeriGas OLP are included based upon the determination that AmeriGas Partners has a controlling financial interest in and is the primary beneficiary of AmeriGas OLP. |
| Allocation of Net Income (Loss) | Allocation of Net Income (Loss). Net income (loss) attributable to AmeriGas Partners, L.P. is allocated to the General Partner and the limited partners in accordance with their respective ownership percentages after giving effect to amounts distributed to the General Partner in excess of its 1% general partner interest in AmeriGas Partners based on its incentive distribution rights (“IDRs”) under the Fourth Amended and Restated Agreement of Limited Partnership of AmeriGas Partners, L.P., as amended (“Partnership Agreement”). |
| Net Income (Loss) Per Unit | Net Income (Loss) Per Unit. Income (loss) per limited partner unit is computed in accordance with GAAP regarding the application of the two-class method for determining income (loss) per unit for master limited partnerships (“MLPs”) when IDRs are present. The two-class method requires that income per limited partner unit be calculated as if all earnings for the period were distributed and requires a separate calculation for each quarter- and year-to-date period. In periods when our net income attributable to AmeriGas Partners exceeds our Available Cash, as defined in the Partnership Agreement, and is above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the General Partner. Generally, in periods when our Available Cash in respect of the quarter- or year-to-date periods exceeds our net income (loss) attributable to AmeriGas Partners, the calculation according to the two-class method results in an allocation of earnings to the General Partner greater than its relative ownership interest in the Partnership (or in the case of a net loss attributable to AmeriGas Partners, an allocation of such net loss to the Common Unitholders greater than their relative ownership interest in the Partnership). |
| Derivative Instruments | Derivative Instruments. Derivative instruments are reported in the condensed consolidated balance sheets at their fair values, unless the derivative instruments qualify for the normal purchase and normal sale (“NPNS”) exception under GAAP. The accounting for changes in fair value depends upon the purpose of the derivative instrument and whether it is designated and qualifies for hedge accounting. Changes in the fair values of these derivative instruments are reflected in “Cost of sales — propane” on the Condensed Consolidated Statements of Operations. Cash flows from derivative instruments are included in cash flows from operating activities. |
| Use of Estimates | Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions. |
| Reclassifications | Reclassifications. Certain prior-period amounts have been reclassified to conform to the current-period presentation. |
| Accounting Standards Not Yet Updated | Accounting Standards Not Yet Adopted Derivatives and Hedging. In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-12, “Targeted Improvements to Accounting for Hedging Activities.” This ASU amends and simplifies existing guidance to allow companies to more accurately present the economic effects of risk management activities in the financial statements. The amendments in this ASU are effective for interim and annual periods beginning after December 15, 2018 (Fiscal 2020). Early adoption is permitted. For cash flow and net investment hedges as of the adoption date, the guidance requires a modified retrospective approach. The amended presentation and disclosure guidance is required only prospectively. The Partnership is in the process of assessing the impact on its financial statements from the adoption of the new guidance and determining the period in which the new guidance will be adopted. Leases. In February 2016, the FASB issued ASU No. 2016-02, "Leases." This ASU amends existing guidance to require entities that lease assets to recognize the assets and liabilities for the rights and obligations created by those leases on the balance sheet. The new guidance also requires additional disclosures about the amount, timing and uncertainty of cash flows from leases. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2018 (Fiscal 2020). Early adoption is permitted. Lessees must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Partnership is in the process of assessing the impact on its financial statements from the adoption of the new guidance but anticipates an increase in the recognition of right-of-use assets and lease liabilities. Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). The guidance provided under ASU 2014-09, as amended, supersedes the revenue recognition requirements in ASC No. 605, “Revenue Recognition,” and most industry-specific guidance included in the ASC. ASU 2014-09 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance is effective for the Partnership for interim and annual periods beginning after December 15, 2017 (Fiscal 2019) and allows for either full retrospective adoption or modified retrospective adoption. The Partnership is in the process of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. The Partnership has completed the assessment of a significant number of its contracts with customers under the new guidance to determine the effect of the adoption of the new guidance. Although the Partnership has not completed its assessment of the impact of the new guidance, the Partnership does not expect its adoption will have a material impact on its consolidated financial statements. The Partnership anticipates that it will adopt the new standard using the modified retrospective transition method effective October 1, 2018. |
Summary of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income Per Limited Partner Unit | The following table sets forth reconciliations of the numerators and denominators of the basic and diluted income per limited partner unit computations:
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Goodwill and Intangible Assets (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Goodwill and Intangible Assets | The Partnership’s goodwill and intangible assets comprise the following:
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Fair Value Measurements (Tables) |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Assets and Financial Liabilities at Fair Value on a Recurring Basis | The following table presents on a gross basis our derivative assets and liabilities, including both current and noncurrent portions, that are measured at fair value on a recurring basis within the fair value hierarchy, as of March 31, 2018, September 30, 2017 and March 31, 2017:
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| Carrying Amount and Estimated Fair Value of Long-term Debt | The carrying amount and estimated fair value of our long-term debt (including current maturities but excluding unamortized debt issuance costs) at March 31, 2018, September 30, 2017 and March 31, 2017 were as follows:
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Derivative Instruments and Hedging Activities (Tables) |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Fair Value of Derivative Assets and Liabilities | The following table presents our derivative assets and liabilities by type, as well as the effects of offsetting, as of March 31, 2018, September 30, 2017 and March 31, 2017:
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| Components of Derivative Instruments Gain (Loss) In Statement of Operations | The following tables provide information on the effects of derivative instruments on the condensed consolidated statements of operations for the three and six months ended March 31, 2018 and 2017:
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Summary of Significant Accounting Policies - Principles of Consolidation (Details) |
Mar. 31, 2018 |
|---|---|
| AmeriGas Finance Corp., AP Eagle Finance Corp. and AmeriGas Finance LLC | |
| Investment | |
| Ownership interest percentage | 100.00% |
Summary of Significant Accounting Policies - Allocation of Net Income (Loss) (Details) |
6 Months Ended |
|---|---|
Mar. 31, 2018 | |
| AmeriGas Propane Inc Partnership Interest in AmeriGas Partners | |
| Investment | |
| General partners ownership interest (as a percent) | 1.00% |
Summary of Significant Accounting Policies - Schedule of Income Per Limited Partner Unit (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
|
| Accounting Policies [Abstract] | ||||
| Net income attributable to AmeriGas Partners, L.P. | $ 191,824 | $ 135,088 | $ 296,245 | $ 227,042 |
| Adjust for general partner share and theoretical distributions of net income attributable to AmeriGas Partners, L.P. to the general partner in accordance with the two-class method for MLPs | (57,451) | (29,381) | (71,653) | (37,427) |
| Common Unitholders’ interest in net income attributable to AmeriGas Partners, L.P. under the two-class method for MLPs | $ 134,373 | $ 105,707 | $ 224,592 | $ 189,615 |
| Weighted average Common Units outstanding—basic (in shares) | 93,035 | 93,003 | 93,027 | 92,987 |
| Potentially dilutive Common Units (in units) | 39 | 42 | 52 | 52 |
| Weighted average Common Units outstanding—diluted (in shares) | 93,074 | 93,045 | 93,079 | 93,039 |
Summary of Significant Accounting Policies - Net Income (Loss) Per Unit (Details) - $ / shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
|
| Accounting Policies [Abstract] | ||||
| Dilutive effect of theoretical distributions of net income on earnings (in usd per share) | $ 0.48 | $ 0.19 | $ 0.49 | $ 0.15 |
Goodwill And Intangible Assets - Components of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Sep. 30, 2017 |
Mar. 31, 2017 |
|---|---|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Goodwill (not subject to amortization) | $ 2,001,960 | $ 2,002,010 | $ 1,981,842 |
| Intangible assets: | |||
| Customer relationships and noncompete agreements | 496,739 | 497,385 | 522,700 |
| Accumulated amortization | (208,824) | (190,289) | (210,634) |
| Intangible assets, net (definite-lived) | 287,915 | 307,096 | 312,066 |
| Trademarks and tradenames (indefinite-lived) | 82,944 | 82,944 | 82,944 |
| Total intangible assets, net | $ 370,859 | $ 390,040 | $ 395,010 |
Commitments and Contingencies (Details) $ in Thousands |
6 Months Ended | ||
|---|---|---|---|
|
Oct. 31, 2014
lawsuit
lb
|
Jun. 30, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
|
| Loss Contingencies | |||
| Class action lawsuits (more than) | lawsuit | 35 | ||
| FTC Cylinder Investigation | |||
| Loss Contingencies | |||
| Amount of propane in cylinders before reduction (in pounds) | lb | 17 | ||
| Amount of propane in cylinders after reduction (in pounds) | lb | 15 | ||
| AmeriGas OLP | DEC Remediation Plan | Saranac Lake, New York | |||
| Loss Contingencies | |||
| Estimated remediation plan cost | $ | $ 27,700 | ||
| Liability accrued for potential remediation costs | $ | $ 7,545 |
Fair Value Measurements - Financial Assets and Financial Liabilities at Fair Value On a Recurring Basis (Details) - Fair Value, Measurements, Recurring - Propane Contracts - USD ($) $ in Thousands |
Mar. 31, 2018 |
Sep. 30, 2017 |
Mar. 31, 2017 |
|---|---|---|---|
| Assets: | |||
| Commodity contracts | $ 12,414 | $ 40,714 | $ 9,911 |
| Liabilities: | |||
| Commodity contracts | (3,048) | (920) | (4,058) |
| Level 1 | |||
| Assets: | |||
| Commodity contracts | 0 | 0 | 0 |
| Liabilities: | |||
| Commodity contracts | 0 | 0 | 0 |
| Level 2 | |||
| Assets: | |||
| Commodity contracts | 12,414 | 40,714 | 9,911 |
| Liabilities: | |||
| Commodity contracts | (3,048) | (920) | (4,058) |
| Level 3 | |||
| Assets: | |||
| Commodity contracts | 0 | 0 | 0 |
| Liabilities: | |||
| Commodity contracts | $ 0 | $ 0 | $ 0 |
Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Sep. 30, 2017 |
Mar. 31, 2017 |
|---|---|---|---|
| Carrying amount | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Long-term debt | $ 2,601,802 | $ 2,603,610 | $ 2,705,277 |
| Estimated fair value | |||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
| Long-term debt | $ 2,535,839 | $ 2,699,428 | $ 2,694,848 |
Derivative Instruments and Hedging Activities - Narrative (Details) - gal gal in Millions |
6 Months Ended | ||
|---|---|---|---|
Mar. 31, 2018 |
Sep. 30, 2017 |
Mar. 31, 2017 |
|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
| Volume of commodity derivative (gallons) | 151.4 | 213.6 | 199.8 |
| Maximum period of price risk cash flow hedging (in months) | 21 months |
Derivative Instruments and Hedging Activities - Components of Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Sep. 30, 2017 |
Mar. 31, 2017 |
|---|---|---|---|
| Derivative assets not designated as hedging instruments: | |||
| Total derivative assets — gross | $ 12,414 | $ 40,714 | $ 9,911 |
| Gross amounts offset in the balance sheet | (1,245) | (920) | (3,886) |
| Cash collateral received | 0 | (7,991) | 0 |
| Total derivative assets — net | 11,169 | 31,803 | 6,025 |
| Derivative liabilities not designated as hedging instruments: | |||
| Total derivative liabilities — gross | (3,048) | (920) | (4,058) |
| Gross amounts offset in the balance sheet | 1,245 | 920 | 3,886 |
| Total derivative liabilities — net | (1,803) | 0 | (172) |
| Not Designated as Hedging Instrument | Commodity contracts | |||
| Derivative assets not designated as hedging instruments: | |||
| Total derivative assets — gross | 12,414 | 40,714 | 9,911 |
| Derivative liabilities not designated as hedging instruments: | |||
| Total derivative liabilities — gross | $ (3,048) | $ (920) | $ (4,058) |
Derivative Instruments and Hedging Activities - Components of Derivative Instruments Gain Loss in Statement of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
|
| Not Designated as Hedging Instrument | Commodity contracts | Cost of sales — propane | ||||
| Derivative Instruments, Gain (Loss) | ||||
| Gain Recognized in Income | $ (17,615) | $ (10,706) | $ 1,999 | $ 21,394 |