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Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Denominator (thousands of shares): | ||||||||||||
Average common shares outstanding for basic computation | 115,173 | 113,709 | 114,996 | 113,416 | ||||||||
Incremental shares issuable for stock options and awards | 1,574 | 1,490 | 1,530 | 1,413 | ||||||||
Average common shares outstanding for diluted computation | 116,747 | 115,199 | 116,526 | 114,829 |
Three Months Ended March 31, 2014: | Postretirement | Derivative | Foreign | ||||||||||||
Benefit Plans | Instruments | Currency | Total | ||||||||||||
Balance, December 31, 2013 | $ | (16.0 | ) | $ | (15.8 | ) | $ | 64.0 | $ | 32.2 | |||||
Other comprehensive income (loss) before reclassification adjustments (after-tax) | — | 6.3 | (0.6 | ) | 5.7 | ||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | |||||||||||||||
Reclassification adjustments (pre-tax) | 0.3 | (34.7 | ) | — | (34.4 | ) | |||||||||
Reclassification adjustments tax (expense) benefit | (0.1 | ) | 3.3 | — | 3.2 | ||||||||||
Reclassification adjustments (after-tax) | 0.2 | (31.4 | ) | — | (31.2 | ) | |||||||||
Other comprehensive income (loss) | 0.2 | (25.1 | ) | (0.6 | ) | (25.5 | ) | ||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 17.6 | — | 17.6 | |||||||||||
Other comprehensive income (loss) attributable to UGI | 0.2 | (7.5 | ) | (0.6 | ) | (7.9 | ) | ||||||||
Balance, March 31, 2014 | $ | (15.8 | ) | $ | (23.3 | ) | $ | 63.4 | $ | 24.3 | |||||
Six Months Ended March 31, 2014: | Postretirement | Derivative | Foreign | ||||||||||||
Benefit Plans | Instruments | Currency | Total | ||||||||||||
Balance, September 30, 2013 | $ | (16.4 | ) | $ | (26.9 | ) | $ | 51.7 | $ | 8.4 | |||||
Other comprehensive income before reclassification adjustments (after-tax) | — | 46.8 | 11.7 | 58.5 | |||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | |||||||||||||||
Reclassification adjustments (pre-tax) | 0.6 | (50.5 | ) | — | (49.9 | ) | |||||||||
Reclassification adjustments tax (expense) benefit | — | 5.3 | — | 5.3 | |||||||||||
Reclassification adjustments (after-tax) | 0.6 | (45.2 | ) | — | (44.6 | ) | |||||||||
Other comprehensive income | 0.6 | 1.6 | 11.7 | 13.9 | |||||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 2.0 | — | 2.0 | |||||||||||
Other comprehensive income attributable to UGI | 0.6 | 3.6 | 11.7 | 15.9 | |||||||||||
Balance, March 31, 2014 | $ | (15.8 | ) | $ | (23.3 | ) | $ | 63.4 | $ | 24.3 | |||||
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March 31, 2013 | |||||||||
As Previously Reported | Adjustment | As Restated | |||||||
Assets: | |||||||||
Deferred income taxes | $ | 35.9 | $ | (21.0 | ) | $ | 14.9 | ||
Prepaid expenses and other current assets | $ | 52.1 | $ | 1.4 | $ | 53.5 | |||
Property, plant and equipment | $ | 4,286.7 | $ | (1.3 | ) | $ | 4,285.4 | ||
Liabilities and equity: | |||||||||
Other current liabilities | $ | 644.2 | $ | (1.4 | ) | $ | 642.8 | ||
Deferred income taxes | $ | 941.4 | $ | (22.7 | ) | $ | 918.7 | ||
Other noncurrent liabilities | $ | 614.0 | $ | 1.7 | $ | 615.7 | |||
Retained earnings | $ | 1,379.4 | $ | (1.4 | ) | $ | 1,378.0 | ||
Accumulated other comprehensive loss | $ | (45.6 | ) | $ | (0.9 | ) | $ | (46.5 | ) |
Noncontrolling interests | $ | 1,227.3 | $ | 3.8 | $ | 1,231.1 |
For the three months ended March 31, 2013 | For the six months ended March 31, 2013 | ||||||||||||||||||
As Previously Reported | Adjustment | As Restated | As Previously Reported | Adjustment | As Restated | ||||||||||||||
Revenues | $ | 2,537.1 | $ | 5.6 | $ | 2,542.7 | $ | 4,560.3 | $ | 1.1 | $ | 4,561.4 | |||||||
Cost of sales | $ | 1,500.6 | $ | (13.9 | ) | $ | 1,486.7 | $ | 2,719.4 | $ | (17.2 | ) | $ | 2,702.2 | |||||
Operating and administrative expenses | $ | 465.8 | $ | (4.3 | ) | $ | 461.5 | $ | 892.7 | $ | (4.3 | ) | $ | 888.4 | |||||
Depreciation | $ | 71.7 | $ | 2.3 | $ | 74.0 | $ | 143.5 | $ | 3.0 | $ | 146.5 | |||||||
Operating income | $ | 486.2 | $ | 21.5 | $ | 507.7 | $ | 782.3 | $ | 19.6 | $ | 801.9 | |||||||
Interest expense | $ | (60.1 | ) | $ | — | $ | (60.1 | ) | $ | (120.4 | ) | $ | (1.2 | ) | $ | (121.6 | ) | ||
Income before income taxes | $ | 426.2 | $ | 21.5 | $ | 447.7 | $ | 662.0 | $ | 18.4 | $ | 680.4 | |||||||
Income taxes | $ | (100.0 | ) | $ | (6.0 | ) | $ | (106.0 | ) | $ | (165.1 | ) | $ | (5.8 | ) | $ | (170.9 | ) | |
Net income | $ | 326.2 | $ | 15.5 | $ | 341.7 | $ | 496.9 | $ | 12.6 | $ | 509.5 | |||||||
Deduct net income attributable to noncontrolling interests | $ | (154.3 | ) | $ | (6.7 | ) | $ | (161.0 | ) | $ | (222.4 | ) | $ | (3.9 | ) | $ | (226.3 | ) | |
Net income attributable to UGI Corporation | $ | 171.9 | $ | 8.8 | $ | 180.7 | $ | 274.5 | $ | 8.7 | $ | 283.2 | |||||||
Basic earnings per common share | $ | 1.51 | $ | 1.59 | $ | 2.42 | $ | 2.50 | |||||||||||
Diluted earnings per common share | $ | 1.49 | $ | 1.57 | $ | 2.39 | $ | 2.47 |
For the three months ended March 31, 2013 | For the six months ended March 31, 2013 | ||||||||||||||||||
As Previously Reported | Adjustment | As Restated | As Previously Reported | Adjustment | As Restated | ||||||||||||||
Net income | $ | 326.2 | $ | 15.5 | $ | 341.7 | $ | 496.9 | $ | 12.6 | $ | 509.5 | |||||||
Net gains (losses) on derivative instruments | $ | 9.2 | $ | (3.5 | ) | $ | 5.7 | $ | (0.1 | ) | $ | 0.5 | $ | 0.4 | |||||
Reclassifications of net losses on derivative instruments | $ | 29.0 | $ | (3.8 | ) | $ | 25.2 | $ | 50.8 | $ | (8.2 | ) | $ | 42.6 | |||||
Other comprehensive income | $ | 15.1 | $ | (7.3 | ) | $ | 7.8 | $ | 44.0 | $ | (7.7 | ) | $ | 36.3 | |||||
Comprehensive income | $ | 341.3 | $ | 8.2 | $ | 349.5 | $ | 540.9 | $ | 4.9 | $ | 545.8 | |||||||
Deduct comprehensive income attributable to noncontrolling interests | $ | (171.3 | ) | $ | (6.7 | ) | $ | (178.0 | ) | $ | (250.0 | ) | $ | (3.9 | ) | $ | (253.9 | ) | |
Comprehensive income attributable to UGI Corporation | $ | 170.0 | $ | 1.5 | $ | 171.5 | $ | 290.9 | $ | 1.0 | $ | 291.9 |
For the six months ended March 31, 2013 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | As Previously Reported | Adjustment | As Restated | ||||||
Net income | $ | 496.9 | $ | 12.6 | $ | 509.5 | |||
Depreciation and amortization | $ | 174.4 | $ | 3.0 | $ | 177.4 | |||
Deferred income taxes, net | $ | 18.8 | $ | 0.6 | $ | 19.4 | |||
Net change in realized gains and losses deferred as cash flow hedges | $ | 8.3 | $ | (8.3 | ) | $ | — | ||
Unrealized gains on derivative instruments | $ | — | $ | (5.8 | ) | $ | (5.8 | ) | |
Other, net | $ | 7.1 | $ | 4.4 | $ | 11.5 | |||
Net change in: | |||||||||
Accounts receivable and accrued utility revenues | $ | (550.1 | ) | $ | (5.1 | ) | $ | (555.2 | ) |
Inventories | $ | 64.5 | $ | (2.8 | ) | $ | 61.7 | ||
Accounts payable | $ | 175.0 | $ | 1.4 | $ | 176.4 |
For the six months ended March 31, 2013 | |||||||||
As Previously Reported | Adjustment | As Restated | |||||||
Retained earnings | $ | 1,379.4 | $ | (1.4 | ) | $ | 1,378.0 | ||
Accumulated other comprehensive loss | $ | (45.6 | ) | $ | (0.9 | ) | $ | (46.5 | ) |
Noncontrolling interests | $ | 1,227.3 | $ | 3.8 | $ | 1,231.1 |
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March 31, 2014 | September 30, 2013 | March 31, 2013 | ||||||||||
Goodwill (not subject to amortization) | $ | 2,886.0 | $ | 2,871.0 | $ | 2,813.8 | ||||||
Intangible assets: | ||||||||||||
Customer relationships, noncompete agreements and other | $ | 727.5 | $ | 706.4 | $ | 690.0 | ||||||
Trademarks and tradenames (not subject to amortization) | 132.3 | 131.3 | 137.0 | |||||||||
Gross carrying amount | 859.8 | 837.7 | 827.0 | |||||||||
Accumulated amortization | (251.6 | ) | (227.1 | ) | (197.1 | ) | ||||||
Intangible assets, net | $ | 608.2 | $ | 610.6 | $ | 629.9 |
|
Midstream & Marketing | UGI International | |||||||||||||||||||||||||||||||||||
Total | Eliminations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | ||||||||||||||||||||||||||||
Revenues | $ | 3,163.3 | $ | (164.7 | ) | (c) | $ | 1,493.7 | $ | 480.1 | $ | 588.9 | $ | 25.1 | $ | 412.0 | $ | 277.2 | $ | 51.0 | ||||||||||||||||
Cost of sales | $ | 2,001.3 | $ | (164.0 | ) | (c) | $ | 885.5 | $ | 278.8 | $ | 457.9 | $ | 9.4 | $ | 266.7 | $ | 222.7 | $ | 44.3 | ||||||||||||||||
Segment profit: | ||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 588.6 | $ | 0.2 | $ | 284.8 | $ | 134.5 | $ | 111.5 | $ | 9.9 | $ | 52.9 | $ | 10.9 | $ | (16.1 | ) | |||||||||||||||||
Income from equity investees | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Interest expense | (59.5 | ) | — | (42.0 | ) | (8.4 | ) | (1.0 | ) | — | (6.4 | ) | (1.1 | ) | (0.6 | ) | ||||||||||||||||||||
Income (loss) before income taxes | $ | 529.1 | $ | 0.2 | $ | 242.8 | $ | 126.1 | $ | 110.5 | $ | 9.9 | $ | 46.5 | $ | 9.8 | $ | (16.7 | ) | |||||||||||||||||
Partnership EBITDA (a) | $ | 331.3 | ||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 173.4 | $ | — | $ | 173.2 | $ | — | $ | — | $ | — | $ | 0.2 | $ | — | $ | — | ||||||||||||||||||
Depreciation and amortization | $ | 87.7 | $ | (0.1 | ) | $ | 49.2 | $ | 13.6 | $ | 3.2 | $ | 2.7 | $ | 10.3 | $ | 7.2 | $ | 1.6 | |||||||||||||||||
Capital expenditures | $ | 85.3 | $ | — | $ | 27.7 | $ | 30.0 | $ | 8.4 | $ | 1.8 | $ | 11.3 | $ | 4.2 | $ | 1.9 | ||||||||||||||||||
Total assets (at period end) | $ | 10,720.5 | $ | (116.3 | ) | $ | 4,692.3 | $ | 2,195.4 | $ | 643.2 | $ | 283.9 | $ | 1,923.2 | $ | 660.4 | $ | 438.4 | |||||||||||||||||
Bank loans (at period end) | $ | 260.1 | $ | — | $ | 198.0 | $ | 6.5 | $ | 51.5 | $ | — | $ | — | $ | 4.1 | $ | — | ||||||||||||||||||
Goodwill (at period end) | $ | 2,886.0 | $ | — | $ | 1,939.0 | $ | 182.1 | $ | 2.8 | $ | — | $ | 655.3 | $ | 99.8 | $ | 7.0 |
Midstream & Marketing | UGI International | ||||||||||||||||||||||||||||||||||||
Total | Eliminations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 2,542.7 | $ | (61.1 | ) | (c) | $ | 1,183.3 | $ | 368.6 | $ | 304.0 | $ | 17.4 | $ | 452.6 | $ | 230.9 | $ | 47.0 | |||||||||||||||||
Cost of sales | $ | 1,486.7 | $ | (58.8 | ) | (c) | $ | 612.4 | $ | 196.7 | $ | 246.1 | $ | 10.9 | $ | 285.8 | $ | 177.4 | $ | 16.2 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income | $ | 507.7 | $ | (0.9 | ) | $ | 266.4 | $ | 105.7 | $ | 44.4 | $ | 0.6 | $ | 67.8 | $ | 13.8 | $ | 9.9 | ||||||||||||||||||
Income from equity investees | 0.1 | — | — | — | — | — | 0.1 | — | — | ||||||||||||||||||||||||||||
Interest expense | (60.1 | ) | — | (41.8 | ) | (9.3 | ) | (0.8 | ) | — | (6.3 | ) | (1.3 | ) | (0.6 | ) | |||||||||||||||||||||
Income before income taxes | $ | 447.7 | $ | (0.9 | ) | $ | 224.6 | $ | 96.4 | $ | 43.6 | $ | 0.6 | $ | 61.6 | $ | 12.5 | $ | 9.3 | ||||||||||||||||||
Partnership EBITDA (a) | $ | 314.9 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 161.0 | $ | — | $ | 160.7 | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 89.6 | $ | — | $ | 50.9 | $ | 12.7 | $ | 1.9 | $ | 2.4 | $ | 14.2 | $ | 5.8 | $ | 1.7 | |||||||||||||||||||
Capital expenditures | $ | 93.6 | $ | (1.0 | ) | $ | 27.9 | $ | 24.4 | $ | 19.3 | $ | 4.2 | $ | 13.2 | $ | 4.1 | $ | 1.5 | ||||||||||||||||||
Total assets (at period end) | $ | 10,215.4 | $ | (110.8 | ) | $ | 4,682.6 | $ | 2,184.8 | $ | 450.4 | $ | 261.7 | $ | 1,847.7 | $ | 551.3 | $ | 347.7 | ||||||||||||||||||
Bank loans (at period end) | $ | 177.7 | $ | — | $ | 115.9 | $ | — | $ | 47.0 | $ | — | $ | — | $ | 14.8 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,813.8 | $ | — | $ | 1,919.2 | $ | 182.1 | $ | 2.8 | $ | — | $ | 610.0 | $ | 92.7 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: |
Three Months Ended March 31, | 2014 | 2013 | ||||||
Partnership EBITDA | $ | 331.3 | $ | 314.9 | ||||
Depreciation and amortization | (49.2 | ) | (50.9 | ) | ||||
Noncontrolling interests (i) | 2.7 | 2.4 | ||||||
Operating income | $ | 284.8 | $ | 266.4 |
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
(b) | Corporate & Other results principally comprise (1) Electric Utility, (2) Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC”), (3) changes in the fair values of Midstream & Marketing’s unsettled commodity derivative instruments and gains and losses on settled commodity derivative instruments not associated with current period transactions, (4) net expenses of UGI’s captive general liability insurance company, and (5) UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. |
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
Midstream & Marketing | UGI International | ||||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 5,479.2 | $ | (230.2 | ) | (c) | $ | 2,539.5 | $ | 751.7 | $ | 861.6 | $ | 45.9 | $ | 837.3 | $ | 570.5 | $ | 102.9 | |||||||||||||||||
Cost of sales | $ | 3,431.2 | $ | (228.4 | ) | (c) | $ | 1,468.2 | $ | 414.3 | $ | 685.0 | $ | 20.0 | $ | 549.2 | $ | 454.4 | $ | 68.5 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 952.3 | $ | 0.1 | $ | 464.5 | $ | 216.6 | $ | 143.3 | $ | 14.3 | $ | 96.1 | $ | 24.6 | $ | (7.2 | ) | ||||||||||||||||||
Income from equity investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Interest expense | (118.8 | ) | — | (83.6 | ) | (16.8 | ) | (2.0 | ) | — | (12.8 | ) | (2.4 | ) | (1.2 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 833.5 | $ | 0.1 | $ | 380.9 | $ | 199.8 | $ | 141.3 | $ | 14.3 | $ | 83.3 | $ | 22.2 | $ | (8.4 | ) | ||||||||||||||||||
Partnership EBITDA (a) | $ | 561.5 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 268.9 | $ | — | $ | 268.6 | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 181.7 | $ | (0.1 | ) | $ | 101.5 | $ | 27.0 | $ | 5.8 | $ | 5.3 | $ | 25.3 | $ | 13.8 | $ | 3.1 | ||||||||||||||||||
Capital expenditures | $ | 188.1 | $ | (1.2 | ) | $ | 51.0 | $ | 62.9 | $ | 30.1 | $ | 11.1 | $ | 21.1 | $ | 8.8 | $ | 4.3 | ||||||||||||||||||
Total assets (at period end) | $ | 10,720.5 | $ | (116.3 | ) | $ | 4,692.3 | $ | 2,195.4 | $ | 643.2 | $ | 283.9 | $ | 1,923.2 | $ | 660.4 | $ | 438.4 | ||||||||||||||||||
Bank loans (at period end) | $ | 260.1 | $ | — | $ | 198.0 | $ | 6.5 | $ | 51.5 | $ | — | $ | — | $ | 4.1 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,886.0 | $ | — | $ | 1,939.0 | $ | 182.1 | $ | 2.8 | $ | — | $ | 655.3 | $ | 99.8 | $ | 7.0 |
Midstream & Marketing | UGI International | ||||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 4,561.4 | $ | (119.6 | ) | (c) | $ | 2,055.2 | $ | 616.9 | $ | 531.8 | $ | 32.4 | $ | 871.9 | $ | 476.5 | $ | 96.3 | |||||||||||||||||
Cost of sales | $ | 2,702.2 | $ | (116.1 | ) | (c) | $ | 1,061.7 | $ | 320.3 | $ | 435.6 | $ | 20.5 | $ | 565.7 | $ | 372.3 | $ | 42.2 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 801.9 | $ | (0.9 | ) | $ | 403.7 | $ | 175.5 | $ | 70.1 | $ | 0.8 | $ | 115.3 | $ | 24.1 | $ | 13.3 | ||||||||||||||||||
Income (loss) from equity investees | 0.1 | — | — | — | — | — | 0.1 | — | — | ||||||||||||||||||||||||||||
Interest expense | (121.6 | ) | — | (84.2 | ) | (18.9 | ) | (1.8 | ) | — | (12.8 | ) | (2.6 | ) | (1.3 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 680.4 | $ | (0.9 | ) | $ | 319.5 | $ | 156.6 | $ | 68.3 | $ | 0.8 | $ | 102.6 | $ | 21.5 | $ | 12.0 | ||||||||||||||||||
Partnership EBITDA (a) | $ | 500.8 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 226.3 | $ | — | $ | 225.9 | $ | — | $ | — | $ | — | $ | 0.4 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 177.4 | $ | — | $ | 101.0 | $ | 25.3 | $ | 3.5 | $ | 4.9 | $ | 28.3 | $ | 11.3 | $ | 3.1 | |||||||||||||||||||
Capital expenditures | $ | 184.8 | $ | (1.1 | ) | $ | 54.4 | $ | 52.9 | $ | 32.8 | $ | 11.0 | $ | 25.4 | $ | 6.3 | $ | 3.1 | ||||||||||||||||||
Total assets (at period end) | $ | 10,215.4 | $ | (110.8 | ) | $ | 4,682.6 | $ | 2,184.8 | $ | 450.4 | $ | 261.7 | $ | 1,847.7 | $ | 551.3 | $ | 347.7 | ||||||||||||||||||
Bank loans (at period end) | $ | 177.7 | $ | — | $ | 115.9 | $ | — | $ | 47.0 | $ | — | $ | — | $ | 14.8 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,813.8 | $ | — | $ | 1,919.2 | $ | 182.1 | $ | 2.8 | $ | — | $ | 610.0 | $ | 92.7 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: |
Six Months Ended March 31, | 2014 | 2013 | ||||||
Partnership EBITDA | $ | 561.5 | $ | 500.8 | ||||
Depreciation and amortization | (101.5 | ) | (101.0 | ) | ||||
Noncontrolling interests (i) | 4.5 | 3.9 | ||||||
Operating income | $ | 464.5 | $ | 403.7 |
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
(b) | Corporate & Other results principally comprise (1) Electric Utility, (2) HVAC, (3) changes in the fair values of Midstream & Marketing’s unsettled commodity derivative instruments and gains and losses on settled commodity derivative instruments not associated with current period transactions, (4) net expenses of UGI’s captive general liability insurance company, and (5) UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. |
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
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March 31, 2014 | September 30, 2013 | March 31, 2013 | ||||||||||
Regulatory assets: | ||||||||||||
Income taxes recoverable | $ | 106.8 | $ | 106.1 | $ | 104.2 | ||||||
Underfunded pension and postretirement plans | 91.0 | 94.5 | 181.3 | |||||||||
Environmental costs | 14.5 | 17.1 | 16.8 | |||||||||
Deferred fuel and power costs | 4.3 | 8.3 | 2.1 | |||||||||
Removal costs, net | 14.4 | 13.3 | 11.9 | |||||||||
Other | 4.9 | 5.6 | 6.0 | |||||||||
Total regulatory assets | $ | 235.9 | $ | 244.9 | $ | 322.3 | ||||||
Regulatory liabilities: | ||||||||||||
Postretirement benefits | $ | 17.2 | $ | 16.5 | $ | 13.9 | ||||||
Environmental overcollections | 1.9 | 2.6 | 3.0 | |||||||||
Deferred fuel and power refunds | 3.2 | 8.3 | 31.2 | |||||||||
State tax benefits—distribution system repairs | 9.0 | 8.4 | 7.9 | |||||||||
Other | 1.8 | 1.5 | 0.7 | |||||||||
Total regulatory liabilities | $ | 33.1 | $ | 37.3 | $ | 56.7 |
|
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 2.3 | $ | 2.8 | $ | 0.1 | $ | 0.2 | ||||||||
Interest cost | 6.5 | 5.9 | 0.2 | 0.2 | ||||||||||||
Expected return on assets | (7.3 | ) | (6.9 | ) | (0.1 | ) | (0.1 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | 0.1 | (0.1 | ) | (0.1 | ) | ||||||||||
Actuarial loss | 1.9 | 3.7 | — | 0.1 | ||||||||||||
Net benefit cost | 3.5 | 5.6 | 0.1 | 0.3 | ||||||||||||
Change in associated regulatory liabilities | — | — | 0.9 | 0.8 | ||||||||||||
Net expense | $ | 3.5 | $ | 5.6 | $ | 1.0 | $ | 1.1 | ||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 4.7 | $ | 5.7 | $ | 0.3 | $ | 0.3 | ||||||||
Interest cost | 12.9 | 11.8 | 0.5 | 0.5 | ||||||||||||
Expected return on assets | (14.7 | ) | (13.8 | ) | (0.3 | ) | (0.3 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.2 | 0.2 | (0.2 | ) | (0.1 | ) | ||||||||||
Actuarial loss | 3.8 | 7.4 | — | 0.2 | ||||||||||||
Net benefit cost | 6.9 | 11.3 | 0.3 | 0.6 | ||||||||||||
Change in associated regulatory liabilities | — | — | 1.8 | 1.6 | ||||||||||||
Net expense | $ | 6.9 | $ | 11.3 | $ | 2.1 | $ | 2.2 |
|
|
Asset (Liability) | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | |||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 11.5 | $ | 11.4 | $ | — | $ | 22.9 | ||||||||
Foreign currency contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (4.0 | ) | $ | (17.1 | ) | $ | — | $ | (21.1 | ) | |||||
Foreign currency contracts | $ | — | $ | (5.6 | ) | $ | — | $ | (5.6 | ) | ||||||
Interest rate contracts | $ | — | $ | (27.8 | ) | $ | — | $ | (27.8 | ) | ||||||
Cross-currency swaps | $ | — | $ | (2.2 | ) | $ | — | $ | (2.2 | ) | ||||||
September 30, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 2.1 | $ | 21.2 | $ | — | $ | 23.3 | ||||||||
Foreign currency contracts | $ | — | $ | 0.9 | $ | — | $ | 0.9 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (9.7 | ) | $ | (6.3 | ) | $ | — | $ | (16.0 | ) | |||||
Foreign currency contracts | $ | — | $ | (7.2 | ) | $ | — | $ | (7.2 | ) | ||||||
Interest rate contracts | $ | — | $ | (31.0 | ) | $ | — | $ | (31.0 | ) | ||||||
Cross-currency swaps | $ | — | $ | (1.2 | ) | $ | — | $ | (1.2 | ) | ||||||
March 31, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 7.9 | $ | 5.7 | $ | — | $ | 13.6 | ||||||||
Foreign currency contracts | $ | — | $ | 1.5 | $ | — | $ | 1.5 | ||||||||
Interest rate contracts | $ | — | $ | 4.2 | $ | — | $ | 4.2 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (2.7 | ) | $ | (12.6 | ) | $ | — | $ | (15.3 | ) | |||||
Foreign currency contracts | $ | — | $ | (0.5 | ) | $ | — | $ | (0.5 | ) | ||||||
Interest rate contracts | $ | — | $ | (60.5 | ) | $ | — | $ | (60.5 | ) |
Offsetting Derivative Assets and Liabilities | |||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | |||||||
March 31, 2014: | |||||||||
Derivative assets | $ | 31.6 | $ | (8.6 | ) | $ | 23.0 | ||
Derivative (liabilities) | $ | (65.3 | ) | $ | 8.6 | $ | (56.7 | ) | |
September 30, 2013: | |||||||||
Derivative assets | $ | 26.3 | $ | (2.1 | ) | $ | 24.2 | ||
Derivative (liabilities) | $ | (57.5 | ) | $ | 2.1 | $ | (55.4 | ) | |
March 31, 2013: | |||||||||
Derivative assets | $ | 30.1 | $ | (10.8 | ) | $ | 19.3 | ||
Derivative (liabilities) | $ | (87.1 | ) | $ | 10.8 | $ | (76.3 | ) | |
|
Derivative Assets | Derivative (Liabilities) | |||||||||||||||||||
Balance Sheet | Fair Value March 31, | Balance Sheet | Fair Value March 31, | |||||||||||||||||
Location | 2014 | 2013 | Location | 2014 | 2013 | |||||||||||||||
Derivatives Designated as Hedging Instruments: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments and Other assets | $ | 10.2 | $ | 5.4 | Derivative financial instruments and Other noncurrent liabilities | $ | (0.4 | ) | $ | (7.0 | ) | ||||||||
Foreign currency contracts | Derivative financial instruments and Other assets | 0.1 | 1.5 | Derivative financial instruments and Other noncurrent liabilities | (5.6 | ) | (0.5 | ) | ||||||||||||
Cross-currency contracts | — | — | Derivative financial instruments and Other noncurrent liabilities | (2.2 | ) | — | ||||||||||||||
Interest rate contracts | Derivative financial instruments | — | 4.2 | Derivative financial instruments and Other noncurrent liabilities | (27.8 | ) | (60.5 | ) | ||||||||||||
Total Derivatives Designated as Hedging Instruments | $ | 10.3 | $ | 11.1 | $ | (36.0 | ) | $ | (68.0 | ) | ||||||||||
Derivatives Subject to Utility Rate Regulation: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments | $ | 3.2 | $ | 4.1 | Derivative financial instruments and Other noncurrent liabilities | $ | (0.4 | ) | $ | (5.5 | ) | ||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments and Other assets | $ | 9.5 | $ | 4.1 | Derivative financial instruments and Other noncurrent liabilities | $ | (20.3 | ) | $ | (2.8 | ) | ||||||||
Total Derivatives | $ | 23.0 | $ | 19.3 | $ | (56.7 | ) | $ | (76.3 | ) |
Three Months Ended March 31, | Gain (Loss) Recognized in AOCI and Noncontrolling Interests | Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain (Loss) Reclassified from AOCI and Noncontrolling | |||||||||||||||
2014 | 2013 | 2014 | 2013 | Interests into Income | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Commodity contracts | $ | 7.8 | $ | (0.4 | ) | $ | 39.9 | $ | (25.3 | ) | Cost of sales | |||||||
Foreign currency contracts | (0.2 | ) | 2.6 | (1.4 | ) | (0.6 | ) | Cost of sales | ||||||||||
Cross-currency contracts | 0.1 | — | 0.2 | — | Interest expense | |||||||||||||
Interest rate contracts | (1.8 | ) | 8.0 | (4.0 | ) | (3.5 | ) | Interest expense / other income, net | ||||||||||
Total | $ | 5.9 | $ | 10.2 | $ | 34.7 | $ | (29.4 | ) | |||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2014 | 2013 | ||||||||||||||||
Commodity contracts | $ | (22.2 | ) | $ | 11.5 | Cost of sales | ||||||||||||
Commodity contracts | — | 0.1 | Operating expenses / other income, net | |||||||||||||||
Foreign currency contracts | — | (0.2 | ) | Other income, net | ||||||||||||||
Total | $ | (22.2 | ) | $ | 11.4 | |||||||||||||
Six Months Ended March 31, | Gain (Loss) Recognized in AOCI and Noncontrolling Interests | Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain (Loss) Reclassified from AOCI and Noncontrolling | |||||||||||||||
2014 | 2013 | 2014 | 2013 | Interests into Income | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Commodity contracts | $ | 61.2 | $ | (4.5 | ) | $ | 62.2 | $ | (43.2 | ) | Cost of sales | |||||||
Foreign currency contracts | (2.7 | ) | (1.1 | ) | (3.5 | ) | (0.1 | ) | Cost of sales | |||||||||
Cross-currency contracts | (1.1 | ) | — | (0.1 | ) | Interest expense | ||||||||||||
Interest rate contracts | (3.5 | ) | 9.0 | (8.1 | ) | (7.0 | ) | Interest expense / other income, net | ||||||||||
Total | $ | 53.9 | $ | 3.4 | $ | 50.5 | $ | (50.3 | ) | |||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2014 | 2013 | ||||||||||||||||
Commodity contracts | $ | (9.4 | ) | $ | 13.8 | Cost of sales | ||||||||||||
Commodity contracts | 0.1 | 0.1 | Operating expenses / other income, net | |||||||||||||||
Foreign currency contracts | — | (0.2 | ) | Other income, net | ||||||||||||||
Total | $ | (9.3 | ) | $ | 13.7 |
|
March 31, 2014 | September 30, 2013 | March 31, 2013 | ||||||||||
Non-utility LPG and natural gas | $ | 251.4 | $ | 230.0 | $ | 220.3 | ||||||
Gas Utility natural gas | 7.5 | 78.9 | 5.4 | |||||||||
Materials, supplies and other | 65.5 | 56.6 | 66.7 | |||||||||
Total inventories | $ | 324.4 | $ | 365.5 | $ | 292.4 |
|
|
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Denominator (thousands of shares): | ||||||||||||
Average common shares outstanding for basic computation | 115,173 | 113,709 | 114,996 | 113,416 | ||||||||
Incremental shares issuable for stock options and awards | 1,574 | 1,490 | 1,530 | 1,413 | ||||||||
Average common shares outstanding for diluted computation | 116,747 | 115,199 | 116,526 | 114,829 |
Three Months Ended March 31, 2014: | Postretirement | Derivative | Foreign | ||||||||||||
Benefit Plans | Instruments | Currency | Total | ||||||||||||
Balance, December 31, 2013 | $ | (16.0 | ) | $ | (15.8 | ) | $ | 64.0 | $ | 32.2 | |||||
Other comprehensive income (loss) before reclassification adjustments (after-tax) | — | 6.3 | (0.6 | ) | 5.7 | ||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | |||||||||||||||
Reclassification adjustments (pre-tax) | 0.3 | (34.7 | ) | — | (34.4 | ) | |||||||||
Reclassification adjustments tax (expense) benefit | (0.1 | ) | 3.3 | — | 3.2 | ||||||||||
Reclassification adjustments (after-tax) | 0.2 | (31.4 | ) | — | (31.2 | ) | |||||||||
Other comprehensive income (loss) | 0.2 | (25.1 | ) | (0.6 | ) | (25.5 | ) | ||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 17.6 | — | 17.6 | |||||||||||
Other comprehensive income (loss) attributable to UGI | 0.2 | (7.5 | ) | (0.6 | ) | (7.9 | ) | ||||||||
Balance, March 31, 2014 | $ | (15.8 | ) | $ | (23.3 | ) | $ | 63.4 | $ | 24.3 | |||||
Six Months Ended March 31, 2014: | Postretirement | Derivative | Foreign | ||||||||||||
Benefit Plans | Instruments | Currency | Total | ||||||||||||
Balance, September 30, 2013 | $ | (16.4 | ) | $ | (26.9 | ) | $ | 51.7 | $ | 8.4 | |||||
Other comprehensive income before reclassification adjustments (after-tax) | — | 46.8 | 11.7 | 58.5 | |||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | |||||||||||||||
Reclassification adjustments (pre-tax) | 0.6 | (50.5 | ) | — | (49.9 | ) | |||||||||
Reclassification adjustments tax (expense) benefit | — | 5.3 | — | 5.3 | |||||||||||
Reclassification adjustments (after-tax) | 0.6 | (45.2 | ) | — | (44.6 | ) | |||||||||
Other comprehensive income | 0.6 | 1.6 | 11.7 | 13.9 | |||||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 2.0 | — | 2.0 | |||||||||||
Other comprehensive income attributable to UGI | 0.6 | 3.6 | 11.7 | 15.9 | |||||||||||
Balance, March 31, 2014 | $ | (15.8 | ) | $ | (23.3 | ) | $ | 63.4 | $ | 24.3 | |||||
|
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Denominator (thousands of shares): | ||||||||||||
Average common shares outstanding for basic computation | 115,173 | 113,709 | 114,996 | 113,416 | ||||||||
Incremental shares issuable for stock options and awards | 1,574 | 1,490 | 1,530 | 1,413 | ||||||||
Average common shares outstanding for diluted computation | 116,747 | 115,199 | 116,526 | 114,829 |
Three Months Ended March 31, 2014: | Postretirement | Derivative | Foreign | ||||||||||||
Benefit Plans | Instruments | Currency | Total | ||||||||||||
Balance, December 31, 2013 | $ | (16.0 | ) | $ | (15.8 | ) | $ | 64.0 | $ | 32.2 | |||||
Other comprehensive income (loss) before reclassification adjustments (after-tax) | — | 6.3 | (0.6 | ) | 5.7 | ||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | |||||||||||||||
Reclassification adjustments (pre-tax) | 0.3 | (34.7 | ) | — | (34.4 | ) | |||||||||
Reclassification adjustments tax (expense) benefit | (0.1 | ) | 3.3 | — | 3.2 | ||||||||||
Reclassification adjustments (after-tax) | 0.2 | (31.4 | ) | — | (31.2 | ) | |||||||||
Other comprehensive income (loss) | 0.2 | (25.1 | ) | (0.6 | ) | (25.5 | ) | ||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 17.6 | — | 17.6 | |||||||||||
Other comprehensive income (loss) attributable to UGI | 0.2 | (7.5 | ) | (0.6 | ) | (7.9 | ) | ||||||||
Balance, March 31, 2014 | $ | (15.8 | ) | $ | (23.3 | ) | $ | 63.4 | $ | 24.3 | |||||
Six Months Ended March 31, 2014: | Postretirement | Derivative | Foreign | ||||||||||||
Benefit Plans | Instruments | Currency | Total | ||||||||||||
Balance, September 30, 2013 | $ | (16.4 | ) | $ | (26.9 | ) | $ | 51.7 | $ | 8.4 | |||||
Other comprehensive income before reclassification adjustments (after-tax) | — | 46.8 | 11.7 | 58.5 | |||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | |||||||||||||||
Reclassification adjustments (pre-tax) | 0.6 | (50.5 | ) | — | (49.9 | ) | |||||||||
Reclassification adjustments tax (expense) benefit | — | 5.3 | — | 5.3 | |||||||||||
Reclassification adjustments (after-tax) | 0.6 | (45.2 | ) | — | (44.6 | ) | |||||||||
Other comprehensive income | 0.6 | 1.6 | 11.7 | 13.9 | |||||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 2.0 | — | 2.0 | |||||||||||
Other comprehensive income attributable to UGI | 0.6 | 3.6 | 11.7 | 15.9 | |||||||||||
Balance, March 31, 2014 | $ | (15.8 | ) | $ | (23.3 | ) | $ | 63.4 | $ | 24.3 | |||||
|
March 31, 2013 | |||||||||
As Previously Reported | Adjustment | As Restated | |||||||
Assets: | |||||||||
Deferred income taxes | $ | 35.9 | $ | (21.0 | ) | $ | 14.9 | ||
Prepaid expenses and other current assets | $ | 52.1 | $ | 1.4 | $ | 53.5 | |||
Property, plant and equipment | $ | 4,286.7 | $ | (1.3 | ) | $ | 4,285.4 | ||
Liabilities and equity: | |||||||||
Other current liabilities | $ | 644.2 | $ | (1.4 | ) | $ | 642.8 | ||
Deferred income taxes | $ | 941.4 | $ | (22.7 | ) | $ | 918.7 | ||
Other noncurrent liabilities | $ | 614.0 | $ | 1.7 | $ | 615.7 | |||
Retained earnings | $ | 1,379.4 | $ | (1.4 | ) | $ | 1,378.0 | ||
Accumulated other comprehensive loss | $ | (45.6 | ) | $ | (0.9 | ) | $ | (46.5 | ) |
Noncontrolling interests | $ | 1,227.3 | $ | 3.8 | $ | 1,231.1 |
For the three months ended March 31, 2013 | For the six months ended March 31, 2013 | ||||||||||||||||||
As Previously Reported | Adjustment | As Restated | As Previously Reported | Adjustment | As Restated | ||||||||||||||
Revenues | $ | 2,537.1 | $ | 5.6 | $ | 2,542.7 | $ | 4,560.3 | $ | 1.1 | $ | 4,561.4 | |||||||
Cost of sales | $ | 1,500.6 | $ | (13.9 | ) | $ | 1,486.7 | $ | 2,719.4 | $ | (17.2 | ) | $ | 2,702.2 | |||||
Operating and administrative expenses | $ | 465.8 | $ | (4.3 | ) | $ | 461.5 | $ | 892.7 | $ | (4.3 | ) | $ | 888.4 | |||||
Depreciation | $ | 71.7 | $ | 2.3 | $ | 74.0 | $ | 143.5 | $ | 3.0 | $ | 146.5 | |||||||
Operating income | $ | 486.2 | $ | 21.5 | $ | 507.7 | $ | 782.3 | $ | 19.6 | $ | 801.9 | |||||||
Interest expense | $ | (60.1 | ) | $ | — | $ | (60.1 | ) | $ | (120.4 | ) | $ | (1.2 | ) | $ | (121.6 | ) | ||
Income before income taxes | $ | 426.2 | $ | 21.5 | $ | 447.7 | $ | 662.0 | $ | 18.4 | $ | 680.4 | |||||||
Income taxes | $ | (100.0 | ) | $ | (6.0 | ) | $ | (106.0 | ) | $ | (165.1 | ) | $ | (5.8 | ) | $ | (170.9 | ) | |
Net income | $ | 326.2 | $ | 15.5 | $ | 341.7 | $ | 496.9 | $ | 12.6 | $ | 509.5 | |||||||
Deduct net income attributable to noncontrolling interests | $ | (154.3 | ) | $ | (6.7 | ) | $ | (161.0 | ) | $ | (222.4 | ) | $ | (3.9 | ) | $ | (226.3 | ) | |
Net income attributable to UGI Corporation | $ | 171.9 | $ | 8.8 | $ | 180.7 | $ | 274.5 | $ | 8.7 | $ | 283.2 | |||||||
Basic earnings per common share | $ | 1.51 | $ | 1.59 | $ | 2.42 | $ | 2.50 | |||||||||||
Diluted earnings per common share | $ | 1.49 | $ | 1.57 | $ | 2.39 | $ | 2.47 |
For the three months ended March 31, 2013 | For the six months ended March 31, 2013 | ||||||||||||||||||
As Previously Reported | Adjustment | As Restated | As Previously Reported | Adjustment | As Restated | ||||||||||||||
Net income | $ | 326.2 | $ | 15.5 | $ | 341.7 | $ | 496.9 | $ | 12.6 | $ | 509.5 | |||||||
Net gains (losses) on derivative instruments | $ | 9.2 | $ | (3.5 | ) | $ | 5.7 | $ | (0.1 | ) | $ | 0.5 | $ | 0.4 | |||||
Reclassifications of net losses on derivative instruments | $ | 29.0 | $ | (3.8 | ) | $ | 25.2 | $ | 50.8 | $ | (8.2 | ) | $ | 42.6 | |||||
Other comprehensive income | $ | 15.1 | $ | (7.3 | ) | $ | 7.8 | $ | 44.0 | $ | (7.7 | ) | $ | 36.3 | |||||
Comprehensive income | $ | 341.3 | $ | 8.2 | $ | 349.5 | $ | 540.9 | $ | 4.9 | $ | 545.8 | |||||||
Deduct comprehensive income attributable to noncontrolling interests | $ | (171.3 | ) | $ | (6.7 | ) | $ | (178.0 | ) | $ | (250.0 | ) | $ | (3.9 | ) | $ | (253.9 | ) | |
Comprehensive income attributable to UGI Corporation | $ | 170.0 | $ | 1.5 | $ | 171.5 | $ | 290.9 | $ | 1.0 | $ | 291.9 |
For the six months ended March 31, 2013 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | As Previously Reported | Adjustment | As Restated | ||||||
Net income | $ | 496.9 | $ | 12.6 | $ | 509.5 | |||
Depreciation and amortization | $ | 174.4 | $ | 3.0 | $ | 177.4 | |||
Deferred income taxes, net | $ | 18.8 | $ | 0.6 | $ | 19.4 | |||
Net change in realized gains and losses deferred as cash flow hedges | $ | 8.3 | $ | (8.3 | ) | $ | — | ||
Unrealized gains on derivative instruments | $ | — | $ | (5.8 | ) | $ | (5.8 | ) | |
Other, net | $ | 7.1 | $ | 4.4 | $ | 11.5 | |||
Net change in: | |||||||||
Accounts receivable and accrued utility revenues | $ | (550.1 | ) | $ | (5.1 | ) | $ | (555.2 | ) |
Inventories | $ | 64.5 | $ | (2.8 | ) | $ | 61.7 | ||
Accounts payable | $ | 175.0 | $ | 1.4 | $ | 176.4 |
For the six months ended March 31, 2013 | |||||||||
As Previously Reported | Adjustment | As Restated | |||||||
Retained earnings | $ | 1,379.4 | $ | (1.4 | ) | $ | 1,378.0 | ||
Accumulated other comprehensive loss | $ | (45.6 | ) | $ | (0.9 | ) | $ | (46.5 | ) |
Noncontrolling interests | $ | 1,227.3 | $ | 3.8 | $ | 1,231.1 |
|
March 31, 2014 | September 30, 2013 | March 31, 2013 | ||||||||||
Goodwill (not subject to amortization) | $ | 2,886.0 | $ | 2,871.0 | $ | 2,813.8 | ||||||
Intangible assets: | ||||||||||||
Customer relationships, noncompete agreements and other | $ | 727.5 | $ | 706.4 | $ | 690.0 | ||||||
Trademarks and tradenames (not subject to amortization) | 132.3 | 131.3 | 137.0 | |||||||||
Gross carrying amount | 859.8 | 837.7 | 827.0 | |||||||||
Accumulated amortization | (251.6 | ) | (227.1 | ) | (197.1 | ) | ||||||
Intangible assets, net | $ | 608.2 | $ | 610.6 | $ | 629.9 |
|
Midstream & Marketing | UGI International | |||||||||||||||||||||||||||||||||||
Total | Eliminations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | ||||||||||||||||||||||||||||
Revenues | $ | 3,163.3 | $ | (164.7 | ) | (c) | $ | 1,493.7 | $ | 480.1 | $ | 588.9 | $ | 25.1 | $ | 412.0 | $ | 277.2 | $ | 51.0 | ||||||||||||||||
Cost of sales | $ | 2,001.3 | $ | (164.0 | ) | (c) | $ | 885.5 | $ | 278.8 | $ | 457.9 | $ | 9.4 | $ | 266.7 | $ | 222.7 | $ | 44.3 | ||||||||||||||||
Segment profit: | ||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 588.6 | $ | 0.2 | $ | 284.8 | $ | 134.5 | $ | 111.5 | $ | 9.9 | $ | 52.9 | $ | 10.9 | $ | (16.1 | ) | |||||||||||||||||
Income from equity investees | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Interest expense | (59.5 | ) | — | (42.0 | ) | (8.4 | ) | (1.0 | ) | — | (6.4 | ) | (1.1 | ) | (0.6 | ) | ||||||||||||||||||||
Income (loss) before income taxes | $ | 529.1 | $ | 0.2 | $ | 242.8 | $ | 126.1 | $ | 110.5 | $ | 9.9 | $ | 46.5 | $ | 9.8 | $ | (16.7 | ) | |||||||||||||||||
Partnership EBITDA (a) | $ | 331.3 | ||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 173.4 | $ | — | $ | 173.2 | $ | — | $ | — | $ | — | $ | 0.2 | $ | — | $ | — | ||||||||||||||||||
Depreciation and amortization | $ | 87.7 | $ | (0.1 | ) | $ | 49.2 | $ | 13.6 | $ | 3.2 | $ | 2.7 | $ | 10.3 | $ | 7.2 | $ | 1.6 | |||||||||||||||||
Capital expenditures | $ | 85.3 | $ | — | $ | 27.7 | $ | 30.0 | $ | 8.4 | $ | 1.8 | $ | 11.3 | $ | 4.2 | $ | 1.9 | ||||||||||||||||||
Total assets (at period end) | $ | 10,720.5 | $ | (116.3 | ) | $ | 4,692.3 | $ | 2,195.4 | $ | 643.2 | $ | 283.9 | $ | 1,923.2 | $ | 660.4 | $ | 438.4 | |||||||||||||||||
Bank loans (at period end) | $ | 260.1 | $ | — | $ | 198.0 | $ | 6.5 | $ | 51.5 | $ | — | $ | — | $ | 4.1 | $ | — | ||||||||||||||||||
Goodwill (at period end) | $ | 2,886.0 | $ | — | $ | 1,939.0 | $ | 182.1 | $ | 2.8 | $ | — | $ | 655.3 | $ | 99.8 | $ | 7.0 |
Midstream & Marketing | UGI International | ||||||||||||||||||||||||||||||||||||
Total | Eliminations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 2,542.7 | $ | (61.1 | ) | (c) | $ | 1,183.3 | $ | 368.6 | $ | 304.0 | $ | 17.4 | $ | 452.6 | $ | 230.9 | $ | 47.0 | |||||||||||||||||
Cost of sales | $ | 1,486.7 | $ | (58.8 | ) | (c) | $ | 612.4 | $ | 196.7 | $ | 246.1 | $ | 10.9 | $ | 285.8 | $ | 177.4 | $ | 16.2 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income | $ | 507.7 | $ | (0.9 | ) | $ | 266.4 | $ | 105.7 | $ | 44.4 | $ | 0.6 | $ | 67.8 | $ | 13.8 | $ | 9.9 | ||||||||||||||||||
Income from equity investees | 0.1 | — | — | — | — | — | 0.1 | — | — | ||||||||||||||||||||||||||||
Interest expense | (60.1 | ) | — | (41.8 | ) | (9.3 | ) | (0.8 | ) | — | (6.3 | ) | (1.3 | ) | (0.6 | ) | |||||||||||||||||||||
Income before income taxes | $ | 447.7 | $ | (0.9 | ) | $ | 224.6 | $ | 96.4 | $ | 43.6 | $ | 0.6 | $ | 61.6 | $ | 12.5 | $ | 9.3 | ||||||||||||||||||
Partnership EBITDA (a) | $ | 314.9 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 161.0 | $ | — | $ | 160.7 | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 89.6 | $ | — | $ | 50.9 | $ | 12.7 | $ | 1.9 | $ | 2.4 | $ | 14.2 | $ | 5.8 | $ | 1.7 | |||||||||||||||||||
Capital expenditures | $ | 93.6 | $ | (1.0 | ) | $ | 27.9 | $ | 24.4 | $ | 19.3 | $ | 4.2 | $ | 13.2 | $ | 4.1 | $ | 1.5 | ||||||||||||||||||
Total assets (at period end) | $ | 10,215.4 | $ | (110.8 | ) | $ | 4,682.6 | $ | 2,184.8 | $ | 450.4 | $ | 261.7 | $ | 1,847.7 | $ | 551.3 | $ | 347.7 | ||||||||||||||||||
Bank loans (at period end) | $ | 177.7 | $ | — | $ | 115.9 | $ | — | $ | 47.0 | $ | — | $ | — | $ | 14.8 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,813.8 | $ | — | $ | 1,919.2 | $ | 182.1 | $ | 2.8 | $ | — | $ | 610.0 | $ | 92.7 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: |
Three Months Ended March 31, | 2014 | 2013 | ||||||
Partnership EBITDA | $ | 331.3 | $ | 314.9 | ||||
Depreciation and amortization | (49.2 | ) | (50.9 | ) | ||||
Noncontrolling interests (i) | 2.7 | 2.4 | ||||||
Operating income | $ | 284.8 | $ | 266.4 |
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
(b) | Corporate & Other results principally comprise (1) Electric Utility, (2) Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC”), (3) changes in the fair values of Midstream & Marketing’s unsettled commodity derivative instruments and gains and losses on settled commodity derivative instruments not associated with current period transactions, (4) net expenses of UGI’s captive general liability insurance company, and (5) UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. |
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
Midstream & Marketing | UGI International | ||||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 5,479.2 | $ | (230.2 | ) | (c) | $ | 2,539.5 | $ | 751.7 | $ | 861.6 | $ | 45.9 | $ | 837.3 | $ | 570.5 | $ | 102.9 | |||||||||||||||||
Cost of sales | $ | 3,431.2 | $ | (228.4 | ) | (c) | $ | 1,468.2 | $ | 414.3 | $ | 685.0 | $ | 20.0 | $ | 549.2 | $ | 454.4 | $ | 68.5 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 952.3 | $ | 0.1 | $ | 464.5 | $ | 216.6 | $ | 143.3 | $ | 14.3 | $ | 96.1 | $ | 24.6 | $ | (7.2 | ) | ||||||||||||||||||
Income from equity investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Interest expense | (118.8 | ) | — | (83.6 | ) | (16.8 | ) | (2.0 | ) | — | (12.8 | ) | (2.4 | ) | (1.2 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 833.5 | $ | 0.1 | $ | 380.9 | $ | 199.8 | $ | 141.3 | $ | 14.3 | $ | 83.3 | $ | 22.2 | $ | (8.4 | ) | ||||||||||||||||||
Partnership EBITDA (a) | $ | 561.5 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 268.9 | $ | — | $ | 268.6 | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 181.7 | $ | (0.1 | ) | $ | 101.5 | $ | 27.0 | $ | 5.8 | $ | 5.3 | $ | 25.3 | $ | 13.8 | $ | 3.1 | ||||||||||||||||||
Capital expenditures | $ | 188.1 | $ | (1.2 | ) | $ | 51.0 | $ | 62.9 | $ | 30.1 | $ | 11.1 | $ | 21.1 | $ | 8.8 | $ | 4.3 | ||||||||||||||||||
Total assets (at period end) | $ | 10,720.5 | $ | (116.3 | ) | $ | 4,692.3 | $ | 2,195.4 | $ | 643.2 | $ | 283.9 | $ | 1,923.2 | $ | 660.4 | $ | 438.4 | ||||||||||||||||||
Bank loans (at period end) | $ | 260.1 | $ | — | $ | 198.0 | $ | 6.5 | $ | 51.5 | $ | — | $ | — | $ | 4.1 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,886.0 | $ | — | $ | 1,939.0 | $ | 182.1 | $ | 2.8 | $ | — | $ | 655.3 | $ | 99.8 | $ | 7.0 |
Midstream & Marketing | UGI International | ||||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 4,561.4 | $ | (119.6 | ) | (c) | $ | 2,055.2 | $ | 616.9 | $ | 531.8 | $ | 32.4 | $ | 871.9 | $ | 476.5 | $ | 96.3 | |||||||||||||||||
Cost of sales | $ | 2,702.2 | $ | (116.1 | ) | (c) | $ | 1,061.7 | $ | 320.3 | $ | 435.6 | $ | 20.5 | $ | 565.7 | $ | 372.3 | $ | 42.2 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 801.9 | $ | (0.9 | ) | $ | 403.7 | $ | 175.5 | $ | 70.1 | $ | 0.8 | $ | 115.3 | $ | 24.1 | $ | 13.3 | ||||||||||||||||||
Income (loss) from equity investees | 0.1 | — | — | — | — | — | 0.1 | — | — | ||||||||||||||||||||||||||||
Interest expense | (121.6 | ) | — | (84.2 | ) | (18.9 | ) | (1.8 | ) | — | (12.8 | ) | (2.6 | ) | (1.3 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 680.4 | $ | (0.9 | ) | $ | 319.5 | $ | 156.6 | $ | 68.3 | $ | 0.8 | $ | 102.6 | $ | 21.5 | $ | 12.0 | ||||||||||||||||||
Partnership EBITDA (a) | $ | 500.8 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 226.3 | $ | — | $ | 225.9 | $ | — | $ | — | $ | — | $ | 0.4 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 177.4 | $ | — | $ | 101.0 | $ | 25.3 | $ | 3.5 | $ | 4.9 | $ | 28.3 | $ | 11.3 | $ | 3.1 | |||||||||||||||||||
Capital expenditures | $ | 184.8 | $ | (1.1 | ) | $ | 54.4 | $ | 52.9 | $ | 32.8 | $ | 11.0 | $ | 25.4 | $ | 6.3 | $ | 3.1 | ||||||||||||||||||
Total assets (at period end) | $ | 10,215.4 | $ | (110.8 | ) | $ | 4,682.6 | $ | 2,184.8 | $ | 450.4 | $ | 261.7 | $ | 1,847.7 | $ | 551.3 | $ | 347.7 | ||||||||||||||||||
Bank loans (at period end) | $ | 177.7 | $ | — | $ | 115.9 | $ | — | $ | 47.0 | $ | — | $ | — | $ | 14.8 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,813.8 | $ | — | $ | 1,919.2 | $ | 182.1 | $ | 2.8 | $ | — | $ | 610.0 | $ | 92.7 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: |
Six Months Ended March 31, | 2014 | 2013 | ||||||
Partnership EBITDA | $ | 561.5 | $ | 500.8 | ||||
Depreciation and amortization | (101.5 | ) | (101.0 | ) | ||||
Noncontrolling interests (i) | 4.5 | 3.9 | ||||||
Operating income | $ | 464.5 | $ | 403.7 |
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
(b) | Corporate & Other results principally comprise (1) Electric Utility, (2) HVAC, (3) changes in the fair values of Midstream & Marketing’s unsettled commodity derivative instruments and gains and losses on settled commodity derivative instruments not associated with current period transactions, (4) net expenses of UGI’s captive general liability insurance company, and (5) UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. |
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
|
March 31, 2014 | September 30, 2013 | March 31, 2013 | ||||||||||
Regulatory assets: | ||||||||||||
Income taxes recoverable | $ | 106.8 | $ | 106.1 | $ | 104.2 | ||||||
Underfunded pension and postretirement plans | 91.0 | 94.5 | 181.3 | |||||||||
Environmental costs | 14.5 | 17.1 | 16.8 | |||||||||
Deferred fuel and power costs | 4.3 | 8.3 | 2.1 | |||||||||
Removal costs, net | 14.4 | 13.3 | 11.9 | |||||||||
Other | 4.9 | 5.6 | 6.0 | |||||||||
Total regulatory assets | $ | 235.9 | $ | 244.9 | $ | 322.3 | ||||||
Regulatory liabilities: | ||||||||||||
Postretirement benefits | $ | 17.2 | $ | 16.5 | $ | 13.9 | ||||||
Environmental overcollections | 1.9 | 2.6 | 3.0 | |||||||||
Deferred fuel and power refunds | 3.2 | 8.3 | 31.2 | |||||||||
State tax benefits—distribution system repairs | 9.0 | 8.4 | 7.9 | |||||||||
Other | 1.8 | 1.5 | 0.7 | |||||||||
Total regulatory liabilities | $ | 33.1 | $ | 37.3 | $ | 56.7 |
|
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 2.3 | $ | 2.8 | $ | 0.1 | $ | 0.2 | ||||||||
Interest cost | 6.5 | 5.9 | 0.2 | 0.2 | ||||||||||||
Expected return on assets | (7.3 | ) | (6.9 | ) | (0.1 | ) | (0.1 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | 0.1 | (0.1 | ) | (0.1 | ) | ||||||||||
Actuarial loss | 1.9 | 3.7 | — | 0.1 | ||||||||||||
Net benefit cost | 3.5 | 5.6 | 0.1 | 0.3 | ||||||||||||
Change in associated regulatory liabilities | — | — | 0.9 | 0.8 | ||||||||||||
Net expense | $ | 3.5 | $ | 5.6 | $ | 1.0 | $ | 1.1 | ||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 4.7 | $ | 5.7 | $ | 0.3 | $ | 0.3 | ||||||||
Interest cost | 12.9 | 11.8 | 0.5 | 0.5 | ||||||||||||
Expected return on assets | (14.7 | ) | (13.8 | ) | (0.3 | ) | (0.3 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.2 | 0.2 | (0.2 | ) | (0.1 | ) | ||||||||||
Actuarial loss | 3.8 | 7.4 | — | 0.2 | ||||||||||||
Net benefit cost | 6.9 | 11.3 | 0.3 | 0.6 | ||||||||||||
Change in associated regulatory liabilities | — | — | 1.8 | 1.6 | ||||||||||||
Net expense | $ | 6.9 | $ | 11.3 | $ | 2.1 | $ | 2.2 |
|
Asset (Liability) | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | |||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 11.5 | $ | 11.4 | $ | — | $ | 22.9 | ||||||||
Foreign currency contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (4.0 | ) | $ | (17.1 | ) | $ | — | $ | (21.1 | ) | |||||
Foreign currency contracts | $ | — | $ | (5.6 | ) | $ | — | $ | (5.6 | ) | ||||||
Interest rate contracts | $ | — | $ | (27.8 | ) | $ | — | $ | (27.8 | ) | ||||||
Cross-currency swaps | $ | — | $ | (2.2 | ) | $ | — | $ | (2.2 | ) | ||||||
September 30, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 2.1 | $ | 21.2 | $ | — | $ | 23.3 | ||||||||
Foreign currency contracts | $ | — | $ | 0.9 | $ | — | $ | 0.9 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (9.7 | ) | $ | (6.3 | ) | $ | — | $ | (16.0 | ) | |||||
Foreign currency contracts | $ | — | $ | (7.2 | ) | $ | — | $ | (7.2 | ) | ||||||
Interest rate contracts | $ | — | $ | (31.0 | ) | $ | — | $ | (31.0 | ) | ||||||
Cross-currency swaps | $ | — | $ | (1.2 | ) | $ | — | $ | (1.2 | ) | ||||||
March 31, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 7.9 | $ | 5.7 | $ | — | $ | 13.6 | ||||||||
Foreign currency contracts | $ | — | $ | 1.5 | $ | — | $ | 1.5 | ||||||||
Interest rate contracts | $ | — | $ | 4.2 | $ | — | $ | 4.2 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (2.7 | ) | $ | (12.6 | ) | $ | — | $ | (15.3 | ) | |||||
Foreign currency contracts | $ | — | $ | (0.5 | ) | $ | — | $ | (0.5 | ) | ||||||
Interest rate contracts | $ | — | $ | (60.5 | ) | $ | — | $ | (60.5 | ) |
Offsetting Derivative Assets and Liabilities | |||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | |||||||
March 31, 2014: | |||||||||
Derivative assets | $ | 31.6 | $ | (8.6 | ) | $ | 23.0 | ||
Derivative (liabilities) | $ | (65.3 | ) | $ | 8.6 | $ | (56.7 | ) | |
September 30, 2013: | |||||||||
Derivative assets | $ | 26.3 | $ | (2.1 | ) | $ | 24.2 | ||
Derivative (liabilities) | $ | (57.5 | ) | $ | 2.1 | $ | (55.4 | ) | |
March 31, 2013: | |||||||||
Derivative assets | $ | 30.1 | $ | (10.8 | ) | $ | 19.3 | ||
Derivative (liabilities) | $ | (87.1 | ) | $ | 10.8 | $ | (76.3 | ) | |
|
Derivative Assets | Derivative (Liabilities) | |||||||||||||||||||
Balance Sheet | Fair Value March 31, | Balance Sheet | Fair Value March 31, | |||||||||||||||||
Location | 2014 | 2013 | Location | 2014 | 2013 | |||||||||||||||
Derivatives Designated as Hedging Instruments: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments and Other assets | $ | 10.2 | $ | 5.4 | Derivative financial instruments and Other noncurrent liabilities | $ | (0.4 | ) | $ | (7.0 | ) | ||||||||
Foreign currency contracts | Derivative financial instruments and Other assets | 0.1 | 1.5 | Derivative financial instruments and Other noncurrent liabilities | (5.6 | ) | (0.5 | ) | ||||||||||||
Cross-currency contracts | — | — | Derivative financial instruments and Other noncurrent liabilities | (2.2 | ) | — | ||||||||||||||
Interest rate contracts | Derivative financial instruments | — | 4.2 | Derivative financial instruments and Other noncurrent liabilities | (27.8 | ) | (60.5 | ) | ||||||||||||
Total Derivatives Designated as Hedging Instruments | $ | 10.3 | $ | 11.1 | $ | (36.0 | ) | $ | (68.0 | ) | ||||||||||
Derivatives Subject to Utility Rate Regulation: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments | $ | 3.2 | $ | 4.1 | Derivative financial instruments and Other noncurrent liabilities | $ | (0.4 | ) | $ | (5.5 | ) | ||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments and Other assets | $ | 9.5 | $ | 4.1 | Derivative financial instruments and Other noncurrent liabilities | $ | (20.3 | ) | $ | (2.8 | ) | ||||||||
Total Derivatives | $ | 23.0 | $ | 19.3 | $ | (56.7 | ) | $ | (76.3 | ) |
Three Months Ended March 31, | Gain (Loss) Recognized in AOCI and Noncontrolling Interests | Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain (Loss) Reclassified from AOCI and Noncontrolling | |||||||||||||||
2014 | 2013 | 2014 | 2013 | Interests into Income | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Commodity contracts | $ | 7.8 | $ | (0.4 | ) | $ | 39.9 | $ | (25.3 | ) | Cost of sales | |||||||
Foreign currency contracts | (0.2 | ) | 2.6 | (1.4 | ) | (0.6 | ) | Cost of sales | ||||||||||
Cross-currency contracts | 0.1 | — | 0.2 | — | Interest expense | |||||||||||||
Interest rate contracts | (1.8 | ) | 8.0 | (4.0 | ) | (3.5 | ) | Interest expense / other income, net | ||||||||||
Total | $ | 5.9 | $ | 10.2 | $ | 34.7 | $ | (29.4 | ) | |||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2014 | 2013 | ||||||||||||||||
Commodity contracts | $ | (22.2 | ) | $ | 11.5 | Cost of sales | ||||||||||||
Commodity contracts | — | 0.1 | Operating expenses / other income, net | |||||||||||||||
Foreign currency contracts | — | (0.2 | ) | Other income, net | ||||||||||||||
Total | $ | (22.2 | ) | $ | 11.4 | |||||||||||||
Six Months Ended March 31, | Gain (Loss) Recognized in AOCI and Noncontrolling Interests | Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain (Loss) Reclassified from AOCI and Noncontrolling | |||||||||||||||
2014 | 2013 | 2014 | 2013 | Interests into Income | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Commodity contracts | $ | 61.2 | $ | (4.5 | ) | $ | 62.2 | $ | (43.2 | ) | Cost of sales | |||||||
Foreign currency contracts | (2.7 | ) | (1.1 | ) | (3.5 | ) | (0.1 | ) | Cost of sales | |||||||||
Cross-currency contracts | (1.1 | ) | — | (0.1 | ) | Interest expense | ||||||||||||
Interest rate contracts | (3.5 | ) | 9.0 | (8.1 | ) | (7.0 | ) | Interest expense / other income, net | ||||||||||
Total | $ | 53.9 | $ | 3.4 | $ | 50.5 | $ | (50.3 | ) | |||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2014 | 2013 | ||||||||||||||||
Commodity contracts | $ | (9.4 | ) | $ | 13.8 | Cost of sales | ||||||||||||
Commodity contracts | 0.1 | 0.1 | Operating expenses / other income, net | |||||||||||||||
Foreign currency contracts | — | (0.2 | ) | Other income, net | ||||||||||||||
Total | $ | (9.3 | ) | $ | 13.7 |
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March 31, 2014 | September 30, 2013 | March 31, 2013 | ||||||||||
Non-utility LPG and natural gas | $ | 251.4 | $ | 230.0 | $ | 220.3 | ||||||
Gas Utility natural gas | 7.5 | 78.9 | 5.4 | |||||||||
Materials, supplies and other | 65.5 | 56.6 | 66.7 | |||||||||
Total inventories | $ | 324.4 | $ | 365.5 | $ | 292.4 |
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