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Three Months Ended December 31, | ||||||
2014 | 2013 | |||||
Denominator (thousands of shares): | ||||||
Average common shares outstanding for basic computation | 172,945 | 172,238 | ||||
Incremental shares issuable for stock options and awards | 2,841 | 2,467 | ||||
Average common shares outstanding for diluted computation | 175,786 | 174,705 |
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December 31, 2014 | September 30, 2014 | December 31, 2013 | ||||||||||
Non-utility LPG and natural gas | $ | 260.4 | $ | 283.6 | $ | 282.9 | ||||||
Gas Utility natural gas | 72.4 | 82.7 | 69.1 | |||||||||
Materials, supplies and other | 58.2 | 56.7 | 60.4 | |||||||||
Total inventories | $ | 391.0 | $ | 423.0 | $ | 412.4 |
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December 31, 2014 | September 30, 2014 | December 31, 2013 | ||||||||||
Goodwill (not subject to amortization) | $ | 2,806.8 | $ | 2,833.4 | $ | 2,884.5 | ||||||
Intangible assets: | ||||||||||||
Customer relationships, noncompete agreements and other | $ | 709.3 | $ | 712.0 | $ | 709.6 | ||||||
Accumulated amortization | (271.9 | ) | (263.8 | ) | (243.0 | ) | ||||||
Intangible assets, net (definite-lived) | 437.4 | 448.2 | 466.6 | |||||||||
Trademarks and tradenames (indefinite-lived) | 126.3 | 128.2 | 132.2 | |||||||||
Total intangible assets, net | $ | 563.7 | $ | 576.4 | $ | 598.8 |
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December 31, 2014 | September 30, 2014 | December 31, 2013 | ||||||||||
Regulatory assets (a): | ||||||||||||
Income taxes recoverable | $ | 111.1 | $ | 110.7 | $ | 106.4 | ||||||
Underfunded pension and postretirement plans | 107.8 | 110.1 | 92.8 | |||||||||
Environmental costs | 14.7 | 14.6 | 14.9 | |||||||||
Deferred fuel and power costs | 16.7 | 11.8 | 0.4 | |||||||||
Removal costs, net | 17.6 | 16.8 | 13.7 | |||||||||
Other | 2.7 | 4.2 | 5.7 | |||||||||
Total regulatory assets | $ | 270.6 | $ | 268.2 | $ | 233.9 | ||||||
Regulatory liabilities (a): | ||||||||||||
Postretirement benefits | $ | 19.0 | $ | 18.6 | $ | 16.8 | ||||||
Environmental overcollections | 0.2 | 0.3 | 2.3 | |||||||||
Deferred fuel and power refunds | — | 0.3 | 7.5 | |||||||||
State tax benefits—distribution system repairs | 10.3 | 10.1 | 8.7 | |||||||||
Other | 3.4 | 3.2 | 1.3 | |||||||||
Total regulatory liabilities | $ | 32.9 | $ | 32.5 | $ | 36.6 |
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Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three Months Ended December 31, | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 2.4 | $ | 2.3 | $ | 0.2 | $ | 0.1 | ||||||||
Interest cost | 6.3 | 6.4 | 0.2 | 0.2 | ||||||||||||
Expected return on assets | (7.9 | ) | (7.3 | ) | (0.2 | ) | (0.1 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | 0.1 | (0.1 | ) | (0.1 | ) | ||||||||||
Actuarial loss | 2.5 | 1.9 | — | — | ||||||||||||
Net benefit cost | 3.4 | 3.4 | 0.1 | 0.1 | ||||||||||||
Change in associated regulatory liabilities | — | — | 0.9 | 0.9 | ||||||||||||
Net expense | $ | 3.4 | $ | 3.4 | $ | 1.0 | $ | 1.0 |
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Asset (Liability) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
December 31, 2014: | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | 14.1 | $ | 26.1 | $ | — | $ | 40.2 | ||||||||
Foreign currency contracts | $ | — | $ | 18.7 | $ | — | $ | 18.7 | ||||||||
Interest rate contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||
Cross-currency swaps | $ | — | $ | 4.3 | $ | — | $ | 4.3 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | (69.4 | ) | $ | (228.5 | ) | $ | — | $ | (297.9 | ) | |||||
Interest rate contracts | $ | — | $ | (17.0 | ) | $ | — | $ | (17.0 | ) | ||||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 31.4 | $ | — | $ | — | $ | 31.4 | ||||||||
September 30, 2014: | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | 10.6 | $ | 19.8 | $ | — | $ | 30.4 | ||||||||
Foreign currency contracts | $ | — | $ | 12.8 | $ | — | $ | 12.8 | ||||||||
Interest rate contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||
Cross-currency swaps | $ | — | $ | 2.1 | $ | — | $ | 2.1 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | (21.2 | ) | $ | (32.9 | ) | $ | — | $ | (54.1 | ) | |||||
Foreign currency contracts | $ | — | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | ||||||
Interest rate contracts | $ | — | $ | (21.0 | ) | $ | — | $ | (21.0 | ) | ||||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 30.0 | $ | — | $ | — | $ | 30.0 | ||||||||
December 31, 2013 (b): | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | 9.8 | $ | 49.6 | $ | — | $ | 59.4 | ||||||||
Foreign currency contracts | $ | — | $ | 0.4 | $ | — | $ | 0.4 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | (6.1 | ) | $ | (4.6 | ) | $ | — | $ | (10.7 | ) | |||||
Foreign currency contracts | $ | — | $ | (7.2 | ) | $ | — | $ | (7.2 | ) | ||||||
Interest rate contracts | $ | — | $ | (29.2 | ) | $ | — | $ | (29.2 | ) | ||||||
Cross-currency swaps | $ | — | $ | (2.1 | ) | $ | — | $ | (2.1 | ) | ||||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 30.3 | $ | — | $ | — | $ | 30.3 |
(a) | Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans. |
(b) | Certain immaterial amounts have been revised to correct the classification of derivatives. |
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December 31, 2014 | December 31, 2013 (a) | |||||||
Derivative assets: | ||||||||
Derivatives designated as hedging instruments: | ||||||||
Commodity contracts | $ | — | $ | 41.5 | ||||
Foreign currency contracts | 18.7 | 0.4 | ||||||
Cross-currency contracts | 4.3 | — | ||||||
Interest rate contracts | 0.1 | — | ||||||
23.1 | 41.9 | |||||||
Derivatives subject to utility rate regulation: | ||||||||
Commodity contracts | 0.2 | 2.0 | ||||||
Derivatives not designated as hedging instruments: | ||||||||
Commodity contracts | 40.0 | 15.9 | ||||||
Total derivative assets | $ | 63.3 | $ | 59.8 | ||||
Derivative liabilities: | ||||||||
Derivatives designated as hedging instruments: | ||||||||
Commodity contracts | $ | — | $ | (0.6 | ) | |||
Foreign currency contracts | — | (7.2 | ) | |||||
Cross-currency contracts | — | (2.1 | ) | |||||
Interest rate contracts | (17.0 | ) | (29.2 | ) | ||||
(17.0 | ) | (39.1 | ) | |||||
Derivatives subject to utility rate regulation: | ||||||||
Commodity contracts | (9.4 | ) | (3.4 | ) | ||||
Derivatives not designated as hedging instruments: | ||||||||
Commodity contracts | (288.5 | ) | (6.7 | ) | ||||
Total derivative liabilities | $ | (314.9 | ) | $ | (49.2 | ) |
(a) | Certain immaterial amounts have been revised to correct the classification of derivatives. |
Gross Amounts Recognized | Gross Amounts Offset in Balance Sheet | Net Amounts Recognized | Cash Collateral (Received) Pledged | Net Amounts Recognized in Balance Sheet | ||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Derivative assets | $ | 63.3 | $ | (27.5 | ) | $ | 35.8 | $ | — | $ | 35.8 | |||||||||
Derivative liabilities | $ | (314.9 | ) | $ | 27.5 | $ | (287.4 | ) | $ | 90.5 | $ | (196.9 | ) | |||||||
December 31, 2013 | ||||||||||||||||||||
Derivative assets | $ | 59.8 | $ | (6.0 | ) | $ | 53.8 | $ | — | $ | 53.8 | |||||||||
Derivative liabilities | $ | (49.2 | ) | $ | 6.0 | $ | (43.2 | ) | $ | — | $ | (43.2 | ) |
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 Interests into Income | ||||||||||||||||
Three Months Ended December 31, | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Commodity contracts | $ | — | $ | 53.4 | $ | (2.4 | ) | $ | 22.3 | Cost of sales | ||||||||
Foreign currency contracts | 8.7 | (2.5 | ) | 2.7 | (2.1 | ) | Cost of sales | |||||||||||
Cross-currency contracts | 2.1 | (1.2 | ) | — | (0.3 | ) | Interest expense | |||||||||||
Interest rate contracts | 0.8 | (1.7 | ) | (3.9 | ) | (4.1 | ) | Interest expense / other operating income, net | ||||||||||
Total | $ | 11.6 | $ | 48.0 | $ | (3.6 | ) | $ | 15.8 | |||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Three Months Ended December 31, | 2014 | 2013 | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||
Commodity contracts | $ | (292.5 | ) | $ | 12.8 | Cost of sales | ||||||||||||
Commodity contracts | 3.8 | — | Revenues | |||||||||||||||
Commodity contracts | (0.5 | ) | 0.1 | Operating expenses / other operating income, net | ||||||||||||||
Total | $ | (289.2 | ) | $ | 12.9 |
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Three Months Ended December 31, 2014 | Postretirement Benefit Plans | Derivative Instruments | Foreign Currency | Total | ||||||||||||
AOCI - September 30, 2014 | $ | (20.6 | ) | $ | (9.3 | ) | $ | 8.7 | $ | (21.2 | ) | |||||
Other comprehensive income (loss) before reclassification adjustments (after-tax) | — | 7.7 | (30.5 | ) | (22.8 | ) | ||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | ||||||||||||||||
Reclassification adjustments (pre-tax) | 1.0 | 3.6 | — | 4.6 | ||||||||||||
Reclassification adjustments tax expense | (0.4 | ) | (1.5 | ) | — | (1.9 | ) | |||||||||
Reclassification adjustments (after-tax) | 0.6 | 2.1 | — | 2.7 | ||||||||||||
Other comprehensive income (loss) | 0.6 | 9.8 | (30.5 | ) | (20.1 | ) | ||||||||||
Add other comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 1.2 | — | 1.2 | ||||||||||||
Other comprehensive income (loss) attributable to UGI | 0.6 | 11.0 | (30.5 | ) | (18.9 | ) | ||||||||||
AOCI - December 31, 2014 | $ | (20.0 | ) | $ | 1.7 | $ | (21.8 | ) | $ | (40.1 | ) | |||||
Three Months Ended December 31, 2013 | Postretirement Benefit Plans | Derivative Instruments | Foreign Currency | Total | ||||||||||||
AOCI - September 30, 2013 | $ | (16.4 | ) | $ | (26.9 | ) | $ | 51.7 | $ | 8.4 | ||||||
Other comprehensive income before reclassification adjustments (after-tax) | — | 40.5 | 12.3 | 52.8 | ||||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | ||||||||||||||||
Reclassification adjustments (pre-tax) | 0.3 | (15.8 | ) | — | (15.5 | ) | ||||||||||
Reclassification adjustments tax benefit | 0.1 | 2.0 | — | 2.1 | ||||||||||||
Reclassification adjustments (after-tax) | 0.4 | (13.8 | ) | — | (13.4 | ) | ||||||||||
Other comprehensive income | 0.4 | 26.7 | 12.3 | 39.4 | ||||||||||||
Deduct other comprehensive income attributable to noncontrolling interests, principally in AmeriGas Partners | — | (15.6 | ) | — | (15.6 | ) | ||||||||||
Other comprehensive income attributable to UGI | 0.4 | 11.1 | 12.3 | 23.8 | ||||||||||||
AOCI - December 31, 2013 | $ | (16.0 | ) | $ | (15.8 | ) | $ | 64.0 | $ | 32.2 |
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Midstream & Marketing | UGI International | |||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | ||||||||||||||||||||||||||||
Three Months Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Revenues | $ | 2,004.6 | $ | (67.7 | ) | (c) | $ | 888.8 | $ | 260.5 | $ | 297.0 | $ | 16.5 | $ | 337.9 | $ | 224.6 | $ | 47.0 | ||||||||||||||||
Cost of sales | $ | 1,404.6 | $ | (67.0 | ) | (c) | $ | 462.4 | $ | 127.2 | $ | 234.4 | $ | 8.0 | $ | 209.3 | $ | 172.6 | $ | 257.7 | ||||||||||||||||
Segment profit: | ||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 83.3 | $ | — | $ | 139.7 | $ | 71.8 | $ | 46.2 | $ | (0.7 | ) | $ | 38.4 | $ | 15.1 | $ | (227.2 | ) | ||||||||||||||||
Loss from equity investees | (1.0 | ) | — | — | — | — | — | (1.0 | ) | — | — | |||||||||||||||||||||||||
Interest expense | (59.0 | ) | — | (41.0 | ) | (10.1 | ) | (0.6 | ) | — | (5.6 | ) | (1.0 | ) | (0.7 | ) | ||||||||||||||||||||
Income (loss) before income taxes | $ | 23.3 | $ | — | $ | 98.7 | $ | 61.7 | $ | 45.6 | $ | (0.7 | ) | $ | 31.8 | $ | 14.1 | $ | (227.9 | ) | ||||||||||||||||
Partnership Adjusted EBITDA (a) | $ | 188.5 | ||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income (loss) | $ | (33.9 | ) | $ | — | $ | 66.8 | $ | — | $ | — | $ | — | $ | 0.1 | $ | — | $ | (100.8 | ) | ||||||||||||||||
Depreciation and amortization | $ | 91.0 | $ | — | $ | 49.4 | $ | 14.3 | $ | 3.6 | $ | 2.7 | $ | 13.3 | $ | 6.1 | $ | 1.6 | ||||||||||||||||||
Capital expenditures | $ | 123.5 | $ | — | $ | 30.4 | $ | 53.5 | $ | 12.8 | $ | 6.6 | $ | 12.1 | $ | 6.4 | $ | 1.7 | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 10,430.0 | $ | (92.7 | ) | $ | 4,491.0 | $ | 2,346.2 | $ | 699.9 | $ | 286.4 | $ | 1,671.5 | $ | 579.0 | $ | 448.7 | |||||||||||||||||
Short-term borrowings | $ | 458.5 | $ | — | $ | 253.0 | $ | 153.5 | $ | 43.0 | $ | — | $ | — | $ | 9.0 | $ | — | ||||||||||||||||||
Goodwill | $ | 2,806.8 | $ | — | $ | 1,949.6 | $ | 182.1 | $ | 5.6 | $ | — | $ | 575.9 | $ | 87.4 | $ | 6.2 |
Midstream & Marketing | UGI International | |||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | ||||||||||||||||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Revenues | $ | 2,315.9 | $ | (65.5 | ) | (c) | $ | 1,045.8 | $ | 271.6 | $ | 272.7 | $ | 20.8 | $ | 425.3 | $ | 293.3 | $ | 51.9 | ||||||||||||||||
Cost of sales | $ | 1,429.9 | $ | (64.4 | ) | (c) | $ | 582.7 | $ | 135.5 | $ | 227.1 | $ | 10.6 | $ | 282.5 | $ | 231.7 | $ | 24.2 | ||||||||||||||||
Segment profit: | ||||||||||||||||||||||||||||||||||||
Operating income | $ | 363.7 | $ | (0.1 | ) | $ | 179.7 | $ | 82.1 | $ | 31.8 | $ | 4.4 | $ | 43.2 | $ | 13.7 | $ | 8.9 | |||||||||||||||||
Income from equity investees | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Interest expense | (59.3 | ) | — | (41.6 | ) | (8.4 | ) | (1.0 | ) | — | (6.4 | ) | (1.3 | ) | (0.6 | ) | ||||||||||||||||||||
Income before income taxes | $ | 304.4 | $ | (0.1 | ) | $ | 138.1 | $ | 73.7 | $ | 30.8 | $ | 4.4 | $ | 36.8 | $ | 12.4 | $ | 8.3 | |||||||||||||||||
Partnership Adjusted EBITDA (a) | $ | 230.2 | ||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 95.5 | $ | — | $ | 95.4 | $ | — | $ | — | $ | — | $ | 0.1 | $ | — | $ | — | ||||||||||||||||||
Depreciation and amortization | $ | 94.0 | $ | — | $ | 52.3 | $ | 13.4 | $ | 2.6 | $ | 2.6 | $ | 15.0 | $ | 6.6 | $ | 1.5 | ||||||||||||||||||
Capital expenditures | $ | 102.8 | $ | (1.2 | ) | $ | 23.3 | $ | 32.9 | $ | 21.7 | $ | 9.3 | $ | 9.8 | $ | 4.6 | $ | 2.4 | |||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 10,663.5 | $ | (101.1 | ) | $ | 4,682.3 | $ | 2,188.6 | $ | 574.8 | $ | 279.3 | $ | 1,938.9 | $ | 696.5 | $ | 404.2 | |||||||||||||||||
Short-term borrowings | $ | 421.5 | $ | — | $ | 208.8 | $ | 73.5 | $ | 124.5 | $ | — | $ | — | $ | 14.7 | $ | — | ||||||||||||||||||
Goodwill | $ | 2,884.5 | $ | — | $ | 1,938.8 | $ | 182.1 | $ | 2.8 | $ | — | $ | 654.3 | $ | 99.5 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership Adjusted EBITDA to AmeriGas Propane operating income: |
Three Months Ended December 31, | 2014 | 2013 | ||||||
Partnership Adjusted EBITDA | $ | 188.5 | $ | 230.2 | ||||
Depreciation and amortization | (49.4 | ) | (52.3 | ) | ||||
Noncontrolling interests (i) | 0.6 | 1.8 | ||||||
Operating income | $ | 139.7 | $ | 179.7 |
(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) net expenses of UGI’s captive general liability insurance company, and (4) UGI Corporation’s unallocated corporate and general expenses and interest income. In addition, Corporate & Other results also include net gains and (losses) on commodity derivative instruments not associated with current-period transactions totaling $(229.7) and $(7.2) during the three months ended December 31, 2014 and 2013, respectively. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC, and, in the three months ended December 31, 2013, an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. |
(c) | Represents the elimination of intersegment transactions principally among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
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Three Months Ended December 31, | ||||||
2014 | 2013 | |||||
Denominator (thousands of shares): | ||||||
Average common shares outstanding for basic computation | 172,945 | 172,238 | ||||
Incremental shares issuable for stock options and awards | 2,841 | 2,467 | ||||
Average common shares outstanding for diluted computation | 175,786 | 174,705 |
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December 31, 2014 | September 30, 2014 | December 31, 2013 | ||||||||||
Non-utility LPG and natural gas | $ | 260.4 | $ | 283.6 | $ | 282.9 | ||||||
Gas Utility natural gas | 72.4 | 82.7 | 69.1 | |||||||||
Materials, supplies and other | 58.2 | 56.7 | 60.4 | |||||||||
Total inventories | $ | 391.0 | $ | 423.0 | $ | 412.4 |
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December 31, 2014 | September 30, 2014 | December 31, 2013 | ||||||||||
Goodwill (not subject to amortization) | $ | 2,806.8 | $ | 2,833.4 | $ | 2,884.5 | ||||||
Intangible assets: | ||||||||||||
Customer relationships, noncompete agreements and other | $ | 709.3 | $ | 712.0 | $ | 709.6 | ||||||
Accumulated amortization | (271.9 | ) | (263.8 | ) | (243.0 | ) | ||||||
Intangible assets, net (definite-lived) | 437.4 | 448.2 | 466.6 | |||||||||
Trademarks and tradenames (indefinite-lived) | 126.3 | 128.2 | 132.2 | |||||||||
Total intangible assets, net | $ | 563.7 | $ | 576.4 | $ | 598.8 |
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December 31, 2014 | September 30, 2014 | December 31, 2013 | ||||||||||
Regulatory assets (a): | ||||||||||||
Income taxes recoverable | $ | 111.1 | $ | 110.7 | $ | 106.4 | ||||||
Underfunded pension and postretirement plans | 107.8 | 110.1 | 92.8 | |||||||||
Environmental costs | 14.7 | 14.6 | 14.9 | |||||||||
Deferred fuel and power costs | 16.7 | 11.8 | 0.4 | |||||||||
Removal costs, net | 17.6 | 16.8 | 13.7 | |||||||||
Other | 2.7 | 4.2 | 5.7 | |||||||||
Total regulatory assets | $ | 270.6 | $ | 268.2 | $ | 233.9 | ||||||
Regulatory liabilities (a): | ||||||||||||
Postretirement benefits | $ | 19.0 | $ | 18.6 | $ | 16.8 | ||||||
Environmental overcollections | 0.2 | 0.3 | 2.3 | |||||||||
Deferred fuel and power refunds | — | 0.3 | 7.5 | |||||||||
State tax benefits—distribution system repairs | 10.3 | 10.1 | 8.7 | |||||||||
Other | 3.4 | 3.2 | 1.3 | |||||||||
Total regulatory liabilities | $ | 32.9 | $ | 32.5 | $ | 36.6 |
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Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three Months Ended December 31, | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 2.4 | $ | 2.3 | $ | 0.2 | $ | 0.1 | ||||||||
Interest cost | 6.3 | 6.4 | 0.2 | 0.2 | ||||||||||||
Expected return on assets | (7.9 | ) | (7.3 | ) | (0.2 | ) | (0.1 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | 0.1 | (0.1 | ) | (0.1 | ) | ||||||||||
Actuarial loss | 2.5 | 1.9 | — | — | ||||||||||||
Net benefit cost | 3.4 | 3.4 | 0.1 | 0.1 | ||||||||||||
Change in associated regulatory liabilities | — | — | 0.9 | 0.9 | ||||||||||||
Net expense | $ | 3.4 | $ | 3.4 | $ | 1.0 | $ | 1.0 |
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Asset (Liability) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
December 31, 2014: | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | 14.1 | $ | 26.1 | $ | — | $ | 40.2 | ||||||||
Foreign currency contracts | $ | — | $ | 18.7 | $ | — | $ | 18.7 | ||||||||
Interest rate contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||
Cross-currency swaps | $ | — | $ | 4.3 | $ | — | $ | 4.3 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | (69.4 | ) | $ | (228.5 | ) | $ | — | $ | (297.9 | ) | |||||
Interest rate contracts | $ | — | $ | (17.0 | ) | $ | — | $ | (17.0 | ) | ||||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 31.4 | $ | — | $ | — | $ | 31.4 | ||||||||
September 30, 2014: | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | 10.6 | $ | 19.8 | $ | — | $ | 30.4 | ||||||||
Foreign currency contracts | $ | — | $ | 12.8 | $ | — | $ | 12.8 | ||||||||
Interest rate contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||
Cross-currency swaps | $ | — | $ | 2.1 | $ | — | $ | 2.1 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | (21.2 | ) | $ | (32.9 | ) | $ | — | $ | (54.1 | ) | |||||
Foreign currency contracts | $ | — | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | ||||||
Interest rate contracts | $ | — | $ | (21.0 | ) | $ | — | $ | (21.0 | ) | ||||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 30.0 | $ | — | $ | — | $ | 30.0 | ||||||||
December 31, 2013 (b): | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | 9.8 | $ | 49.6 | $ | — | $ | 59.4 | ||||||||
Foreign currency contracts | $ | — | $ | 0.4 | $ | — | $ | 0.4 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | (6.1 | ) | $ | (4.6 | ) | $ | — | $ | (10.7 | ) | |||||
Foreign currency contracts | $ | — | $ | (7.2 | ) | $ | — | $ | (7.2 | ) | ||||||
Interest rate contracts | $ | — | $ | (29.2 | ) | $ | — | $ | (29.2 | ) | ||||||
Cross-currency swaps | $ | — | $ | (2.1 | ) | $ | — | $ | (2.1 | ) | ||||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 30.3 | $ | — | $ | — | $ | 30.3 |
(a) | Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans. |
(b) | Certain immaterial amounts have been revised to correct the classification of derivatives. |
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December 31, 2014 | December 31, 2013 (a) | |||||||
Derivative assets: | ||||||||
Derivatives designated as hedging instruments: | ||||||||
Commodity contracts | $ | — | $ | 41.5 | ||||
Foreign currency contracts | 18.7 | 0.4 | ||||||
Cross-currency contracts | 4.3 | — | ||||||
Interest rate contracts | 0.1 | — | ||||||
23.1 | 41.9 | |||||||
Derivatives subject to utility rate regulation: | ||||||||
Commodity contracts | 0.2 | 2.0 | ||||||
Derivatives not designated as hedging instruments: | ||||||||
Commodity contracts | 40.0 | 15.9 | ||||||
Total derivative assets | $ | 63.3 | $ | 59.8 | ||||
Derivative liabilities: | ||||||||
Derivatives designated as hedging instruments: | ||||||||
Commodity contracts | $ | — | $ | (0.6 | ) | |||
Foreign currency contracts | — | (7.2 | ) | |||||
Cross-currency contracts | — | (2.1 | ) | |||||
Interest rate contracts | (17.0 | ) | (29.2 | ) | ||||
(17.0 | ) | (39.1 | ) | |||||
Derivatives subject to utility rate regulation: | ||||||||
Commodity contracts | (9.4 | ) | (3.4 | ) | ||||
Derivatives not designated as hedging instruments: | ||||||||
Commodity contracts | (288.5 | ) | (6.7 | ) | ||||
Total derivative liabilities | $ | (314.9 | ) | $ | (49.2 | ) |
(a) | Certain immaterial amounts have been revised to correct the classification of derivatives. |
Gross Amounts Recognized | Gross Amounts Offset in Balance Sheet | Net Amounts Recognized | Cash Collateral (Received) Pledged | Net Amounts Recognized in Balance Sheet | ||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Derivative assets | $ | 63.3 | $ | (27.5 | ) | $ | 35.8 | $ | — | $ | 35.8 | |||||||||
Derivative liabilities | $ | (314.9 | ) | $ | 27.5 | $ | (287.4 | ) | $ | 90.5 | $ | (196.9 | ) | |||||||
December 31, 2013 | ||||||||||||||||||||
Derivative assets | $ | 59.8 | $ | (6.0 | ) | $ | 53.8 | $ | — | $ | 53.8 | |||||||||
Derivative liabilities | $ | (49.2 | ) | $ | 6.0 | $ | (43.2 | ) | $ | — | $ | (43.2 | ) |
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 Interests into Income | ||||||||||||||||
Three Months Ended December 31, | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Commodity contracts | $ | — | $ | 53.4 | $ | (2.4 | ) | $ | 22.3 | Cost of sales | ||||||||
Foreign currency contracts | 8.7 | (2.5 | ) | 2.7 | (2.1 | ) | Cost of sales | |||||||||||
Cross-currency contracts | 2.1 | (1.2 | ) | — | (0.3 | ) | Interest expense | |||||||||||
Interest rate contracts | 0.8 | (1.7 | ) | (3.9 | ) | (4.1 | ) | Interest expense / other operating income, net | ||||||||||
Total | $ | 11.6 | $ | 48.0 | $ | (3.6 | ) | $ | 15.8 | |||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Three Months Ended December 31, | 2014 | 2013 | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||
Commodity contracts | $ | (292.5 | ) | $ | 12.8 | Cost of sales | ||||||||||||
Commodity contracts | 3.8 | — | Revenues | |||||||||||||||
Commodity contracts | (0.5 | ) | 0.1 | Operating expenses / other operating income, net | ||||||||||||||
Total | $ | (289.2 | ) | $ | 12.9 |
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Three Months Ended December 31, 2014 | Postretirement Benefit Plans | Derivative Instruments | Foreign Currency | Total | ||||||||||||
AOCI - September 30, 2014 | $ | (20.6 | ) | $ | (9.3 | ) | $ | 8.7 | $ | (21.2 | ) | |||||
Other comprehensive income (loss) before reclassification adjustments (after-tax) | — | 7.7 | (30.5 | ) | (22.8 | ) | ||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | ||||||||||||||||
Reclassification adjustments (pre-tax) | 1.0 | 3.6 | — | 4.6 | ||||||||||||
Reclassification adjustments tax expense | (0.4 | ) | (1.5 | ) | — | (1.9 | ) | |||||||||
Reclassification adjustments (after-tax) | 0.6 | 2.1 | — | 2.7 | ||||||||||||
Other comprehensive income (loss) | 0.6 | 9.8 | (30.5 | ) | (20.1 | ) | ||||||||||
Add other comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 1.2 | — | 1.2 | ||||||||||||
Other comprehensive income (loss) attributable to UGI | 0.6 | 11.0 | (30.5 | ) | (18.9 | ) | ||||||||||
AOCI - December 31, 2014 | $ | (20.0 | ) | $ | 1.7 | $ | (21.8 | ) | $ | (40.1 | ) | |||||
Three Months Ended December 31, 2013 | Postretirement Benefit Plans | Derivative Instruments | Foreign Currency | Total | ||||||||||||
AOCI - September 30, 2013 | $ | (16.4 | ) | $ | (26.9 | ) | $ | 51.7 | $ | 8.4 | ||||||
Other comprehensive income before reclassification adjustments (after-tax) | — | 40.5 | 12.3 | 52.8 | ||||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | ||||||||||||||||
Reclassification adjustments (pre-tax) | 0.3 | (15.8 | ) | — | (15.5 | ) | ||||||||||
Reclassification adjustments tax benefit | 0.1 | 2.0 | — | 2.1 | ||||||||||||
Reclassification adjustments (after-tax) | 0.4 | (13.8 | ) | — | (13.4 | ) | ||||||||||
Other comprehensive income | 0.4 | 26.7 | 12.3 | 39.4 | ||||||||||||
Deduct other comprehensive income attributable to noncontrolling interests, principally in AmeriGas Partners | — | (15.6 | ) | — | (15.6 | ) | ||||||||||
Other comprehensive income attributable to UGI | 0.4 | 11.1 | 12.3 | 23.8 | ||||||||||||
AOCI - December 31, 2013 | $ | (16.0 | ) | $ | (15.8 | ) | $ | 64.0 | $ | 32.2 |
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Midstream & Marketing | UGI International | |||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | ||||||||||||||||||||||||||||
Three Months Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Revenues | $ | 2,004.6 | $ | (67.7 | ) | (c) | $ | 888.8 | $ | 260.5 | $ | 297.0 | $ | 16.5 | $ | 337.9 | $ | 224.6 | $ | 47.0 | ||||||||||||||||
Cost of sales | $ | 1,404.6 | $ | (67.0 | ) | (c) | $ | 462.4 | $ | 127.2 | $ | 234.4 | $ | 8.0 | $ | 209.3 | $ | 172.6 | $ | 257.7 | ||||||||||||||||
Segment profit: | ||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 83.3 | $ | — | $ | 139.7 | $ | 71.8 | $ | 46.2 | $ | (0.7 | ) | $ | 38.4 | $ | 15.1 | $ | (227.2 | ) | ||||||||||||||||
Loss from equity investees | (1.0 | ) | — | — | — | — | — | (1.0 | ) | — | — | |||||||||||||||||||||||||
Interest expense | (59.0 | ) | — | (41.0 | ) | (10.1 | ) | (0.6 | ) | — | (5.6 | ) | (1.0 | ) | (0.7 | ) | ||||||||||||||||||||
Income (loss) before income taxes | $ | 23.3 | $ | — | $ | 98.7 | $ | 61.7 | $ | 45.6 | $ | (0.7 | ) | $ | 31.8 | $ | 14.1 | $ | (227.9 | ) | ||||||||||||||||
Partnership Adjusted EBITDA (a) | $ | 188.5 | ||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income (loss) | $ | (33.9 | ) | $ | — | $ | 66.8 | $ | — | $ | — | $ | — | $ | 0.1 | $ | — | $ | (100.8 | ) | ||||||||||||||||
Depreciation and amortization | $ | 91.0 | $ | — | $ | 49.4 | $ | 14.3 | $ | 3.6 | $ | 2.7 | $ | 13.3 | $ | 6.1 | $ | 1.6 | ||||||||||||||||||
Capital expenditures | $ | 123.5 | $ | — | $ | 30.4 | $ | 53.5 | $ | 12.8 | $ | 6.6 | $ | 12.1 | $ | 6.4 | $ | 1.7 | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 10,430.0 | $ | (92.7 | ) | $ | 4,491.0 | $ | 2,346.2 | $ | 699.9 | $ | 286.4 | $ | 1,671.5 | $ | 579.0 | $ | 448.7 | |||||||||||||||||
Short-term borrowings | $ | 458.5 | $ | — | $ | 253.0 | $ | 153.5 | $ | 43.0 | $ | — | $ | — | $ | 9.0 | $ | — | ||||||||||||||||||
Goodwill | $ | 2,806.8 | $ | — | $ | 1,949.6 | $ | 182.1 | $ | 5.6 | $ | — | $ | 575.9 | $ | 87.4 | $ | 6.2 |
Midstream & Marketing | UGI International | |||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | ||||||||||||||||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Revenues | $ | 2,315.9 | $ | (65.5 | ) | (c) | $ | 1,045.8 | $ | 271.6 | $ | 272.7 | $ | 20.8 | $ | 425.3 | $ | 293.3 | $ | 51.9 | ||||||||||||||||
Cost of sales | $ | 1,429.9 | $ | (64.4 | ) | (c) | $ | 582.7 | $ | 135.5 | $ | 227.1 | $ | 10.6 | $ | 282.5 | $ | 231.7 | $ | 24.2 | ||||||||||||||||
Segment profit: | ||||||||||||||||||||||||||||||||||||
Operating income | $ | 363.7 | $ | (0.1 | ) | $ | 179.7 | $ | 82.1 | $ | 31.8 | $ | 4.4 | $ | 43.2 | $ | 13.7 | $ | 8.9 | |||||||||||||||||
Income from equity investees | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Interest expense | (59.3 | ) | — | (41.6 | ) | (8.4 | ) | (1.0 | ) | — | (6.4 | ) | (1.3 | ) | (0.6 | ) | ||||||||||||||||||||
Income before income taxes | $ | 304.4 | $ | (0.1 | ) | $ | 138.1 | $ | 73.7 | $ | 30.8 | $ | 4.4 | $ | 36.8 | $ | 12.4 | $ | 8.3 | |||||||||||||||||
Partnership Adjusted EBITDA (a) | $ | 230.2 | ||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 95.5 | $ | — | $ | 95.4 | $ | — | $ | — | $ | — | $ | 0.1 | $ | — | $ | — | ||||||||||||||||||
Depreciation and amortization | $ | 94.0 | $ | — | $ | 52.3 | $ | 13.4 | $ | 2.6 | $ | 2.6 | $ | 15.0 | $ | 6.6 | $ | 1.5 | ||||||||||||||||||
Capital expenditures | $ | 102.8 | $ | (1.2 | ) | $ | 23.3 | $ | 32.9 | $ | 21.7 | $ | 9.3 | $ | 9.8 | $ | 4.6 | $ | 2.4 | |||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 10,663.5 | $ | (101.1 | ) | $ | 4,682.3 | $ | 2,188.6 | $ | 574.8 | $ | 279.3 | $ | 1,938.9 | $ | 696.5 | $ | 404.2 | |||||||||||||||||
Short-term borrowings | $ | 421.5 | $ | — | $ | 208.8 | $ | 73.5 | $ | 124.5 | $ | — | $ | — | $ | 14.7 | $ | — | ||||||||||||||||||
Goodwill | $ | 2,884.5 | $ | — | $ | 1,938.8 | $ | 182.1 | $ | 2.8 | $ | — | $ | 654.3 | $ | 99.5 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership Adjusted EBITDA to AmeriGas Propane operating income: |
Three Months Ended December 31, | 2014 | 2013 | ||||||
Partnership Adjusted EBITDA | $ | 188.5 | $ | 230.2 | ||||
Depreciation and amortization | (49.4 | ) | (52.3 | ) | ||||
Noncontrolling interests (i) | 0.6 | 1.8 | ||||||
Operating income | $ | 139.7 | $ | 179.7 |
(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) net expenses of UGI’s captive general liability insurance company, and (4) UGI Corporation’s unallocated corporate and general expenses and interest income. In addition, Corporate & Other results also include net gains and (losses) on commodity derivative instruments not associated with current-period transactions totaling $(229.7) and $(7.2) during the three months ended December 31, 2014 and 2013, respectively. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC, and, in the three months ended December 31, 2013, an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. |
(c) | Represents the elimination of intersegment transactions principally among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
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