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• | Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date. |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. |
• | Level 3 — Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. |
(Thousands of shares) | 2014 | 2013 | 2012 | ||||||
Average common shares outstanding for basic computation | 172,733 | 170,885 | 168,872 | ||||||
Incremental shares issuable for stock options and common stock awards (a) | 2,498 | 2,397 | 1,276 | ||||||
Average common shares outstanding for diluted computation | 175,231 | 173,282 | 170,148 |
(a) | For Fiscal 2014, Fiscal 2013 and Fiscal 2012, there were approximately 0 shares, 132 shares and 122 shares, respectively, associated with outstanding stock option awards that were not included in the computation of diluted earnings per share above because their effect was antidilutive. |
Postretirement Benefit Plans | Derivative Instruments | Foreign Currency | Total | ||||||||||||
AOCI - September 30, 2013 | $ | (16.4 | ) | $ | (26.9 | ) | $ | 51.7 | $ | 8.4 | |||||
Other comprehensive (loss) income before reclassification adjustments (after-tax) | (5.2 | ) | 54.0 | (43.0 | ) | 5.8 | |||||||||
Amounts reclassified from AOCI and noncontrolling interests: | |||||||||||||||
Reclassification adjustments (pre-tax) | 1.6 | (47.2 | ) | — | (45.6 | ) | |||||||||
Reclassification adjustments tax (expense) benefit | (0.6 | ) | 2.0 | — | 1.4 | ||||||||||
Reclassification adjustments (after-tax) | 1.0 | (45.2 | ) | — | (44.2 | ) | |||||||||
Other comprehensive (loss) income | (4.2 | ) | 8.8 | (43.0 | ) | (38.4 | ) | ||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 8.8 | — | 8.8 | |||||||||||
Other comprehensive (loss) income attributable to UGI | (4.2 | ) | 17.6 | (43.0 | ) | (29.6 | ) | ||||||||
AOCI - September 30, 2014 | $ | (20.6 | ) | $ | (9.3 | ) | $ | 8.7 | $ | (21.2 | ) |
|
|
Assets acquired: | ||||
Current assets | $ | 301.4 | ||
Property, plant & equipment | 890.2 | |||
Customer relationships (estimated useful life of 15 years) | 418.9 | |||
Trademarks and tradenames (a) | 91.1 | |||
Goodwill (a) (b) | 1,217.7 | |||
Other assets | 9.9 | |||
Total assets acquired | $ | 2,929.2 | ||
Liabilities assumed: | ||||
Current liabilities | $ | (238.1 | ) | |
Long-term debt | (62.9 | ) | ||
Other noncurrent liabilities | (23.4 | ) | ||
Total liabilities assumed | $ | (324.4 | ) | |
Total | $ | 2,604.8 |
(a) | During Fiscal 2013, the Partnership made correcting adjustments to trademarks and tradenames and goodwill which are not reflected in the table above (see Note 12). |
(b) | Goodwill associated with the Heritage Acquisition principally results from synergies expected from combining the operations and from assembled workforce. The tax effects of such goodwill will be realized over a 15-year period. |
2012 | ||||
Revenues | $ | 7,013.0 | ||
Net income attributable to UGI Corporation | $ | 208.4 | ||
Earnings per common share attributable to UGI Corporation stockholders: | ||||
Basic | $ | 1.23 | ||
Diluted | $ | 1.22 |
|
2014 | 2013 | ||||||
Credit Agreements: | |||||||
AmeriGas Propane | $ | 109.0 | $ | 116.9 | |||
UGI International | 8.0 | 6.5 | |||||
UGI Utilities | 86.3 | 17.5 | |||||
Energy Services | — | 57.0 | |||||
Energy Services Accounts Receivable Securitization Facility | 7.5 | 30.0 | |||||
Total short-term borrowings | $ | 210.8 | $ | 227.9 |
|
2014 | 2013 | ||||||
AmeriGas Propane: | |||||||
AmeriGas Partners Senior Notes: | |||||||
7.00%, due May 2022 | $ | 980.8 | $ | 980.8 | |||
6.75%, due May 2020 | 550.0 | 550.0 | |||||
6.50%, due May 2021 | 270.0 | 270.0 | |||||
6.25%, due August 2019 | 450.0 | 450.0 | |||||
HOLP Senior Secured Notes | 26.5 | 32.0 | |||||
Other | 14.4 | 17.3 | |||||
Total AmeriGas Propane | 2,291.7 | 2,300.1 | |||||
UGI International: | |||||||
Antargaz Senior Facilities term loan, due through March 2016 | 432.0 | 514.0 | |||||
Flaga term loan, due September 2016 | 52.0 | 52.0 | |||||
Flaga term loan, due through September 2016 | 50.5 | 54.1 | |||||
Flaga term loan, due October 2016 | 24.1 | 25.8 | |||||
Flaga term loan, due through June 2014 | — | 1.9 | |||||
Other | 6.4 | 6.6 | |||||
Total UGI International | 565.0 | 654.4 | |||||
UGI Utilities: | |||||||
Term Loan Credit Agreement | — | 175.0 | |||||
Senior Notes: | |||||||
5.75%, due September 2016 | 175.0 | 175.0 | |||||
4.98%, due March 2044 | 175.0 | — | |||||
6.21%, due September 2036 | 100.0 | 100.0 | |||||
Medium-Term Notes: | |||||||
5.16%, due May 2015 | 20.0 | 20.0 | |||||
7.37%, due October 2015 | 22.0 | 22.0 | |||||
5.64%, due December 2015 | 50.0 | 50.0 | |||||
6.17%, due June 2017 | 20.0 | 20.0 | |||||
7.25%, due November 2017 | 20.0 | 20.0 | |||||
5.67%, due January 2018 | 20.0 | 20.0 | |||||
6.50%, due August 2033 | 20.0 | 20.0 | |||||
6.13%, due October 2034 | 20.0 | 20.0 | |||||
Total UGI Utilities | 642.0 | 642.0 | |||||
Other | 12.1 | 12.9 | |||||
Total long-term debt | 3,510.8 | 3,609.4 | |||||
Less: current maturities | (77.2 | ) | (67.2 | ) | |||
Total long-term debt due after one year | $ | 3,433.6 | $ | 3,542.2 |
2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||
AmeriGas Propane | $ | 11.0 | $ | 7.6 | $ | 5.6 | $ | 4.9 | $ | 454.5 | |||||||||
UGI Utilities | 20.0 | 247.0 | 20.0 | 40.0 | — | ||||||||||||||
UGI International | 45.0 | 492.9 | 25.4 | 0.9 | 0.7 | ||||||||||||||
Other | 0.7 | 0.7 | 0.7 | 0.8 | 0.8 | ||||||||||||||
Total | $ | 76.7 | $ | 748.2 | $ | 51.7 | $ | 46.6 | $ | 456.0 |
|
2014 | 2013 | 2012 | |||||||||
Domestic | $ | 699.2 | $ | 494.1 | $ | 245.6 | |||||
Foreign | 68.6 | 96.3 | 59.0 | ||||||||
Total income before income taxes | $ | 767.8 | $ | 590.4 | $ | 304.6 |
2014 | 2013 | 2012 | |||||||||
Current expense (benefit): | |||||||||||
Federal | $ | 102.4 | $ | 53.3 | $ | (10.4 | ) | ||||
State | 30.7 | 25.1 | 11.2 | ||||||||
Foreign | 37.0 | 37.3 | 18.8 | ||||||||
Investment tax credit | (1.6 | ) | (1.6 | ) | (2.9 | ) | |||||
Total current expense | 168.5 | 114.1 | 16.7 | ||||||||
Deferred expense (benefit): | |||||||||||
Federal | 61.9 | 54.6 | 81.7 | ||||||||
State | 7.8 | (0.7 | ) | 7.0 | |||||||
Foreign | (2.7 | ) | (4.9 | ) | 1.8 | ||||||
Investment tax credit amortization | (0.3 | ) | (0.3 | ) | (0.3 | ) | |||||
Total deferred expense | 66.7 | 48.7 | 90.2 | ||||||||
Total income tax expense | $ | 235.2 | $ | 162.8 | $ | 106.9 |
2014 | 2013 | 2012 | ||||||
U.S. federal statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Difference in tax rate due to: | ||||||||
Noncontrolling interests not subject to tax | (9.0 | ) | (8.7 | ) | 1.2 | |||
State income taxes, net of federal benefit | 3.4 | 3.4 | 4.0 | |||||
Valuation allowance adjustments | — | (0.5 | ) | (1.5 | ) | |||
Effects of foreign operations | 1.0 | (1.8 | ) | (3.3 | ) | |||
Other, net | 0.2 | 0.2 | (0.3 | ) | ||||
Effective tax rate | 30.6 | % | 27.6 | % | 35.1 | % |
2014 | 2013 | ||||||
Excess book basis over tax basis of property, plant and equipment | $ | 675.7 | $ | 626.9 | |||
Investment in AmeriGas Partners | 325.1 | 313.0 | |||||
Intangible assets and goodwill | 53.0 | 65.1 | |||||
Utility regulatory assets | 110.0 | 101.6 | |||||
Foreign currency translation adjustment | — | 9.5 | |||||
Other | 3.5 | 2.7 | |||||
Gross deferred tax liabilities | 1,167.3 | 1,118.8 | |||||
Pension plan liabilities | (40.6 | ) | (36.2 | ) | |||
Employee-related benefits | (48.8 | ) | (47.9 | ) | |||
Operating loss carryforwards | (27.9 | ) | (32.1 | ) | |||
Foreign tax credit carryforwards | (47.8 | ) | (81.8 | ) | |||
Utility regulatory liabilities | (14.8 | ) | (15.5 | ) | |||
Foreign currency translation adjustment | (14.1 | ) | — | ||||
Derivative instruments | (11.0 | ) | (15.0 | ) | |||
Other | (13.0 | ) | (20.5 | ) | |||
Gross deferred tax assets | (218.0 | ) | (249.0 | ) | |||
Deferred tax assets valuation allowance | 59.2 | 97.6 | |||||
Net deferred tax liabilities | $ | 1,008.5 | $ | 967.4 |
2014 | 2013 | 2012 | |||||||||
Unrecognized tax benefits - beginning of year | $ | 3.4 | $ | 2.9 | $ | 6.3 | |||||
Additions for tax positions of the current year | 0.7 | 0.7 | 0.5 | ||||||||
Additions for tax positions taken in prior years | — | — | 0.6 | ||||||||
Settlements with tax authorities | (1.7 | ) | (0.2 | ) | (4.5 | ) | |||||
Unrecognized tax benefits - end of year | $ | 2.4 | $ | 3.4 | $ | 2.9 |
|
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Change in benefit obligations: | |||||||||||||||
Benefit obligations — beginning of year | $ | 516.5 | $ | 573.4 | $ | 19.7 | $ | 24.7 | |||||||
Service cost | 9.4 | 11.3 | 0.5 | 0.6 | |||||||||||
Interest cost | 26.1 | 23.8 | 0.9 | 0.9 | |||||||||||
Actuarial (gain) loss | 46.8 | (72.7 | ) | 1.3 | (3.6 | ) | |||||||||
Plan amendments | — | 1.0 | — | (1.8 | ) | ||||||||||
Foreign currency | (2.4 | ) | 1.5 | (0.3 | ) | 0.2 | |||||||||
Benefits paid | (22.8 | ) | (21.8 | ) | (0.8 | ) | (1.3 | ) | |||||||
Benefit obligations — end of year | $ | 573.6 | $ | 516.5 | $ | 21.3 | $ | 19.7 | |||||||
Change in plan assets: | |||||||||||||||
Fair value of plan assets — beginning of year | $ | 415.3 | $ | 369.9 | $ | 11.7 | $ | 11.2 | |||||||
Actual gain on plan assets | 47.9 | 42.2 | 1.4 | 1.1 | |||||||||||
Foreign currency | (1.2 | ) | 0.8 | — | — | ||||||||||
Employer contributions | 20.2 | 24.2 | 0.5 | 0.7 | |||||||||||
Benefits paid | (22.8 | ) | (21.8 | ) | (0.8 | ) | (1.3 | ) | |||||||
Fair value of plan assets — end of year | $ | 459.4 | $ | 415.3 | $ | 12.8 | $ | 11.7 | |||||||
Funded status of the plans — end of year | $ | (114.2 | ) | $ | (101.2 | ) | $ | (8.5 | ) | $ | (8.0 | ) | |||
Assets (liabilities) recorded in the balance sheet: | |||||||||||||||
Assets in excess of liabilities — included in other noncurrent assets | $ | — | $ | — | $ | 4.0 | $ | 3.2 | |||||||
Unfunded liabilities — included in other current liabilities | (1.1 | ) | (17.9 | ) | (0.1 | ) | (0.4 | ) | |||||||
Unfunded liabilities — included in other noncurrent liabilities | (113.1 | ) | (83.3 | ) | (12.4 | ) | (10.8 | ) | |||||||
Net amount recognized | $ | (114.2 | ) | $ | (101.2 | ) | $ | (8.5 | ) | $ | (8.0 | ) | |||
Amounts recorded in UGI Corporation stockholders’ equity (pre-tax): | |||||||||||||||
Prior service credit | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.1 | ) | |||
Net actuarial loss (gain) | 20.8 | 16.7 | 0.8 | (0.4 | ) | ||||||||||
Total | $ | 20.7 | $ | 16.6 | $ | 0.7 | $ | (0.5 | ) | ||||||
Amounts recorded in regulatory assets and liabilities (pre-tax): | |||||||||||||||
Prior service cost (credit) | $ | 1.9 | $ | 2.2 | $ | (3.6 | ) | $ | (4.3 | ) | |||||
Net actuarial loss | 107.4 | 91.3 | 2.6 | 3.6 | |||||||||||
Total | $ | 109.3 | $ | 93.5 | $ | (1.0 | ) | $ | (0.7 | ) |
Pension Plan | Other Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Weighted-average assumptions: | |||||||||||||||||||
Discount rate - benefit obligations | 4.60 | % | 5.20 | % | 4.20 | % | 4.60 | % | 5.10% - 5.40% | 4.10% - 4.30% | |||||||||
Discount rate - benefit cost | 5.20 | % | 4.20 | % | 5.30 | % | 5.10% - 5.40% | 4.10% - 4.30% | 5.30 | % | |||||||||
Expected return on plan assets | 7.75 | % | 7.75 | % | 7.75 | % | 5.00 | % | 5.00 | % | 5.20 | % | |||||||
Rate of increase in salary levels | 3.25 | % | 3.25 | % | 3.25 | % | 3.25 | % | 3.25 | % | 3.25 | % |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 9.4 | $ | 11.3 | $ | 9.3 | $ | 0.5 | $ | 0.6 | $ | 0.4 | |||||||||||
Interest cost | 26.1 | 23.8 | 25.1 | 0.9 | 0.9 | 1.1 | |||||||||||||||||
Expected return on assets | (29.7 | ) | (27.8 | ) | (26.2 | ) | (0.6 | ) | (0.5 | ) | (0.5 | ) | |||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service cost (benefit) | 0.3 | 0.3 | 0.2 | (0.5 | ) | (0.3 | ) | (0.3 | ) | ||||||||||||||
Actuarial loss | 7.7 | 15.1 | 8.4 | — | 0.4 | 0.3 | |||||||||||||||||
Net benefit cost | 13.8 | 22.7 | 16.8 | 0.3 | 1.1 | 1.0 | |||||||||||||||||
Change in associated regulatory liabilities | — | — | — | 3.7 | 3.3 | 3.2 | |||||||||||||||||
Net benefit cost after change in regulatory liabilities | $ | 13.8 | $ | 22.7 | $ | 16.8 | $ | 4.0 | $ | 4.4 | $ | 4.2 |
Pension Benefits | Other Postretirement Benefits | ||||||
Fiscal 2015 | $ | 25.6 | $ | 1.1 | |||
Fiscal 2016 | $ | 25.8 | $ | 1.1 | |||
Fiscal 2017 | $ | 27.2 | $ | 1.0 | |||
Fiscal 2018 | $ | 30.3 | $ | 1.0 | |||
Fiscal 2019 | $ | 32.6 | $ | 1.0 | |||
Fiscal 2020 - 2024 | $ | 175.1 | $ | 4.9 |
2014 | 2013 | ||||
Health care cost trend rate assumed for next year | 7.0 | % | 7.5 | % | |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.0 | % | 5.0 | % | |
Fiscal year that the rate reaches the ultimate trend rate | 2019 | 2019 |
Actual | Target Asset Allocation | Permitted Range | ||||||||
2014 | 2013 | |||||||||
Equity investments: | ||||||||||
Domestic | 55.6 | % | 57.5 | % | 52.5 | % | 40.0% - 65.0% | |||
International | 11.3 | % | 11.1 | % | 12.5 | % | 7.5% - 17.5% | |||
Total | 66.9 | % | 68.6 | % | 65.0 | % | 60.0% - 70.0% | |||
Fixed income funds & cash equivalents | 33.1 | % | 31.4 | % | 35.0 | % | 30.0% - 40.0% | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
Actual | Target Asset Allocation | Permitted Range | ||||||||
2014 | 2013 | |||||||||
Domestic equity investments | 67.9 | % | 65.6 | % | 65.0 | % | 60.0% - 70.0% | |||
Fixed income funds & cash equivalents | 32.1 | % | 34.4 | % | 35.0 | % | 30.0% - 40.0% | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
U.S. Pension Plan | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
September 30, 2014: | |||||||||||||||
Domestic equity investments: | |||||||||||||||
S&P 500 Index equity mutual funds | $ | 152.6 | $ | — | $ | — | $ | 152.6 | |||||||
Small and midcap equity mutual funds | 41.4 | — | — | 41.4 | |||||||||||
Smallcap common stocks | 9.3 | — | — | 9.3 | |||||||||||
UGI Corporation Common Stock | 42.5 | — | — | 42.5 | |||||||||||
Total domestic equity investments | 245.8 | — | — | 245.8 | |||||||||||
International index equity mutual funds | 49.9 | — | — | 49.9 | |||||||||||
Fixed income investments: | |||||||||||||||
Bond index mutual funds | 141.0 | — | — | 141.0 | |||||||||||
Cash equivalents | — | 5.7 | — | 5.7 | |||||||||||
Total fixed income investments | 141.0 | 5.7 | — | 146.7 | |||||||||||
Total | $ | 436.7 | $ | 5.7 | $ | — | $ | 442.4 | |||||||
September 30, 2013: | |||||||||||||||
Domestic equity investments: | |||||||||||||||
S&P 500 Index equity mutual funds | $ | 141.8 | $ | — | $ | — | $ | 141.8 | |||||||
Small and midcap equity mutual funds | 54.5 | — | — | 54.5 | |||||||||||
UGI Corporation Common Stock | 32.6 | — | — | 32.6 | |||||||||||
Total domestic equity investments | 228.9 | — | — | 228.9 | |||||||||||
International index equity mutual funds | 44.4 | — | — | 44.4 | |||||||||||
Fixed income investments: | |||||||||||||||
Bond index mutual funds | 120.9 | — | — | 120.9 | |||||||||||
Cash equivalents | — | 4.0 | — | 4.0 | |||||||||||
Total fixed income investments | 120.9 | 4.0 | — | 124.9 | |||||||||||
Total | $ | 394.2 | $ | 4.0 | $ | — | $ | 398.2 |
VEBA | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
September 30, 2014: | |||||||||||||||
S&P 500 Index equity mutual fund | $ | 8.7 | $ | — | $ | — | $ | 8.7 | |||||||
Bond index mutual fund | 3.7 | — | — | 3.7 | |||||||||||
Cash equivalents | — | 0.4 | — | 0.4 | |||||||||||
Total | $ | 12.4 | $ | 0.4 | $ | — | $ | 12.8 | |||||||
September 30, 2013: | |||||||||||||||
S&P 500 Index equity mutual fund | $ | 7.7 | $ | — | $ | — | $ | 7.7 | |||||||
Bond index mutual fund | 3.8 | — | — | 3.8 | |||||||||||
Cash equivalents | — | 0.2 | — | 0.2 | |||||||||||
Total | $ | 11.5 | $ | 0.2 | $ | — | $ | 11.7 |
|
2014 | 2013 | ||||||
Regulatory assets: | |||||||
Income taxes recoverable | $ | 110.7 | $ | 106.1 | |||
Underfunded pension and postretirement plans | 110.1 | 94.5 | |||||
Environmental costs | 14.6 | 17.1 | |||||
Deferred fuel and power costs | 11.8 | 8.3 | |||||
Removal costs, net | 16.8 | 13.3 | |||||
Other | 4.2 | 5.6 | |||||
Total regulatory assets | $ | 268.2 | $ | 244.9 | |||
Regulatory liabilities (a): | |||||||
Postretirement benefits | $ | 18.6 | $ | 16.5 | |||
Environmental overcollections | 0.3 | 2.6 | |||||
Deferred fuel and power refunds | 0.3 | 8.3 | |||||
State tax benefits — distribution system repairs | 10.1 | 8.4 | |||||
Other | 3.2 | 1.5 | |||||
Total regulatory liabilities | $ | 32.5 | $ | 37.3 |
|
2014 | 2013 | ||||||
Non-utility LPG and natural gas | $ | 283.6 | $ | 230.0 | |||
Gas Utility natural gas | 82.7 | 78.9 | |||||
Materials, supplies and other | 56.7 | 56.6 | |||||
Total inventories | $ | 423.0 | $ | 365.5 |
|
2014 | 2013 | ||||||
Utilities: | |||||||
Distribution | $ | 2,294.6 | $ | 2,162.6 | |||
Transmission | 88.2 | 86.6 | |||||
General and other, including work in process | 185.7 | 178.6 | |||||
Total Utilities | 2,568.5 | 2,427.8 | |||||
Non-utility: | |||||||
Land | 170.2 | 178.4 | |||||
Buildings and improvements | 317.4 | 308.1 | |||||
Transportation equipment | 288.4 | 273.8 | |||||
Equipment, primarily cylinders and tanks | 3,042.7 | 3,161.9 | |||||
Electric generation | 273.4 | 264.8 | |||||
Pipeline and related assets | 162.3 | 22.5 | |||||
Other, including work in process | 353.8 | 403.2 | |||||
Total non-utility | 4,608.2 | 4,612.7 | |||||
Total property, plant and equipment | $ | 7,176.7 | $ | 7,040.5 |
|
UGI International | |||||||||||||||||||||||||||
AmeriGas Propane | Gas Utility | Energy Services | Antargaz | Flaga & Other | Corporate & Other | Total | |||||||||||||||||||||
Balance September 30, 2012 | $ | 1,919.2 | $ | 182.1 | $ | 2.8 | $ | 612.0 | $ | 95.2 | $ | 7.0 | $ | 2,818.3 | |||||||||||||
Acquisitions | 12.5 | — | — | — | — | — | 12.5 | ||||||||||||||||||||
Correcting adjustment | 9.3 | — | — | — | — | — | 9.3 | ||||||||||||||||||||
Foreign currency translation | — | — | — | 31.7 | 1.9 | — | 33.6 | ||||||||||||||||||||
Balance September 30, 2013 | 1,941.0 | 182.1 | 2.8 | 643.7 | 97.1 | 7.0 | 2,873.7 | ||||||||||||||||||||
Acquisitions | 6.8 | — | 2.8 | — | — | — | 9.6 | ||||||||||||||||||||
Purchase accounting adjustments | (2.7 | ) | — | — | — | 0.9 | — | (1.8 | ) | ||||||||||||||||||
Foreign currency translation | — | — | — | (42.5 | ) | (5.6 | ) | — | (48.1 | ) | |||||||||||||||||
Balance September 30, 2014 | $ | 1,945.1 | $ | 182.1 | $ | 5.6 | $ | 601.2 | $ | 92.4 | $ | 7.0 | $ | 2,833.4 |
2014 | 2013 | ||||||
Customer relationships, noncompete agreements and other | $ | 712.0 | $ | 704.8 | |||
Trademarks and tradenames (not subject to amortization) | 128.2 | 130.2 | |||||
Gross carrying amount | 840.2 | 835.0 | |||||
Accumulated amortization | (263.8 | ) | (227.1 | ) | |||
Intangible assets, net | $ | 576.4 | $ | 607.9 |
|
|
Issued | Treasury | Outstanding | ||||||
Balance, September 30, 2011 | 173,260,641 | (5,506,608 | ) | 167,754,033 | ||||
Issued: | ||||||||
Employee and director plans | 176,250 | 1,237,388 | 1,413,638 | |||||
Dividend reinvestment plan | — | 157,491 | 157,491 | |||||
Shares reacquired - employee and director plans | — | (394,530 | ) | (394,530 | ) | |||
Balance, September 30, 2012 | 173,436,891 | (4,506,259 | ) | 168,930,632 | ||||
Issued: | ||||||||
Employee and director plans | 238,800 | 3,933,507 | 4,172,307 | |||||
Dividend reinvestment plan | — | 93,253 | 93,253 | |||||
Shares reacquired - employee and director plans | — | (1,552,905 | ) | (1,552,905 | ) | |||
Balance, September 30, 2013 | 173,675,691 | (2,032,404 | ) | 171,643,287 | ||||
Issued: | ||||||||
Employee and director plans | 94,950 | 2,928,140 | 3,023,090 | |||||
Repurchases of Common Stock | — | (1,227,654 | ) | (1,227,654 | ) | |||
Shares reacquired - employee and director plans | — | (1,164,942 | ) | (1,164,942 | ) | |||
Balance, September 30, 2014 | 173,770,641 | (1,496,860 | ) | 172,273,781 |
Shares | Weighted Average Option Price | Total Intrinsic Value | Weighted Average Contract Term (Years) | |||||||||
Shares under option — September 30, 2011 | 11,509,769 | $ | 17.03 | $ | 15.1 | 6.2 | ||||||
Granted | 2,262,075 | $ | 19.51 | |||||||||
Cancelled | (482,400 | ) | $ | 18.49 | ||||||||
Exercised | (1,202,786 | ) | $ | 13.95 | $ | 7.2 | ||||||
Shares under option — September 30, 2012 | 12,086,658 | $ | 17.75 | $ | 41.4 | 6.1 | ||||||
Granted | 2,275,350 | $ | 22.38 | |||||||||
Cancelled | (134,754 | ) | $ | 20.34 | ||||||||
Exercised | (4,033,302 | ) | $ | 16.39 | $ | 35.4 | ||||||
Shares under option — September 30, 2013 | 10,193,952 | $ | 19.28 | $ | 69.6 | 6.8 | ||||||
Granted | 1,665,600 | $ | 27.93 | |||||||||
Cancelled | (86,707 | ) | $ | 22.76 | ||||||||
Exercised | (2,815,555 | ) | $ | 17.44 | $ | 37.4 | ||||||
Shares under option — September 30, 2014 | 8,957,290 | $ | 21.44 | $ | 113.3 | 7.0 | ||||||
Options exercisable — September 30, 2012 | 7,976,547 | $ | 16.88 | |||||||||
Options exercisable — September 30, 2013 | 5,871,091 | $ | 17.95 | |||||||||
Options exercisable — September 30, 2014 | 5,073,347 | $ | 19.45 | $ | 74.2 | 6.0 | ||||||
Options not exercisable — September 30, 2014 | 3,883,943 | $ | 24.02 | $ | 39.1 | 8.5 |
Range of exercise prices | |||||||||||||||
Under $15.00 | $15.01 - $20.00 | $20.01 - $25.00 | Over $25.00 | ||||||||||||
Options outstanding at September 30, 2014: | |||||||||||||||
Number of options | 102,000 | 3,452,480 | 3,500,910 | 1,901,900 | |||||||||||
Weighted average remaining contractual life (in years) | 1.4 | 5.7 | 7.2 | 9.2 | |||||||||||
Weighted average exercise price | $ | 14.47 | $ | 18.15 | $ | 21.45 | $ | 27.74 | |||||||
Options exercisable at September 30, 2014: | |||||||||||||||
Number of options | 102,000 | 2,727,509 | 2,077,840 | 165,998 | |||||||||||
Weighted average exercise price | $ | 14.47 | $ | 17.81 | $ | 21.27 | $ | 26.85 |
2014 | 2013 | 2012 | |||
Expected life of option | 5.75 years | 5.75 years | 5.75 years | ||
Weighted average volatility | 24.3% | 24.9% | 24.7% | ||
Weighted average dividend yield | 2.9% | 3.6% | 3.5% | ||
Expected volatility | 23.7% - 24.4% | 24.4% - 24.9% | 24.7% | ||
Expected dividend yield | 2.7% - 2.9% | 3.2% - 3.7% | 3.3% - 3.7% | ||
Risk free rate | 1.8% - 2.0% | 0.8% - 1.7% | 0.8% - 1.1% |
Grants Awarded in Fiscal | ||||||||
2014 | 2013 | 2012 | ||||||
Risk free rate | 0.8 | % | 0.4 | % | 0.4 | % | ||
Expected life | 3 years | 3 years | 3 years | |||||
Expected volatility | 20.3 | % | 21.1 | % | 22.2 | % | ||
Dividend yield | 2.7 | % | 3.3 | % | 3.5 | % |
Total | Vested | Non-Vested | ||||||||||||||||||
Number of UGI Units | Weighted Average Grant Date Fair Value (per Unit) | Number of UGI Units | Weighted Average Grant Date Fair Value (per Unit) | Number of UGI Units | Weighted Average Grant Date Fair Value (per Unit) | |||||||||||||||
September 30, 2013 | 1,380,902 | $ | 18.35 | 822,975 | $ | 15.45 | 557,927 | $ | 22.62 | |||||||||||
UGI Performance Units: | ||||||||||||||||||||
Granted | 189,450 | $ | 32.32 | 9,570 | $ | 32.02 | 179,880 | $ | 32.33 | |||||||||||
Forfeited | (7,200 | ) | $ | 24.95 | — | $ | — | (7,200 | ) | $ | 24.95 | |||||||||
Vested | — | $ | — | 205,282 | $ | 21.15 | (205,282 | ) | $ | 21.15 | ||||||||||
Unit awards paid | (267,146 | ) | $ | 22.17 | (267,146 | ) | $ | 22.17 | — | $ | — | |||||||||
UGI Stock Units: | ||||||||||||||||||||
Granted (a) | 44,814 | $ | 27.41 | 43,689 | $ | 27.35 | 1,125 | $ | 29.84 | |||||||||||
Vested | — | $ | — | 1,500 | $ | 22.29 | (1,500 | ) | $ | 22.29 | ||||||||||
Unit awards paid | (34,639 | ) | $ | 14.41 | (34,639 | ) | $ | 14.41 | — | $ | — | |||||||||
September 30, 2014 | 1,306,181 | $ | 20.58 | 781,231 | $ | 16.60 | 524,950 | $ | 26.51 |
(a) | Generally, shares granted under UGI Stock Unit awards are paid approximately 70% in shares. UGI Stock Unit awards granted in Fiscal 2013 and Fiscal 2012 were 51,038 and 63,668, respectively. |
2014 | 2013 | 2012 | |||||||||
UGI Performance Unit awards: | |||||||||||
Number of original awards granted | 331,038 | 328,025 | 316,125 | ||||||||
Fiscal year granted | 2011 | 2010 | 2009 | ||||||||
Payment of awards: | |||||||||||
Shares of UGI Common Stock issued | 174,168 | 97,622 | — | ||||||||
Cash paid | $ | 3.1 | $ | 1.6 | $ | — | |||||
UGI Stock Unit awards: | |||||||||||
Number of original awards granted | 34,639 | 54,269 | 49,347 | ||||||||
Payment of awards: | |||||||||||
Shares of UGI Common Stock issued | 22,604 | 35,274 | 32,636 | ||||||||
Cash paid | $ | 0.4 | $ | 0.5 | $ | 0.2 |
Grants Awarded in Fiscal | ||||||||
2014 | 2013 | 2012 | ||||||
Risk-free rate | 0.8 | % | 0.4 | % | 0.4 | % | ||
Expected life | 3 years | 3 years | 3 years | |||||
Expected volatility | 21.1 | % | 20.7 | % | 23.0 | % | ||
Dividend yield | 7.5 | % | 8.2 | % | 6.4 | % |
Total | Vested | Non-Vested | ||||||||||||||||||
Number of AmeriGas Partners Common Units Subject to Award | Weighted Average Grant Date Fair Value (per Unit) | Number of AmeriGas Partners Common Units Subject to Award | Weighted Average Grant Date Fair Value (per Unit) | Number of AmeriGas Partners Common Units Subject to Award | Weighted Average Grant Date Fair Value (per Unit) | |||||||||||||||
September 30, 2013 | 224,167 | $ | 47.88 | 47,715 | $ | 47.92 | 176,452 | $ | 47.87 | |||||||||||
AmeriGas Performance Units: | ||||||||||||||||||||
Granted | 53,800 | $ | 41.50 | 633 | $ | 41.37 | 53,167 | $ | 41.50 | |||||||||||
Forfeited | (8,150 | ) | $ | 45.96 | — | $ | — | (8,150 | ) | $ | 45.96 | |||||||||
Vested | — | $ | — | 15,319 | $ | 53.93 | (15,319 | ) | $ | 53.93 | ||||||||||
Performance criteria not met | (31,317 | ) | $ | 54.51 | (31,317 | ) | $ | 54.51 | — | $ | — | |||||||||
AmeriGas Stock Units: | ||||||||||||||||||||
Granted | 32,658 | $ | 46.37 | 15,936 | $ | 48.00 | 16,722 | $ | 44.81 | |||||||||||
Forfeited | (7,783 | ) | $ | 51.10 | — | $ | — | (7,783 | ) | $ | (51.10 | ) | ||||||||
Vested | — | $ | — | 52,061 | $ | 47.58 | (52,061 | ) | $ | 47.58 | ||||||||||
Awards paid | (63,140 | ) | $ | 48.00 | (63,140 | ) | $ | 48.00 | — | $ | — | |||||||||
September 30, 2014 | 200,235 | $ | 44.82 | 37,207 | $ | 44.27 | 163,028 | $ | 44.95 |
2014 | 2013 | 2012 | |||||||||
AmeriGas Performance Unit awards: | |||||||||||
Number of Common Units subject to original awards granted | 41,251 | 48,150 | 53,600 | ||||||||
Fiscal year granted | 2011 | 2010 | 2009 | ||||||||
Payment of awards: | |||||||||||
AmeriGas Partners Common Units issued | — | — | — | ||||||||
Cash paid | $ | — | $ | — | $ | — | |||||
AmeriGas Stock Unit awards: | |||||||||||
Number of Common Units subject to original awards granted | 72,023 | 35,934 | 67,246 | ||||||||
Payment of awards: | |||||||||||
AmeriGas Partners Common Units issued | 40,842 | 23,192 | 44,016 | ||||||||
Cash paid | $ | 1.4 | $ | 0.6 | $ | 1.0 |
|
1. | all cash on hand at the end of such quarter, |
2. | plus all additional cash on hand as of the date of determination resulting from borrowings after the end of such quarter, |
3. | less the amount of cash reserves established by the General Partner in its reasonable discretion. |
|
2015 | 2016 | 2017 | 2018 | 2019 | After 2019 | ||||||||||||||||||
AmeriGas Propane | $ | 56.2 | $ | 46.6 | $ | 36.5 | $ | 30.6 | $ | 25.9 | $ | 63.0 | |||||||||||
UGI Utilities | 6.7 | 6.2 | 4.5 | 3.7 | 1.4 | 0.7 | |||||||||||||||||
UGI International | 7.8 | 6.1 | 4.4 | 2.0 | 0.4 | 0.5 | |||||||||||||||||
Other | 1.9 | 1.8 | 0.9 | 0.6 | 0.4 | 0.3 | |||||||||||||||||
Total | $ | 72.6 | $ | 60.7 | $ | 46.3 | $ | 36.9 | $ | 28.1 | $ | 64.5 |
2015 | 2016 | 2017 | 2018 | 2019 | After 2019 | ||||||||||||||||||
UGI Utilities supply, storage and transportation contracts | $ | 156.9 | $ | 66.8 | $ | 44.9 | $ | 30.8 | $ | 23.6 | $ | 66.4 | |||||||||||
Midstream & Marketing supply contracts | 302.1 | 107.0 | 42.1 | 4.3 | — | — | |||||||||||||||||
AmeriGas Propane supply contracts | 130.8 | 74.3 | — | — | — | — | |||||||||||||||||
UGI International supply contracts | 144.7 | 72.8 | — | — | — | — | |||||||||||||||||
Total | $ | 734.5 | $ | 320.9 | $ | 87.0 | $ | 35.1 | $ | 23.6 | $ | 66.4 |
|
Asset (Liability) | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
September 30, 2014: | |||||||||||||||
Derivative instruments: | |||||||||||||||
Assets: | |||||||||||||||
Commodity contracts | $ | 10.6 | $ | 19.8 | $ | — | $ | 30.4 | |||||||
Foreign currency contracts | $ | — | $ | 12.8 | $ | — | $ | 12.8 | |||||||
Cross-currency swaps | $ | — | $ | 2.1 | $ | — | $ | 2.1 | |||||||
Interest rate contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||
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 | |||||||
September 30, 2013 (b): | |||||||||||||||
Derivative instruments: | |||||||||||||||
Assets: | |||||||||||||||
Commodity contracts | $ | 2.6 | $ | 22.8 | $ | — | $ | 25.4 | |||||||
Foreign currency contracts | $ | — | $ | 0.9 | $ | — | $ | 0.9 | |||||||
Liabilities: | |||||||||||||||
Commodity contracts | $ | (8.8 | ) | $ | (9.3 | ) | $ | — | $ | (18.1 | ) | ||||
Foreign currency contracts | $ | — | $ | (7.2 | ) | $ | — | $ | (7.2 | ) | |||||
Interest rate contracts | $ | — | $ | (31.0 | ) | $ | — | $ | (31.0 | ) | |||||
Cross-currency swaps | $ | — | $ | (1.2 | ) | $ | — | $ | (1.2 | ) | |||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 27.1 | $ | — | $ | — | $ | 27.1 |
(a) | Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans (see Note 8). |
(b) | Certain immaterial amounts have been revised to correct the classification of derivatives. |
|
2014 | 2013 (a) | ||||||
Derivative assets: | |||||||
Derivatives designated as hedging instruments: | |||||||
Commodity contracts | $ | 2.8 | $ | 18.0 | |||
Foreign currency contracts | 12.8 | 0.9 | |||||
Cross-currency contracts | 2.1 | — | |||||
Interest rate contracts | 0.1 | — | |||||
17.8 | 18.9 | ||||||
Derivatives accounted for under ASC 980: | |||||||
Commodity contracts | 1.7 | — | |||||
Derivatives not designated as hedging instruments: | |||||||
Commodity contracts | 25.9 | 7.4 | |||||
Total derivative assets - gross | 45.4 | 26.3 | |||||
Gross amounts offset in the balance sheet | (18.4 | ) | (2.1 | ) | |||
Total derivative assets - net | $ | 27.0 | $ | 24.2 | |||
Derivative liabilities: | |||||||
Derivatives designated as hedging instruments: | |||||||
Commodity contracts | $ | (5.3 | ) | $ | (4.5 | ) | |
Foreign currency contracts | (0.1 | ) | (7.2 | ) | |||
Cross-currency contracts | — | (1.2 | ) | ||||
Interest rate contracts | (21.0 | ) | (31.0 | ) | |||
(26.4 | ) | (43.9 | ) | ||||
Derivatives accounted for under ASC 980: | |||||||
Commodity contracts | (2.2 | ) | (6.7 | ) | |||
Derivatives not designated as hedging instruments: | |||||||
Commodity contracts | (46.6 | ) | (6.9 | ) | |||
Total derivative liabilities - gross | (75.2 | ) | (57.5 | ) | |||
Gross amounts offset in the balance sheet | 18.4 | 2.1 | |||||
Total derivative liabilities - net | $ | (56.8 | ) | $ | (55.4 | ) |
(a) | Certain immaterial amounts have been revised to correct the classification of derivatives. |
Gain or (Loss) Recognized in AOCI and Noncontrolling Interests | Gain or (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain or (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||
Commodity contracts | $ | 50.8 | $ | 8.3 | $ | (98.0 | ) | $ | 67.0 | $ | (49.5 | ) | $ | (61.4 | ) | Cost of sales | |||||||||
Foreign currency contracts | 15.3 | (8.3 | ) | (0.5 | ) | (3.7 | ) | (0.1 | ) | 2.1 | Cost of sales | ||||||||||||||
Cross-currency contracts | 3.1 | (1.2 | ) | — | (0.1 | ) | — | — | Interest expense | ||||||||||||||||
Interest rate contracts | (3.1 | ) | 22.9 | (36.8 | ) | (15.9 | ) | (14.2 | ) | (11.5 | ) | Interest expense /other income, net | |||||||||||||
Total | $ | 66.1 | $ | 21.7 | $ | (135.3 | ) | $ | 47.3 | $ | (63.8 | ) | $ | (70.8 | ) | ||||||||||
Net Investment Hedges: | |||||||||||||||||||||||||
Foreign currency contracts | $ | — | $ | — | $ | 0.6 |
Gain or (Loss) Recognized in Income | Location of Gain or (Loss) Recognized in Income | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||
Commodity contracts | $ | (36.3 | ) | $ | 9.3 | $ | 0.1 | Cost of sales | |||||
Commodity contracts | — | — | 0.2 | Operating and administrative expenses / other income, net | |||||||||
Foreign currency contracts | — | (0.4 | ) | 0.5 | Other income, net | ||||||||
Total | $ | (36.3 | ) | $ | 8.9 | $ | 0.8 |
|
2014 | 2013 | 2012 | |||||||||
Interest and interest-related income | $ | 3.6 | $ | 2.2 | $ | 2.4 | |||||
Utility non-tariff service income | 2.7 | 2.8 | 2.7 | ||||||||
Finance charges | 17.5 | 21.4 | 18.8 | ||||||||
Gains on sales of fixed assets | 5.4 | 1.4 | 1.9 | ||||||||
Loss on private equity partnership investment | — | (6.3 | ) | — | |||||||
Other, net | 6.9 | 11.3 | 14.0 | ||||||||
Total other income, net | $ | 36.1 | $ | 32.8 | $ | 39.8 |
|
December 31, | March 31, | June 30, | September 30, | ||||||||||||||||||||||||
2013(a) | 2012 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 (b) | ||||||||||||||||||||
Revenues | $ | 2,315.9 | $ | 2,018.7 | $ | 3,163.3 | $ | 2,542.7 | $ | 1,486.7 | $ | 1,374.3 | $ | 1,311.4 | $ | 1,259.0 | |||||||||||
Operating income (loss) | $ | 363.7 | $ | 294.2 | $ | 588.6 | $ | 507.7 | $ | 62.7 | $ | 41.5 | $ | (9.4 | ) | $ | (12.3 | ) | |||||||||
Net income (loss) | $ | 217.5 | $ | 167.8 | $ | 387.8 | $ | 341.7 | $ | (12.7 | ) | $ | (22.8 | ) | $ | (60.0 | ) | $ | (59.1 | ) | |||||||
Net income (loss) attributable to UGI Corporation | $ | 122.0 | $ | 102.5 | $ | 214.4 | $ | 180.7 | $ | 20.6 | $ | 9.1 | $ | (19.8 | ) | $ | (14.2 | ) | |||||||||
Earnings (loss) per common share attributable to UGI Corporation stockholders: | |||||||||||||||||||||||||||
Basic | $ | 0.71 | $ | 0.60 | $ | 1.24 | $ | 1.06 | $ | 0.12 | $ | 0.05 | $ | (0.11 | ) | $ | (0.08 | ) | |||||||||
Diluted | $ | 0.70 | $ | 0.60 | $ | 1.22 | $ | 1.05 | $ | 0.12 | $ | 0.05 | $ | (0.11 | ) | $ | (0.08 | ) |
(a) | Includes income tax expense of $5.7 to reflect the retroactive effects to Fiscal 2013 of new tax legislation in France regarding the deductibility of certain interest expense which decreased net income attributable to UGI Corporation by $5.7 or $0.03 per diluted share (see Note 7). |
(b) | Includes impairment loss on private equity partnership investment which increased operating loss by $6.3 and net loss attributable to UGI Corporation by $3.7 or $0.02 per share (see Note 2). |
|
Midstream & Marketing | UGI International | ||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||
Revenues | $ | 8,277.3 | $ | (321.3 | ) | (c) | $ | 3,712.9 | $ | 977.3 | $ | 1,305.5 | $ | 85.1 | $ | 1,295.5 | $ | 1,026.9 | $ | 195.4 | |||||||||||||||
Cost of sales | $ | 5,175.7 | $ | (317.7 | ) | (c) | $ | 2,107.1 | $ | 496.8 | $ | 1,058.8 | $ | 39.6 | $ | 848.1 | $ | 809.9 | $ | 133.1 | |||||||||||||||
Operating income (loss) | $ | 1,005.6 | $ | 0.2 | $ | 472.0 | $ | 236.2 | $ | 180.5 | $ | 18.1 | $ | 79.1 | $ | 38.4 | $ | (18.9 | ) | ||||||||||||||||
Loss from equity investees | (0.1 | ) | — | — | — | — | — | (0.1 | ) | — | — | ||||||||||||||||||||||||
Interest expense | (237.7 | ) | — | (165.6 | ) | (36.6 | ) | (2.9 | ) | — | (25.1 | ) | (4.9 | ) | (2.6 | ) | |||||||||||||||||||
Income (loss) before income taxes | $ | 767.8 | $ | 0.2 | $ | 306.4 | $ | 199.6 | $ | 177.6 | $ | 18.1 | $ | 53.9 | $ | 33.5 | $ | (21.5 | ) | ||||||||||||||||
Net income (loss) attributable to UGI | $ | 337.2 | $ | — | $ | 63.0 | $ | 118.8 | $ | 105.2 | $ | 12.6 | $ | 20.6 | $ | 27.7 | $ | (10.7 | ) | ||||||||||||||||
Depreciation and amortization | $ | 362.9 | $ | — | $ | 197.2 | $ | 54.8 | $ | 12.3 | $ | 10.7 | $ | 54.5 | $ | 27.1 | $ | 6.3 | |||||||||||||||||
Noncontrolling interests’ net income (loss) | $ | 195.4 | $ | — | $ | 195.8 | $ | — | $ | — | $ | — | $ | (0.4 | ) | $ | — | $ | — | ||||||||||||||||
Partnership EBITDA (a) | $ | 655.3 | $ | — | $ | 664.8 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (9.5 | ) | ||||||||||||||||
Total assets | $ | 10,093.0 | $ | (86.5 | ) | $ | 4,377.0 | $ | 2,214.1 | $ | 569.0 | $ | 277.7 | $ | 1,659.1 | $ | 643.6 | $ | 439.0 | ||||||||||||||||
Short-term borrowings | $ | 210.8 | $ | — | $ | 109.0 | $ | 86.3 | $ | 7.5 | $ | — | $ | — | $ | 8.0 | $ | — | |||||||||||||||||
Capital expenditures | $ | 436.4 | $ | — | $ | 113.9 | $ | 156.4 | $ | 67.8 | $ | 15.6 | $ | 50.2 | $ | 23.0 | $ | 9.5 | |||||||||||||||||
Investments in equity investees | $ | 0.6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.6 | $ | — | |||||||||||||||||
Goodwill | $ | 2,833.4 | $ | — | $ | 1,945.1 | $ | 182.1 | $ | 5.6 | $ | — | $ | 601.2 | $ | 92.4 | $ | 7.0 | |||||||||||||||||
Midstream & Marketing | UGI International | ||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||
Revenues | $ | 7,194.7 | $ | (223.8 | ) | (c) | $ | 3,168.8 | $ | 839.0 | $ | 969.4 | $ | 71.4 | $ | 1,322.6 | $ | 856.6 | $ | 190.7 | |||||||||||||||
Cost of sales | $ | 4,324.4 | $ | (217.5 | ) | (c) | $ | 1,657.2 | $ | 407.2 | $ | 836.9 | $ | 39.9 | $ | 845.0 | $ | 653.4 | $ | 102.3 | |||||||||||||||
Operating income | $ | 831.1 | $ | (1.1 | ) | $ | 394.4 | $ | 196.5 | $ | 82.5 | $ | 7.5 | $ | 111.4 | $ | 35.6 | $ | 4.3 | ||||||||||||||||
Loss from equity investees | (0.4 | ) | — | — | — | — | — | (0.4 | ) | — | — | ||||||||||||||||||||||||
Interest expense | (240.3 | ) | — | (166.6 | ) | (37.4 | ) | (3.2 | ) | — | (25.3 | ) | (5.1 | ) | (2.7 | ) | |||||||||||||||||||
Income before income taxes | 590.4 | (1.1 | ) | 227.8 | 159.1 | 79.3 | 7.5 | 85.7 | 30.5 | 1.6 | |||||||||||||||||||||||||
Net income attributable to UGI | $ | 278.1 | $ | (0.6 | ) | $ | 47.5 | $ | 94.3 | $ | 46.3 | $ | 6.2 | $ | 57.2 | $ | 25.5 | $ | 1.7 | ||||||||||||||||
Depreciation and amortization | $ | 363.1 | $ | — | $ | 205.9 | $ | 51.7 | $ | 7.6 | $ | 10.0 | $ | 57.6 | $ | 24.1 | $ | 6.2 | |||||||||||||||||
Noncontrolling interests’ net (loss) income | $ | 149.5 | $ | — | $ | 149.6 | $ | — | $ | — | $ | — | $ | (0.2 | ) | $ | 0.1 | $ | — | ||||||||||||||||
Partnership EBITDA (a) | $ | 596.5 | |||||||||||||||||||||||||||||||||
Total assets | $ | 10,008.8 | $ | (100.3 | ) | $ | 4,429.3 | $ | 2,069 | $ | 501.2 | $ | 269.7 | $ | 1,784.4 | $ | 667.1 | $ | 388.4 | ||||||||||||||||
Short-term borrowings | $ | 227.9 | $ | — | $ | 116.9 | $ | 17.5 | $ | 87.0 | $ | — | $ | — | $ | 6.5 | $ | — | |||||||||||||||||
Capital expenditures | $ | 489.1 | $ | (1.1 | ) | $ | 111.1 | $ | 144.4 | $ | 133.8 | $ | 22.6 | $ | 53.4 | $ | 17.4 | $ | 7.5 | ||||||||||||||||
Investments in equity investees | $ | 0.3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | |||||||||||||||||
Goodwill | $ | 2,873.7 | $ | — | $ | 1,941.0 | $ | 182.1 | $ | 2.8 | $ | — | $ | 643.7 | $ | 97.1 | $ | 7.0 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||
Revenues | $ | 6,521.3 | $ | (178.8 | ) | (c) | $ | 2,921.5 | $ | 785.4 | $ | 816.4 | $ | 43.9 | $ | 1,121.4 | $ | 824.7 | $ | 186.8 | |||||||||||||||
Cost of sales | $ | 4,099.1 | $ | (174.0 | ) | (c) | $ | 1,722.4 | $ | 402.5 | $ | 701.9 | $ | 28.0 | $ | 685.5 | $ | 640.3 | $ | 92.5 | |||||||||||||||
Operating income (loss) | $ | 538.6 | $ | — | $ | 168.7 | $ | 174.1 | $ | 70.8 | $ | (6.5 | ) | $ | 88.3 | $ | 23.6 | $ | 19.6 | ||||||||||||||||
Loss from equity investees | (0.3 | ) | — | — | — | — | — | (0.3 | ) | — | — | ||||||||||||||||||||||||
Loss on extinguishments of debt | (13.3 | ) | — | (13.3 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest expense | (220.4 | ) | — | (141.5 | ) | (40.1 | ) | (4.8 | ) | — | (26.3 | ) | (4.6 | ) | (3.1 | ) | |||||||||||||||||||
Income (loss) before income taxes | $ | 304.6 | $ | — | $ | 13.9 | $ | 134.0 | $ | 66.0 | $ | (6.5 | ) | $ | 61.7 | $ | 19.0 | $ | 16.5 | ||||||||||||||||
Net income (loss) attributable to UGI | $ | 210.2 | $ | — | $ | 15.4 | $ | 81.6 | $ | 38.7 | $ | (1.0 | ) | $ | 51.4 | $ | 13.8 | $ | 10.3 | ||||||||||||||||
Depreciation and amortization | $ | 315.0 | $ | — | $ | 168.1 | $ | 49.0 | $ | 3.7 | $ | 9.0 | $ | 57.1 | $ | 22.1 | $ | 6.0 | |||||||||||||||||
Noncontrolling interests’ net (loss) income | $ | (12.5 | ) | $ | — | $ | (12.7 | ) | $ | — | $ | — | $ | — | $ | 0.2 | $ | — | $ | — | |||||||||||||||
Partnership EBITDA (a) | $ | 322.1 | |||||||||||||||||||||||||||||||||
Total assets | $ | 9,676.9 | $ | (104.1 | ) | $ | 4,533.8 | $ | 2,045.5 | $ | 368.5 | $ | 258.2 | $ | 1,686.5 | $ | 531.8 | $ | 356.7 | ||||||||||||||||
Short-term borrowings | $ | 165.1 | $ | — | $ | 49.9 | $ | 9.2 | $ | 85.0 | $ | — | $ | — | $ | 21.0 | $ | — | |||||||||||||||||
Capital expenditures | $ | 343.2 | $ | — | $ | 103.1 | $ | 109.0 | $ | 36.0 | $ | 24.4 | $ | 47.3 | $ | 16.9 | $ | 6.5 | |||||||||||||||||
Investments in equity investees | $ | 0.3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | |||||||||||||||||
Goodwill | $ | 2,818.3 | $ | — | $ | 1,919.2 | $ | 182.1 | $ | 2.8 | $ | — | $ | 612.0 | $ | 95.2 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: |
2014 | 2013 | 2012 | ||||||||||
Partnership EBITDA | $ | 664.8 | $ | 596.5 | $ | 322.1 | ||||||
Depreciation and amortization | (197.2 | ) | (205.9 | ) | (168.1 | ) | ||||||
Loss on extinguishments of debt | — | — | 13.3 | |||||||||
Noncontrolling interests (i) | 4.4 | 3.8 | 1.4 | |||||||||
Operating income | $ | 472.0 | $ | 394.4 | $ | 168.7 |
(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, (4) UGI Corporation’s unallocated corporate and general expenses and interest income and (5) net (losses) gains on Midstream & Marketing’s unsettled commodity derivative instruments and certain settled commodity derivative instruments not associated with current period transactions, and net (losses) gains on AmeriGas Propane’s unsettled commodity derivative instruments entered into beginning April 1, 2014, totaling $(18.0), $7.4 and $15.1 in Fiscal 2014, Fiscal 2013 and Fiscal 2012, respectively. 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) | Represents the elimination of intersegment transactions principally among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
|
September 30, | |||||||
2014 | 2013 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 0.8 | $ | 0.9 | |||
Accounts and notes receivable | 3.9 | 2.9 | |||||
Deferred income taxes | 0.4 | 0.4 | |||||
Prepaid expenses and other current assets | 0.3 | 0.3 | |||||
Total current assets | 5.4 | 4.5 | |||||
Investments in subsidiaries | 2,663.9 | 2,488.7 | |||||
Other assets | 55.5 | 49.9 | |||||
Total assets | $ | 2,724.8 | $ | 2,543.1 | |||
LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts and notes payable | $ | 11.8 | $ | 11.0 | |||
Derivative instruments | — | — | |||||
Accrued liabilities | 6.0 | 3.9 | |||||
Total current liabilities | 17.8 | 14.9 | |||||
Noncurrent liabilities | 47.9 | 35.7 | |||||
Commitments and contingencies (Note 1) | |||||||
Common stockholders’ equity: | |||||||
Common Stock, without par value (authorized - 450,000,000 shares; issued - 173,770,641 and 173,675,691 shares, respectively) | 1,215.6 | 1,208.1 | |||||
Retained earnings | 1,509.4 | 1,308.3 | |||||
Accumulated other comprehensive (loss) income | (21.2 | ) | 8.4 | ||||
Treasury stock, at cost | (44.7 | ) | (32.3 | ) | |||
Total common stockholders’ equity | 2,659.1 | 2,492.5 | |||||
Total liabilities and common stockholders’ equity | $ | 2,724.8 | $ | 2,543.1 |
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Revenues | $ | — | $ | — | $ | — | |||||
Costs and expenses: | |||||||||||
Operating and administrative expenses | 44.5 | 36.9 | 27.8 | ||||||||
Other income, net (a) | (44.2 | ) | (36.7 | ) | (28.1 | ) | |||||
0.3 | 0.2 | (0.3 | ) | ||||||||
Operating (loss) income | (0.3 | ) | (0.2 | ) | 0.3 | ||||||
Intercompany interest income | 0.2 | 0.2 | 0.2 | ||||||||
(Loss) income before income taxes | (0.1 | ) | — | 0.5 | |||||||
Income tax expense | 2.4 | 3.1 | 0.3 | ||||||||
(Loss) income before equity in income of unconsolidated subsidiaries | (2.5 | ) | (3.1 | ) | 0.2 | ||||||
Equity in income of unconsolidated subsidiaries | 339.7 | 281.2 | 210.0 | ||||||||
Net income | $ | 337.2 | $ | 278.1 | $ | 210.2 | |||||
Earnings per common share: | |||||||||||
Basic | $ | 1.95 | $ | 1.63 | $ | 1.24 | |||||
Diluted | $ | 1.92 | $ | 1.60 | $ | 1.24 | |||||
Average common shares outstanding (thousands): | |||||||||||
Basic | 172,733 | 170,885 | 168,872 | ||||||||
Diluted | 175,231 | 173,282 | 170,148 |
(a) | UGI provides certain financial and administrative services to certain of its subsidiaries. UGI bills these subsidiaries monthly for all direct expenses incurred by UGI on behalf of its subsidiaries as well as allocated shares of indirect corporate expense incurred or paid with respect to services provided by UGI. The allocation of indirect UGI corporate expenses to certain of its subsidiaries utilizes a weighted, three-component formula comprising revenues, operating expenses, and net assets employed and considers the relative percentage of such items for each subsidiary to the total of such items for all UGI operating subsidiaries for which general and administrative services are provided. Management believes that this allocation method is reasonable and equitable to its subsidiaries. These billed expenses are classified as “Other income, net” in the Statements of Income above. |
Year Ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES (a) | $ | 199.7 | $ | 139.4 | $ | 158.3 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Net investments in unconsolidated subsidiaries | (47.3 | ) | (59.1 | ) | (54.4 | ) | |||||
Net cash used by investing activities | (47.3 | ) | (59.1 | ) | (54.4 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Payment of dividends on Common Stock | (136.1 | ) | (125.8 | ) | (119.1 | ) | |||||
Purchases of UGI Common Stock | (39.8 | ) | — | — | |||||||
Issuance of Common Stock | 23.4 | 44.5 | 16.7 | ||||||||
Net cash used by financing activities | (152.5 | ) | (81.3 | ) | (102.4 | ) | |||||
Cash and cash equivalents (decrease) increase | $ | (0.1 | ) | $ | (1.0 | ) | $ | 1.5 | |||
Cash and cash equivalents: | |||||||||||
End of year | $ | 0.8 | $ | 0.9 | $ | 1.9 | |||||
Beginning of year | 0.9 | 1.9 | 0.4 | ||||||||
(Decrease) increase | $ | (0.1 | ) | $ | (1.0 | ) | $ | 1.5 |
(a) | Includes dividends received from unconsolidated subsidiaries of $186.4, $155.2 and $156.0 for the years ended September 30, 2014, 2013 and 2012, respectively. |
|
Balance at beginning of year | Charged (credited) to costs and expenses | Other | Balance at end of year | |||||||||||||
Year Ended September 30, 2014 | ||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||
Allowance for doubtful accounts | $ | 39.5 | $ | 43.5 | $ | (43.0 | ) | (1) | $ | 39.1 | ||||||
(0.9 | ) | (2) | ||||||||||||||
Other reserves: | ||||||||||||||||
Deferred tax assets valuation allowance | $ | 97.6 | $ | 0.4 | $ | (34.0 | ) | (3) | $ | 59.2 | ||||||
(4.8 | ) | (4) | ||||||||||||||
Year Ended September 30, 2013 | ||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||
Allowance for doubtful accounts | $ | 36.1 | $ | 30.2 | $ | (27.4 | ) | (1) | $ | 39.5 | ||||||
0.6 | (2) | |||||||||||||||
Other reserves: | ||||||||||||||||
Deferred tax assets valuation allowance | $ | 77.0 | $ | (5.7 | ) | 26.3 | (3) | $ | 97.6 | |||||||
Year Ended September 30, 2012 | ||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||
Allowance for doubtful accounts | $ | 36.8 | $ | 26.5 | $ | (26.8 | ) | (1) | $ | 36.1 | ||||||
(0.4 | ) | (2) | ||||||||||||||
Other reserves: | ||||||||||||||||
Deferred tax assets valuation allowance | $ | 78.2 | $ | (4.0 | ) | $ | 2.8 | (5) | $ | 77.0 |
(1) | Uncollectible accounts written off, net of recoveries. |
(2) | Effects of currency exchange. |
(3) | Foreign tax credit valuation allowance adjustment. |
(4) | Decrease in unusable foreign operating loss carryforwards. |
(5) | Acquisition. |
|
• | Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date. |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. |
• | Level 3 — Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. |
|
(Thousands of shares) | 2014 | 2013 | 2012 | ||||||
Average common shares outstanding for basic computation | 172,733 | 170,885 | 168,872 | ||||||
Incremental shares issuable for stock options and common stock awards (a) | 2,498 | 2,397 | 1,276 | ||||||
Average common shares outstanding for diluted computation | 175,231 | 173,282 | 170,148 |
(a) | For Fiscal 2014, Fiscal 2013 and Fiscal 2012, there were approximately 0 shares, 132 shares and 122 shares, respectively, associated with outstanding stock option awards that were not included in the computation of diluted earnings per share above because their effect was antidilutive. |
Postretirement Benefit Plans | Derivative Instruments | Foreign Currency | Total | ||||||||||||
AOCI - September 30, 2013 | $ | (16.4 | ) | $ | (26.9 | ) | $ | 51.7 | $ | 8.4 | |||||
Other comprehensive (loss) income before reclassification adjustments (after-tax) | (5.2 | ) | 54.0 | (43.0 | ) | 5.8 | |||||||||
Amounts reclassified from AOCI and noncontrolling interests: | |||||||||||||||
Reclassification adjustments (pre-tax) | 1.6 | (47.2 | ) | — | (45.6 | ) | |||||||||
Reclassification adjustments tax (expense) benefit | (0.6 | ) | 2.0 | — | 1.4 | ||||||||||
Reclassification adjustments (after-tax) | 1.0 | (45.2 | ) | — | (44.2 | ) | |||||||||
Other comprehensive (loss) income | (4.2 | ) | 8.8 | (43.0 | ) | (38.4 | ) | ||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 8.8 | — | 8.8 | |||||||||||
Other comprehensive (loss) income attributable to UGI | (4.2 | ) | 17.6 | (43.0 | ) | (29.6 | ) | ||||||||
AOCI - September 30, 2014 | $ | (20.6 | ) | $ | (9.3 | ) | $ | 8.7 | $ | (21.2 | ) |
|
Assets acquired: | ||||
Current assets | $ | 301.4 | ||
Property, plant & equipment | 890.2 | |||
Customer relationships (estimated useful life of 15 years) | 418.9 | |||
Trademarks and tradenames (a) | 91.1 | |||
Goodwill (a) (b) | 1,217.7 | |||
Other assets | 9.9 | |||
Total assets acquired | $ | 2,929.2 | ||
Liabilities assumed: | ||||
Current liabilities | $ | (238.1 | ) | |
Long-term debt | (62.9 | ) | ||
Other noncurrent liabilities | (23.4 | ) | ||
Total liabilities assumed | $ | (324.4 | ) | |
Total | $ | 2,604.8 |
(a) | During Fiscal 2013, the Partnership made correcting adjustments to trademarks and tradenames and goodwill which are not reflected in the table above (see Note 12). |
(b) | Goodwill associated with the Heritage Acquisition principally results from synergies expected from combining the operations and from assembled workforce. The tax effects of such goodwill will be realized over a 15-year period. |
2012 | ||||
Revenues | $ | 7,013.0 | ||
Net income attributable to UGI Corporation | $ | 208.4 | ||
Earnings per common share attributable to UGI Corporation stockholders: | ||||
Basic | $ | 1.23 | ||
Diluted | $ | 1.22 |
|
2014 | 2013 | ||||||
Credit Agreements: | |||||||
AmeriGas Propane | $ | 109.0 | $ | 116.9 | |||
UGI International | 8.0 | 6.5 | |||||
UGI Utilities | 86.3 | 17.5 | |||||
Energy Services | — | 57.0 | |||||
Energy Services Accounts Receivable Securitization Facility | 7.5 | 30.0 | |||||
Total short-term borrowings | $ | 210.8 | $ | 227.9 |
|
2014 | 2013 | ||||||
AmeriGas Propane: | |||||||
AmeriGas Partners Senior Notes: | |||||||
7.00%, due May 2022 | $ | 980.8 | $ | 980.8 | |||
6.75%, due May 2020 | 550.0 | 550.0 | |||||
6.50%, due May 2021 | 270.0 | 270.0 | |||||
6.25%, due August 2019 | 450.0 | 450.0 | |||||
HOLP Senior Secured Notes | 26.5 | 32.0 | |||||
Other | 14.4 | 17.3 | |||||
Total AmeriGas Propane | 2,291.7 | 2,300.1 | |||||
UGI International: | |||||||
Antargaz Senior Facilities term loan, due through March 2016 | 432.0 | 514.0 | |||||
Flaga term loan, due September 2016 | 52.0 | 52.0 | |||||
Flaga term loan, due through September 2016 | 50.5 | 54.1 | |||||
Flaga term loan, due October 2016 | 24.1 | 25.8 | |||||
Flaga term loan, due through June 2014 | — | 1.9 | |||||
Other | 6.4 | 6.6 | |||||
Total UGI International | 565.0 | 654.4 | |||||
UGI Utilities: | |||||||
Term Loan Credit Agreement | — | 175.0 | |||||
Senior Notes: | |||||||
5.75%, due September 2016 | 175.0 | 175.0 | |||||
4.98%, due March 2044 | 175.0 | — | |||||
6.21%, due September 2036 | 100.0 | 100.0 | |||||
Medium-Term Notes: | |||||||
5.16%, due May 2015 | 20.0 | 20.0 | |||||
7.37%, due October 2015 | 22.0 | 22.0 | |||||
5.64%, due December 2015 | 50.0 | 50.0 | |||||
6.17%, due June 2017 | 20.0 | 20.0 | |||||
7.25%, due November 2017 | 20.0 | 20.0 | |||||
5.67%, due January 2018 | 20.0 | 20.0 | |||||
6.50%, due August 2033 | 20.0 | 20.0 | |||||
6.13%, due October 2034 | 20.0 | 20.0 | |||||
Total UGI Utilities | 642.0 | 642.0 | |||||
Other | 12.1 | 12.9 | |||||
Total long-term debt | 3,510.8 | 3,609.4 | |||||
Less: current maturities | (77.2 | ) | (67.2 | ) | |||
Total long-term debt due after one year | $ | 3,433.6 | $ | 3,542.2 |
2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||
AmeriGas Propane | $ | 11.0 | $ | 7.6 | $ | 5.6 | $ | 4.9 | $ | 454.5 | |||||||||
UGI Utilities | 20.0 | 247.0 | 20.0 | 40.0 | — | ||||||||||||||
UGI International | 45.0 | 492.9 | 25.4 | 0.9 | 0.7 | ||||||||||||||
Other | 0.7 | 0.7 | 0.7 | 0.8 | 0.8 | ||||||||||||||
Total | $ | 76.7 | $ | 748.2 | $ | 51.7 | $ | 46.6 | $ | 456.0 |
|
2014 | 2013 | 2012 | |||||||||
Domestic | $ | 699.2 | $ | 494.1 | $ | 245.6 | |||||
Foreign | 68.6 | 96.3 | 59.0 | ||||||||
Total income before income taxes | $ | 767.8 | $ | 590.4 | $ | 304.6 |
2014 | 2013 | 2012 | |||||||||
Current expense (benefit): | |||||||||||
Federal | $ | 102.4 | $ | 53.3 | $ | (10.4 | ) | ||||
State | 30.7 | 25.1 | 11.2 | ||||||||
Foreign | 37.0 | 37.3 | 18.8 | ||||||||
Investment tax credit | (1.6 | ) | (1.6 | ) | (2.9 | ) | |||||
Total current expense | 168.5 | 114.1 | 16.7 | ||||||||
Deferred expense (benefit): | |||||||||||
Federal | 61.9 | 54.6 | 81.7 | ||||||||
State | 7.8 | (0.7 | ) | 7.0 | |||||||
Foreign | (2.7 | ) | (4.9 | ) | 1.8 | ||||||
Investment tax credit amortization | (0.3 | ) | (0.3 | ) | (0.3 | ) | |||||
Total deferred expense | 66.7 | 48.7 | 90.2 | ||||||||
Total income tax expense | $ | 235.2 | $ | 162.8 | $ | 106.9 |
2014 | 2013 | 2012 | ||||||
U.S. federal statutory tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Difference in tax rate due to: | ||||||||
Noncontrolling interests not subject to tax | (9.0 | ) | (8.7 | ) | 1.2 | |||
State income taxes, net of federal benefit | 3.4 | 3.4 | 4.0 | |||||
Valuation allowance adjustments | — | (0.5 | ) | (1.5 | ) | |||
Effects of foreign operations | 1.0 | (1.8 | ) | (3.3 | ) | |||
Other, net | 0.2 | 0.2 | (0.3 | ) | ||||
Effective tax rate | 30.6 | % | 27.6 | % | 35.1 | % |
2014 | 2013 | ||||||
Excess book basis over tax basis of property, plant and equipment | $ | 675.7 | $ | 626.9 | |||
Investment in AmeriGas Partners | 325.1 | 313.0 | |||||
Intangible assets and goodwill | 53.0 | 65.1 | |||||
Utility regulatory assets | 110.0 | 101.6 | |||||
Foreign currency translation adjustment | — | 9.5 | |||||
Other | 3.5 | 2.7 | |||||
Gross deferred tax liabilities | 1,167.3 | 1,118.8 | |||||
Pension plan liabilities | (40.6 | ) | (36.2 | ) | |||
Employee-related benefits | (48.8 | ) | (47.9 | ) | |||
Operating loss carryforwards | (27.9 | ) | (32.1 | ) | |||
Foreign tax credit carryforwards | (47.8 | ) | (81.8 | ) | |||
Utility regulatory liabilities | (14.8 | ) | (15.5 | ) | |||
Foreign currency translation adjustment | (14.1 | ) | — | ||||
Derivative instruments | (11.0 | ) | (15.0 | ) | |||
Other | (13.0 | ) | (20.5 | ) | |||
Gross deferred tax assets | (218.0 | ) | (249.0 | ) | |||
Deferred tax assets valuation allowance | 59.2 | 97.6 | |||||
Net deferred tax liabilities | $ | 1,008.5 | $ | 967.4 |
2014 | 2013 | 2012 | |||||||||
Unrecognized tax benefits - beginning of year | $ | 3.4 | $ | 2.9 | $ | 6.3 | |||||
Additions for tax positions of the current year | 0.7 | 0.7 | 0.5 | ||||||||
Additions for tax positions taken in prior years | — | — | 0.6 | ||||||||
Settlements with tax authorities | (1.7 | ) | (0.2 | ) | (4.5 | ) | |||||
Unrecognized tax benefits - end of year | $ | 2.4 | $ | 3.4 | $ | 2.9 |
|
Pension Benefits | Other Postretirement Benefits | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Change in benefit obligations: | |||||||||||||||
Benefit obligations — beginning of year | $ | 516.5 | $ | 573.4 | $ | 19.7 | $ | 24.7 | |||||||
Service cost | 9.4 | 11.3 | 0.5 | 0.6 | |||||||||||
Interest cost | 26.1 | 23.8 | 0.9 | 0.9 | |||||||||||
Actuarial (gain) loss | 46.8 | (72.7 | ) | 1.3 | (3.6 | ) | |||||||||
Plan amendments | — | 1.0 | — | (1.8 | ) | ||||||||||
Foreign currency | (2.4 | ) | 1.5 | (0.3 | ) | 0.2 | |||||||||
Benefits paid | (22.8 | ) | (21.8 | ) | (0.8 | ) | (1.3 | ) | |||||||
Benefit obligations — end of year | $ | 573.6 | $ | 516.5 | $ | 21.3 | $ | 19.7 | |||||||
Change in plan assets: | |||||||||||||||
Fair value of plan assets — beginning of year | $ | 415.3 | $ | 369.9 | $ | 11.7 | $ | 11.2 | |||||||
Actual gain on plan assets | 47.9 | 42.2 | 1.4 | 1.1 | |||||||||||
Foreign currency | (1.2 | ) | 0.8 | — | — | ||||||||||
Employer contributions | 20.2 | 24.2 | 0.5 | 0.7 | |||||||||||
Benefits paid | (22.8 | ) | (21.8 | ) | (0.8 | ) | (1.3 | ) | |||||||
Fair value of plan assets — end of year | $ | 459.4 | $ | 415.3 | $ | 12.8 | $ | 11.7 | |||||||
Funded status of the plans — end of year | $ | (114.2 | ) | $ | (101.2 | ) | $ | (8.5 | ) | $ | (8.0 | ) | |||
Assets (liabilities) recorded in the balance sheet: | |||||||||||||||
Assets in excess of liabilities — included in other noncurrent assets | $ | — | $ | — | $ | 4.0 | $ | 3.2 | |||||||
Unfunded liabilities — included in other current liabilities | (1.1 | ) | (17.9 | ) | (0.1 | ) | (0.4 | ) | |||||||
Unfunded liabilities — included in other noncurrent liabilities | (113.1 | ) | (83.3 | ) | (12.4 | ) | (10.8 | ) | |||||||
Net amount recognized | $ | (114.2 | ) | $ | (101.2 | ) | $ | (8.5 | ) | $ | (8.0 | ) | |||
Amounts recorded in UGI Corporation stockholders’ equity (pre-tax): | |||||||||||||||
Prior service credit | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.1 | ) | |||
Net actuarial loss (gain) | 20.8 | 16.7 | 0.8 | (0.4 | ) | ||||||||||
Total | $ | 20.7 | $ | 16.6 | $ | 0.7 | $ | (0.5 | ) | ||||||
Amounts recorded in regulatory assets and liabilities (pre-tax): | |||||||||||||||
Prior service cost (credit) | $ | 1.9 | $ | 2.2 | $ | (3.6 | ) | $ | (4.3 | ) | |||||
Net actuarial loss | 107.4 | 91.3 | 2.6 | 3.6 | |||||||||||
Total | $ | 109.3 | $ | 93.5 | $ | (1.0 | ) | $ | (0.7 | ) |
Pension Plan | Other Postretirement Benefits | ||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Weighted-average assumptions: | |||||||||||||||||||
Discount rate - benefit obligations | 4.60 | % | 5.20 | % | 4.20 | % | 4.60 | % | 5.10% - 5.40% | 4.10% - 4.30% | |||||||||
Discount rate - benefit cost | 5.20 | % | 4.20 | % | 5.30 | % | 5.10% - 5.40% | 4.10% - 4.30% | 5.30 | % | |||||||||
Expected return on plan assets | 7.75 | % | 7.75 | % | 7.75 | % | 5.00 | % | 5.00 | % | 5.20 | % | |||||||
Rate of increase in salary levels | 3.25 | % | 3.25 | % | 3.25 | % | 3.25 | % | 3.25 | % | 3.25 | % |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 9.4 | $ | 11.3 | $ | 9.3 | $ | 0.5 | $ | 0.6 | $ | 0.4 | |||||||||||
Interest cost | 26.1 | 23.8 | 25.1 | 0.9 | 0.9 | 1.1 | |||||||||||||||||
Expected return on assets | (29.7 | ) | (27.8 | ) | (26.2 | ) | (0.6 | ) | (0.5 | ) | (0.5 | ) | |||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service cost (benefit) | 0.3 | 0.3 | 0.2 | (0.5 | ) | (0.3 | ) | (0.3 | ) | ||||||||||||||
Actuarial loss | 7.7 | 15.1 | 8.4 | — | 0.4 | 0.3 | |||||||||||||||||
Net benefit cost | 13.8 | 22.7 | 16.8 | 0.3 | 1.1 | 1.0 | |||||||||||||||||
Change in associated regulatory liabilities | — | — | — | 3.7 | 3.3 | 3.2 | |||||||||||||||||
Net benefit cost after change in regulatory liabilities | $ | 13.8 | $ | 22.7 | $ | 16.8 | $ | 4.0 | $ | 4.4 | $ | 4.2 |
Pension Benefits | Other Postretirement Benefits | ||||||
Fiscal 2015 | $ | 25.6 | $ | 1.1 | |||
Fiscal 2016 | $ | 25.8 | $ | 1.1 | |||
Fiscal 2017 | $ | 27.2 | $ | 1.0 | |||
Fiscal 2018 | $ | 30.3 | $ | 1.0 | |||
Fiscal 2019 | $ | 32.6 | $ | 1.0 | |||
Fiscal 2020 - 2024 | $ | 175.1 | $ | 4.9 |
2014 | 2013 | ||||
Health care cost trend rate assumed for next year | 7.0 | % | 7.5 | % | |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.0 | % | 5.0 | % | |
Fiscal year that the rate reaches the ultimate trend rate | 2019 | 2019 |
Actual | Target Asset Allocation | Permitted Range | ||||||||
2014 | 2013 | |||||||||
Equity investments: | ||||||||||
Domestic | 55.6 | % | 57.5 | % | 52.5 | % | 40.0% - 65.0% | |||
International | 11.3 | % | 11.1 | % | 12.5 | % | 7.5% - 17.5% | |||
Total | 66.9 | % | 68.6 | % | 65.0 | % | 60.0% - 70.0% | |||
Fixed income funds & cash equivalents | 33.1 | % | 31.4 | % | 35.0 | % | 30.0% - 40.0% | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
Actual | Target Asset Allocation | Permitted Range | ||||||||
2014 | 2013 | |||||||||
Domestic equity investments | 67.9 | % | 65.6 | % | 65.0 | % | 60.0% - 70.0% | |||
Fixed income funds & cash equivalents | 32.1 | % | 34.4 | % | 35.0 | % | 30.0% - 40.0% | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
U.S. Pension Plan | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
September 30, 2014: | |||||||||||||||
Domestic equity investments: | |||||||||||||||
S&P 500 Index equity mutual funds | $ | 152.6 | $ | — | $ | — | $ | 152.6 | |||||||
Small and midcap equity mutual funds | 41.4 | — | — | 41.4 | |||||||||||
Smallcap common stocks | 9.3 | — | — | 9.3 | |||||||||||
UGI Corporation Common Stock | 42.5 | — | — | 42.5 | |||||||||||
Total domestic equity investments | 245.8 | — | — | 245.8 | |||||||||||
International index equity mutual funds | 49.9 | — | — | 49.9 | |||||||||||
Fixed income investments: | |||||||||||||||
Bond index mutual funds | 141.0 | — | — | 141.0 | |||||||||||
Cash equivalents | — | 5.7 | — | 5.7 | |||||||||||
Total fixed income investments | 141.0 | 5.7 | — | 146.7 | |||||||||||
Total | $ | 436.7 | $ | 5.7 | $ | — | $ | 442.4 | |||||||
September 30, 2013: | |||||||||||||||
Domestic equity investments: | |||||||||||||||
S&P 500 Index equity mutual funds | $ | 141.8 | $ | — | $ | — | $ | 141.8 | |||||||
Small and midcap equity mutual funds | 54.5 | — | — | 54.5 | |||||||||||
UGI Corporation Common Stock | 32.6 | — | — | 32.6 | |||||||||||
Total domestic equity investments | 228.9 | — | — | 228.9 | |||||||||||
International index equity mutual funds | 44.4 | — | — | 44.4 | |||||||||||
Fixed income investments: | |||||||||||||||
Bond index mutual funds | 120.9 | — | — | 120.9 | |||||||||||
Cash equivalents | — | 4.0 | — | 4.0 | |||||||||||
Total fixed income investments | 120.9 | 4.0 | — | 124.9 | |||||||||||
Total | $ | 394.2 | $ | 4.0 | $ | — | $ | 398.2 |
VEBA | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
September 30, 2014: | |||||||||||||||
S&P 500 Index equity mutual fund | $ | 8.7 | $ | — | $ | — | $ | 8.7 | |||||||
Bond index mutual fund | 3.7 | — | — | 3.7 | |||||||||||
Cash equivalents | — | 0.4 | — | 0.4 | |||||||||||
Total | $ | 12.4 | $ | 0.4 | $ | — | $ | 12.8 | |||||||
September 30, 2013: | |||||||||||||||
S&P 500 Index equity mutual fund | $ | 7.7 | $ | — | $ | — | $ | 7.7 | |||||||
Bond index mutual fund | 3.8 | — | — | 3.8 | |||||||||||
Cash equivalents | — | 0.2 | — | 0.2 | |||||||||||
Total | $ | 11.5 | $ | 0.2 | $ | — | $ | 11.7 |
|
2014 | 2013 | ||||||
Regulatory assets: | |||||||
Income taxes recoverable | $ | 110.7 | $ | 106.1 | |||
Underfunded pension and postretirement plans | 110.1 | 94.5 | |||||
Environmental costs | 14.6 | 17.1 | |||||
Deferred fuel and power costs | 11.8 | 8.3 | |||||
Removal costs, net | 16.8 | 13.3 | |||||
Other | 4.2 | 5.6 | |||||
Total regulatory assets | $ | 268.2 | $ | 244.9 | |||
Regulatory liabilities (a): | |||||||
Postretirement benefits | $ | 18.6 | $ | 16.5 | |||
Environmental overcollections | 0.3 | 2.6 | |||||
Deferred fuel and power refunds | 0.3 | 8.3 | |||||
State tax benefits — distribution system repairs | 10.1 | 8.4 | |||||
Other | 3.2 | 1.5 | |||||
Total regulatory liabilities | $ | 32.5 | $ | 37.3 |
|
2014 | 2013 | ||||||
Non-utility LPG and natural gas | $ | 283.6 | $ | 230.0 | |||
Gas Utility natural gas | 82.7 | 78.9 | |||||
Materials, supplies and other | 56.7 | 56.6 | |||||
Total inventories | $ | 423.0 | $ | 365.5 |
|
2014 | 2013 | ||||||
Utilities: | |||||||
Distribution | $ | 2,294.6 | $ | 2,162.6 | |||
Transmission | 88.2 | 86.6 | |||||
General and other, including work in process | 185.7 | 178.6 | |||||
Total Utilities | 2,568.5 | 2,427.8 | |||||
Non-utility: | |||||||
Land | 170.2 | 178.4 | |||||
Buildings and improvements | 317.4 | 308.1 | |||||
Transportation equipment | 288.4 | 273.8 | |||||
Equipment, primarily cylinders and tanks | 3,042.7 | 3,161.9 | |||||
Electric generation | 273.4 | 264.8 | |||||
Pipeline and related assets | 162.3 | 22.5 | |||||
Other, including work in process | 353.8 | 403.2 | |||||
Total non-utility | 4,608.2 | 4,612.7 | |||||
Total property, plant and equipment | $ | 7,176.7 | $ | 7,040.5 |
|
UGI International | |||||||||||||||||||||||||||
AmeriGas Propane | Gas Utility | Energy Services | Antargaz | Flaga & Other | Corporate & Other | Total | |||||||||||||||||||||
Balance September 30, 2012 | $ | 1,919.2 | $ | 182.1 | $ | 2.8 | $ | 612.0 | $ | 95.2 | $ | 7.0 | $ | 2,818.3 | |||||||||||||
Acquisitions | 12.5 | — | — | — | — | — | 12.5 | ||||||||||||||||||||
Correcting adjustment | 9.3 | — | — | — | — | — | 9.3 | ||||||||||||||||||||
Foreign currency translation | — | — | — | 31.7 | 1.9 | — | 33.6 | ||||||||||||||||||||
Balance September 30, 2013 | 1,941.0 | 182.1 | 2.8 | 643.7 | 97.1 | 7.0 | 2,873.7 | ||||||||||||||||||||
Acquisitions | 6.8 | — | 2.8 | — | — | — | 9.6 | ||||||||||||||||||||
Purchase accounting adjustments | (2.7 | ) | — | — | — | 0.9 | — | (1.8 | ) | ||||||||||||||||||
Foreign currency translation | — | — | — | (42.5 | ) | (5.6 | ) | — | (48.1 | ) | |||||||||||||||||
Balance September 30, 2014 | $ | 1,945.1 | $ | 182.1 | $ | 5.6 | $ | 601.2 | $ | 92.4 | $ | 7.0 | $ | 2,833.4 |
2014 | 2013 | ||||||
Customer relationships, noncompete agreements and other | $ | 712.0 | $ | 704.8 | |||
Trademarks and tradenames (not subject to amortization) | 128.2 | 130.2 | |||||
Gross carrying amount | 840.2 | 835.0 | |||||
Accumulated amortization | (263.8 | ) | (227.1 | ) | |||
Intangible assets, net | $ | 576.4 | $ | 607.9 |
|
Issued | Treasury | Outstanding | ||||||
Balance, September 30, 2011 | 173,260,641 | (5,506,608 | ) | 167,754,033 | ||||
Issued: | ||||||||
Employee and director plans | 176,250 | 1,237,388 | 1,413,638 | |||||
Dividend reinvestment plan | — | 157,491 | 157,491 | |||||
Shares reacquired - employee and director plans | — | (394,530 | ) | (394,530 | ) | |||
Balance, September 30, 2012 | 173,436,891 | (4,506,259 | ) | 168,930,632 | ||||
Issued: | ||||||||
Employee and director plans | 238,800 | 3,933,507 | 4,172,307 | |||||
Dividend reinvestment plan | — | 93,253 | 93,253 | |||||
Shares reacquired - employee and director plans | — | (1,552,905 | ) | (1,552,905 | ) | |||
Balance, September 30, 2013 | 173,675,691 | (2,032,404 | ) | 171,643,287 | ||||
Issued: | ||||||||
Employee and director plans | 94,950 | 2,928,140 | 3,023,090 | |||||
Repurchases of Common Stock | — | (1,227,654 | ) | (1,227,654 | ) | |||
Shares reacquired - employee and director plans | — | (1,164,942 | ) | (1,164,942 | ) | |||
Balance, September 30, 2014 | 173,770,641 | (1,496,860 | ) | 172,273,781 |
Shares | Weighted Average Option Price | Total Intrinsic Value | Weighted Average Contract Term (Years) | |||||||||
Shares under option — September 30, 2011 | 11,509,769 | $ | 17.03 | $ | 15.1 | 6.2 | ||||||
Granted | 2,262,075 | $ | 19.51 | |||||||||
Cancelled | (482,400 | ) | $ | 18.49 | ||||||||
Exercised | (1,202,786 | ) | $ | 13.95 | $ | 7.2 | ||||||
Shares under option — September 30, 2012 | 12,086,658 | $ | 17.75 | $ | 41.4 | 6.1 | ||||||
Granted | 2,275,350 | $ | 22.38 | |||||||||
Cancelled | (134,754 | ) | $ | 20.34 | ||||||||
Exercised | (4,033,302 | ) | $ | 16.39 | $ | 35.4 | ||||||
Shares under option — September 30, 2013 | 10,193,952 | $ | 19.28 | $ | 69.6 | 6.8 | ||||||
Granted | 1,665,600 | $ | 27.93 | |||||||||
Cancelled | (86,707 | ) | $ | 22.76 | ||||||||
Exercised | (2,815,555 | ) | $ | 17.44 | $ | 37.4 | ||||||
Shares under option — September 30, 2014 | 8,957,290 | $ | 21.44 | $ | 113.3 | 7.0 | ||||||
Options exercisable — September 30, 2012 | 7,976,547 | $ | 16.88 | |||||||||
Options exercisable — September 30, 2013 | 5,871,091 | $ | 17.95 | |||||||||
Options exercisable — September 30, 2014 | 5,073,347 | $ | 19.45 | $ | 74.2 | 6.0 | ||||||
Options not exercisable — September 30, 2014 | 3,883,943 | $ | 24.02 | $ | 39.1 | 8.5 |
Range of exercise prices | |||||||||||||||
Under $15.00 | $15.01 - $20.00 | $20.01 - $25.00 | Over $25.00 | ||||||||||||
Options outstanding at September 30, 2014: | |||||||||||||||
Number of options | 102,000 | 3,452,480 | 3,500,910 | 1,901,900 | |||||||||||
Weighted average remaining contractual life (in years) | 1.4 | 5.7 | 7.2 | 9.2 | |||||||||||
Weighted average exercise price | $ | 14.47 | $ | 18.15 | $ | 21.45 | $ | 27.74 | |||||||
Options exercisable at September 30, 2014: | |||||||||||||||
Number of options | 102,000 | 2,727,509 | 2,077,840 | 165,998 | |||||||||||
Weighted average exercise price | $ | 14.47 | $ | 17.81 | $ | 21.27 | $ | 26.85 |
2014 | 2013 | 2012 | |||
Expected life of option | 5.75 years | 5.75 years | 5.75 years | ||
Weighted average volatility | 24.3% | 24.9% | 24.7% | ||
Weighted average dividend yield | 2.9% | 3.6% | 3.5% | ||
Expected volatility | 23.7% - 24.4% | 24.4% - 24.9% | 24.7% | ||
Expected dividend yield | 2.7% - 2.9% | 3.2% - 3.7% | 3.3% - 3.7% | ||
Risk free rate | 1.8% - 2.0% | 0.8% - 1.7% | 0.8% - 1.1% |
Grants Awarded in Fiscal | ||||||||
2014 | 2013 | 2012 | ||||||
Risk free rate | 0.8 | % | 0.4 | % | 0.4 | % | ||
Expected life | 3 years | 3 years | 3 years | |||||
Expected volatility | 20.3 | % | 21.1 | % | 22.2 | % | ||
Dividend yield | 2.7 | % | 3.3 | % | 3.5 | % |
Total | Vested | Non-Vested | ||||||||||||||||||
Number of UGI Units | Weighted Average Grant Date Fair Value (per Unit) | Number of UGI Units | Weighted Average Grant Date Fair Value (per Unit) | Number of UGI Units | Weighted Average Grant Date Fair Value (per Unit) | |||||||||||||||
September 30, 2013 | 1,380,902 | $ | 18.35 | 822,975 | $ | 15.45 | 557,927 | $ | 22.62 | |||||||||||
UGI Performance Units: | ||||||||||||||||||||
Granted | 189,450 | $ | 32.32 | 9,570 | $ | 32.02 | 179,880 | $ | 32.33 | |||||||||||
Forfeited | (7,200 | ) | $ | 24.95 | — | $ | — | (7,200 | ) | $ | 24.95 | |||||||||
Vested | — | $ | — | 205,282 | $ | 21.15 | (205,282 | ) | $ | 21.15 | ||||||||||
Unit awards paid | (267,146 | ) | $ | 22.17 | (267,146 | ) | $ | 22.17 | — | $ | — | |||||||||
UGI Stock Units: | ||||||||||||||||||||
Granted (a) | 44,814 | $ | 27.41 | 43,689 | $ | 27.35 | 1,125 | $ | 29.84 | |||||||||||
Vested | — | $ | — | 1,500 | $ | 22.29 | (1,500 | ) | $ | 22.29 | ||||||||||
Unit awards paid | (34,639 | ) | $ | 14.41 | (34,639 | ) | $ | 14.41 | — | $ | — | |||||||||
September 30, 2014 | 1,306,181 | $ | 20.58 | 781,231 | $ | 16.60 | 524,950 | $ | 26.51 |
(a) | Generally, shares granted under UGI Stock Unit awards are paid approximately 70% in shares. UGI Stock Unit awards granted in Fiscal 2013 and Fiscal 2012 were 51,038 and 63,668, respectively. |
2014 | 2013 | 2012 | |||||||||
UGI Performance Unit awards: | |||||||||||
Number of original awards granted | 331,038 | 328,025 | 316,125 | ||||||||
Fiscal year granted | 2011 | 2010 | 2009 | ||||||||
Payment of awards: | |||||||||||
Shares of UGI Common Stock issued | 174,168 | 97,622 | — | ||||||||
Cash paid | $ | 3.1 | $ | 1.6 | $ | — | |||||
UGI Stock Unit awards: | |||||||||||
Number of original awards granted | 34,639 | 54,269 | 49,347 | ||||||||
Payment of awards: | |||||||||||
Shares of UGI Common Stock issued | 22,604 | 35,274 | 32,636 | ||||||||
Cash paid | $ | 0.4 | $ | 0.5 | $ | 0.2 |
Grants Awarded in Fiscal | ||||||||
2014 | 2013 | 2012 | ||||||
Risk-free rate | 0.8 | % | 0.4 | % | 0.4 | % | ||
Expected life | 3 years | 3 years | 3 years | |||||
Expected volatility | 21.1 | % | 20.7 | % | 23.0 | % | ||
Dividend yield | 7.5 | % | 8.2 | % | 6.4 | % |
Total | Vested | Non-Vested | ||||||||||||||||||
Number of AmeriGas Partners Common Units Subject to Award | Weighted Average Grant Date Fair Value (per Unit) | Number of AmeriGas Partners Common Units Subject to Award | Weighted Average Grant Date Fair Value (per Unit) | Number of AmeriGas Partners Common Units Subject to Award | Weighted Average Grant Date Fair Value (per Unit) | |||||||||||||||
September 30, 2013 | 224,167 | $ | 47.88 | 47,715 | $ | 47.92 | 176,452 | $ | 47.87 | |||||||||||
AmeriGas Performance Units: | ||||||||||||||||||||
Granted | 53,800 | $ | 41.50 | 633 | $ | 41.37 | 53,167 | $ | 41.50 | |||||||||||
Forfeited | (8,150 | ) | $ | 45.96 | — | $ | — | (8,150 | ) | $ | 45.96 | |||||||||
Vested | — | $ | — | 15,319 | $ | 53.93 | (15,319 | ) | $ | 53.93 | ||||||||||
Performance criteria not met | (31,317 | ) | $ | 54.51 | (31,317 | ) | $ | 54.51 | — | $ | — | |||||||||
AmeriGas Stock Units: | ||||||||||||||||||||
Granted | 32,658 | $ | 46.37 | 15,936 | $ | 48.00 | 16,722 | $ | 44.81 | |||||||||||
Forfeited | (7,783 | ) | $ | 51.10 | — | $ | — | (7,783 | ) | $ | (51.10 | ) | ||||||||
Vested | — | $ | — | 52,061 | $ | 47.58 | (52,061 | ) | $ | 47.58 | ||||||||||
Awards paid | (63,140 | ) | $ | 48.00 | (63,140 | ) | $ | 48.00 | — | $ | — | |||||||||
September 30, 2014 | 200,235 | $ | 44.82 | 37,207 | $ | 44.27 | 163,028 | $ | 44.95 |
2014 | 2013 | 2012 | |||||||||
AmeriGas Performance Unit awards: | |||||||||||
Number of Common Units subject to original awards granted | 41,251 | 48,150 | 53,600 | ||||||||
Fiscal year granted | 2011 | 2010 | 2009 | ||||||||
Payment of awards: | |||||||||||
AmeriGas Partners Common Units issued | — | — | — | ||||||||
Cash paid | $ | — | $ | — | $ | — | |||||
AmeriGas Stock Unit awards: | |||||||||||
Number of Common Units subject to original awards granted | 72,023 | 35,934 | 67,246 | ||||||||
Payment of awards: | |||||||||||
AmeriGas Partners Common Units issued | 40,842 | 23,192 | 44,016 | ||||||||
Cash paid | $ | 1.4 | $ | 0.6 | $ | 1.0 |
|
2015 | 2016 | 2017 | 2018 | 2019 | After 2019 | ||||||||||||||||||
AmeriGas Propane | $ | 56.2 | $ | 46.6 | $ | 36.5 | $ | 30.6 | $ | 25.9 | $ | 63.0 | |||||||||||
UGI Utilities | 6.7 | 6.2 | 4.5 | 3.7 | 1.4 | 0.7 | |||||||||||||||||
UGI International | 7.8 | 6.1 | 4.4 | 2.0 | 0.4 | 0.5 | |||||||||||||||||
Other | 1.9 | 1.8 | 0.9 | 0.6 | 0.4 | 0.3 | |||||||||||||||||
Total | $ | 72.6 | $ | 60.7 | $ | 46.3 | $ | 36.9 | $ | 28.1 | $ | 64.5 |
2015 | 2016 | 2017 | 2018 | 2019 | After 2019 | ||||||||||||||||||
UGI Utilities supply, storage and transportation contracts | $ | 156.9 | $ | 66.8 | $ | 44.9 | $ | 30.8 | $ | 23.6 | $ | 66.4 | |||||||||||
Midstream & Marketing supply contracts | 302.1 | 107.0 | 42.1 | 4.3 | — | — | |||||||||||||||||
AmeriGas Propane supply contracts | 130.8 | 74.3 | — | — | — | — | |||||||||||||||||
UGI International supply contracts | 144.7 | 72.8 | — | — | — | — | |||||||||||||||||
Total | $ | 734.5 | $ | 320.9 | $ | 87.0 | $ | 35.1 | $ | 23.6 | $ | 66.4 |
|
Asset (Liability) | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
September 30, 2014: | |||||||||||||||
Derivative instruments: | |||||||||||||||
Assets: | |||||||||||||||
Commodity contracts | $ | 10.6 | $ | 19.8 | $ | — | $ | 30.4 | |||||||
Foreign currency contracts | $ | — | $ | 12.8 | $ | — | $ | 12.8 | |||||||
Cross-currency swaps | $ | — | $ | 2.1 | $ | — | $ | 2.1 | |||||||
Interest rate contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||
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 | |||||||
September 30, 2013 (b): | |||||||||||||||
Derivative instruments: | |||||||||||||||
Assets: | |||||||||||||||
Commodity contracts | $ | 2.6 | $ | 22.8 | $ | — | $ | 25.4 | |||||||
Foreign currency contracts | $ | — | $ | 0.9 | $ | — | $ | 0.9 | |||||||
Liabilities: | |||||||||||||||
Commodity contracts | $ | (8.8 | ) | $ | (9.3 | ) | $ | — | $ | (18.1 | ) | ||||
Foreign currency contracts | $ | — | $ | (7.2 | ) | $ | — | $ | (7.2 | ) | |||||
Interest rate contracts | $ | — | $ | (31.0 | ) | $ | — | $ | (31.0 | ) | |||||
Cross-currency swaps | $ | — | $ | (1.2 | ) | $ | — | $ | (1.2 | ) | |||||
Non-qualified supplemental postretirement grantor trust investments (a) | $ | 27.1 | $ | — | $ | — | $ | 27.1 |
(a) | Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans (see Note 8). |
(b) | Certain immaterial amounts have been revised to correct the classification of derivatives. |
|
2014 | 2013 (a) | ||||||
Derivative assets: | |||||||
Derivatives designated as hedging instruments: | |||||||
Commodity contracts | $ | 2.8 | $ | 18.0 | |||
Foreign currency contracts | 12.8 | 0.9 | |||||
Cross-currency contracts | 2.1 | — | |||||
Interest rate contracts | 0.1 | — | |||||
17.8 | 18.9 | ||||||
Derivatives accounted for under ASC 980: | |||||||
Commodity contracts | 1.7 | — | |||||
Derivatives not designated as hedging instruments: | |||||||
Commodity contracts | 25.9 | 7.4 | |||||
Total derivative assets - gross | 45.4 | 26.3 | |||||
Gross amounts offset in the balance sheet | (18.4 | ) | (2.1 | ) | |||
Total derivative assets - net | $ | 27.0 | $ | 24.2 | |||
Derivative liabilities: | |||||||
Derivatives designated as hedging instruments: | |||||||
Commodity contracts | $ | (5.3 | ) | $ | (4.5 | ) | |
Foreign currency contracts | (0.1 | ) | (7.2 | ) | |||
Cross-currency contracts | — | (1.2 | ) | ||||
Interest rate contracts | (21.0 | ) | (31.0 | ) | |||
(26.4 | ) | (43.9 | ) | ||||
Derivatives accounted for under ASC 980: | |||||||
Commodity contracts | (2.2 | ) | (6.7 | ) | |||
Derivatives not designated as hedging instruments: | |||||||
Commodity contracts | (46.6 | ) | (6.9 | ) | |||
Total derivative liabilities - gross | (75.2 | ) | (57.5 | ) | |||
Gross amounts offset in the balance sheet | 18.4 | 2.1 | |||||
Total derivative liabilities - net | $ | (56.8 | ) | $ | (55.4 | ) |
(a) | Certain immaterial amounts have been revised to correct the classification of derivatives. |
Gain or (Loss) Recognized in AOCI and Noncontrolling Interests | Gain or (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain or (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||
Commodity contracts | $ | 50.8 | $ | 8.3 | $ | (98.0 | ) | $ | 67.0 | $ | (49.5 | ) | $ | (61.4 | ) | Cost of sales | |||||||||
Foreign currency contracts | 15.3 | (8.3 | ) | (0.5 | ) | (3.7 | ) | (0.1 | ) | 2.1 | Cost of sales | ||||||||||||||
Cross-currency contracts | 3.1 | (1.2 | ) | — | (0.1 | ) | — | — | Interest expense | ||||||||||||||||
Interest rate contracts | (3.1 | ) | 22.9 | (36.8 | ) | (15.9 | ) | (14.2 | ) | (11.5 | ) | Interest expense /other income, net | |||||||||||||
Total | $ | 66.1 | $ | 21.7 | $ | (135.3 | ) | $ | 47.3 | $ | (63.8 | ) | $ | (70.8 | ) | ||||||||||
Net Investment Hedges: | |||||||||||||||||||||||||
Foreign currency contracts | $ | — | $ | — | $ | 0.6 |
Gain or (Loss) Recognized in Income | Location of Gain or (Loss) Recognized in Income | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||
Commodity contracts | $ | (36.3 | ) | $ | 9.3 | $ | 0.1 | Cost of sales | |||||
Commodity contracts | — | — | 0.2 | Operating and administrative expenses / other income, net | |||||||||
Foreign currency contracts | — | (0.4 | ) | 0.5 | Other income, net | ||||||||
Total | $ | (36.3 | ) | $ | 8.9 | $ | 0.8 |
|
2014 | 2013 | 2012 | |||||||||
Interest and interest-related income | $ | 3.6 | $ | 2.2 | $ | 2.4 | |||||
Utility non-tariff service income | 2.7 | 2.8 | 2.7 | ||||||||
Finance charges | 17.5 | 21.4 | 18.8 | ||||||||
Gains on sales of fixed assets | 5.4 | 1.4 | 1.9 | ||||||||
Loss on private equity partnership investment | — | (6.3 | ) | — | |||||||
Other, net | 6.9 | 11.3 | 14.0 | ||||||||
Total other income, net | $ | 36.1 | $ | 32.8 | $ | 39.8 |
|
December 31, | March 31, | June 30, | September 30, | ||||||||||||||||||||||||
2013(a) | 2012 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 (b) | ||||||||||||||||||||
Revenues | $ | 2,315.9 | $ | 2,018.7 | $ | 3,163.3 | $ | 2,542.7 | $ | 1,486.7 | $ | 1,374.3 | $ | 1,311.4 | $ | 1,259.0 | |||||||||||
Operating income (loss) | $ | 363.7 | $ | 294.2 | $ | 588.6 | $ | 507.7 | $ | 62.7 | $ | 41.5 | $ | (9.4 | ) | $ | (12.3 | ) | |||||||||
Net income (loss) | $ | 217.5 | $ | 167.8 | $ | 387.8 | $ | 341.7 | $ | (12.7 | ) | $ | (22.8 | ) | $ | (60.0 | ) | $ | (59.1 | ) | |||||||
Net income (loss) attributable to UGI Corporation | $ | 122.0 | $ | 102.5 | $ | 214.4 | $ | 180.7 | $ | 20.6 | $ | 9.1 | $ | (19.8 | ) | $ | (14.2 | ) | |||||||||
Earnings (loss) per common share attributable to UGI Corporation stockholders: | |||||||||||||||||||||||||||
Basic | $ | 0.71 | $ | 0.60 | $ | 1.24 | $ | 1.06 | $ | 0.12 | $ | 0.05 | $ | (0.11 | ) | $ | (0.08 | ) | |||||||||
Diluted | $ | 0.70 | $ | 0.60 | $ | 1.22 | $ | 1.05 | $ | 0.12 | $ | 0.05 | $ | (0.11 | ) | $ | (0.08 | ) |
(a) | Includes income tax expense of $5.7 to reflect the retroactive effects to Fiscal 2013 of new tax legislation in France regarding the deductibility of certain interest expense which decreased net income attributable to UGI Corporation by $5.7 or $0.03 per diluted share (see Note 7). |
(b) | Includes impairment loss on private equity partnership investment which increased operating loss by $6.3 and net loss attributable to UGI Corporation by $3.7 or $0.02 per share (see Note 2). |
|
Midstream & Marketing | UGI International | ||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||
Revenues | $ | 8,277.3 | $ | (321.3 | ) | (c) | $ | 3,712.9 | $ | 977.3 | $ | 1,305.5 | $ | 85.1 | $ | 1,295.5 | $ | 1,026.9 | $ | 195.4 | |||||||||||||||
Cost of sales | $ | 5,175.7 | $ | (317.7 | ) | (c) | $ | 2,107.1 | $ | 496.8 | $ | 1,058.8 | $ | 39.6 | $ | 848.1 | $ | 809.9 | $ | 133.1 | |||||||||||||||
Operating income (loss) | $ | 1,005.6 | $ | 0.2 | $ | 472.0 | $ | 236.2 | $ | 180.5 | $ | 18.1 | $ | 79.1 | $ | 38.4 | $ | (18.9 | ) | ||||||||||||||||
Loss from equity investees | (0.1 | ) | — | — | — | — | — | (0.1 | ) | — | — | ||||||||||||||||||||||||
Interest expense | (237.7 | ) | — | (165.6 | ) | (36.6 | ) | (2.9 | ) | — | (25.1 | ) | (4.9 | ) | (2.6 | ) | |||||||||||||||||||
Income (loss) before income taxes | $ | 767.8 | $ | 0.2 | $ | 306.4 | $ | 199.6 | $ | 177.6 | $ | 18.1 | $ | 53.9 | $ | 33.5 | $ | (21.5 | ) | ||||||||||||||||
Net income (loss) attributable to UGI | $ | 337.2 | $ | — | $ | 63.0 | $ | 118.8 | $ | 105.2 | $ | 12.6 | $ | 20.6 | $ | 27.7 | $ | (10.7 | ) | ||||||||||||||||
Depreciation and amortization | $ | 362.9 | $ | — | $ | 197.2 | $ | 54.8 | $ | 12.3 | $ | 10.7 | $ | 54.5 | $ | 27.1 | $ | 6.3 | |||||||||||||||||
Noncontrolling interests’ net income (loss) | $ | 195.4 | $ | — | $ | 195.8 | $ | — | $ | — | $ | — | $ | (0.4 | ) | $ | — | $ | — | ||||||||||||||||
Partnership EBITDA (a) | $ | 655.3 | $ | — | $ | 664.8 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (9.5 | ) | ||||||||||||||||
Total assets | $ | 10,093.0 | $ | (86.5 | ) | $ | 4,377.0 | $ | 2,214.1 | $ | 569.0 | $ | 277.7 | $ | 1,659.1 | $ | 643.6 | $ | 439.0 | ||||||||||||||||
Short-term borrowings | $ | 210.8 | $ | — | $ | 109.0 | $ | 86.3 | $ | 7.5 | $ | — | $ | — | $ | 8.0 | $ | — | |||||||||||||||||
Capital expenditures | $ | 436.4 | $ | — | $ | 113.9 | $ | 156.4 | $ | 67.8 | $ | 15.6 | $ | 50.2 | $ | 23.0 | $ | 9.5 | |||||||||||||||||
Investments in equity investees | $ | 0.6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.6 | $ | — | |||||||||||||||||
Goodwill | $ | 2,833.4 | $ | — | $ | 1,945.1 | $ | 182.1 | $ | 5.6 | $ | — | $ | 601.2 | $ | 92.4 | $ | 7.0 | |||||||||||||||||
Midstream & Marketing | UGI International | ||||||||||||||||||||||||||||||||||
Total | Elim- inations | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||
Revenues | $ | 7,194.7 | $ | (223.8 | ) | (c) | $ | 3,168.8 | $ | 839.0 | $ | 969.4 | $ | 71.4 | $ | 1,322.6 | $ | 856.6 | $ | 190.7 | |||||||||||||||
Cost of sales | $ | 4,324.4 | $ | (217.5 | ) | (c) | $ | 1,657.2 | $ | 407.2 | $ | 836.9 | $ | 39.9 | $ | 845.0 | $ | 653.4 | $ | 102.3 | |||||||||||||||
Operating income | $ | 831.1 | $ | (1.1 | ) | $ | 394.4 | $ | 196.5 | $ | 82.5 | $ | 7.5 | $ | 111.4 | $ | 35.6 | $ | 4.3 | ||||||||||||||||
Loss from equity investees | (0.4 | ) | — | — | — | — | — | (0.4 | ) | — | — | ||||||||||||||||||||||||
Interest expense | (240.3 | ) | — | (166.6 | ) | (37.4 | ) | (3.2 | ) | — | (25.3 | ) | (5.1 | ) | (2.7 | ) | |||||||||||||||||||
Income before income taxes | 590.4 | (1.1 | ) | 227.8 | 159.1 | 79.3 | 7.5 | 85.7 | 30.5 | 1.6 | |||||||||||||||||||||||||
Net income attributable to UGI | $ | 278.1 | $ | (0.6 | ) | $ | 47.5 | $ | 94.3 | $ | 46.3 | $ | 6.2 | $ | 57.2 | $ | 25.5 | $ | 1.7 | ||||||||||||||||
Depreciation and amortization | $ | 363.1 | $ | — | $ | 205.9 | $ | 51.7 | $ | 7.6 | $ | 10.0 | $ | 57.6 | $ | 24.1 | $ | 6.2 | |||||||||||||||||
Noncontrolling interests’ net (loss) income | $ | 149.5 | $ | — | $ | 149.6 | $ | — | $ | — | $ | — | $ | (0.2 | ) | $ | 0.1 | $ | — | ||||||||||||||||
Partnership EBITDA (a) | $ | 596.5 | |||||||||||||||||||||||||||||||||
Total assets | $ | 10,008.8 | $ | (100.3 | ) | $ | 4,429.3 | $ | 2,069 | $ | 501.2 | $ | 269.7 | $ | 1,784.4 | $ | 667.1 | $ | 388.4 | ||||||||||||||||
Short-term borrowings | $ | 227.9 | $ | — | $ | 116.9 | $ | 17.5 | $ | 87.0 | $ | — | $ | — | $ | 6.5 | $ | — | |||||||||||||||||
Capital expenditures | $ | 489.1 | $ | (1.1 | ) | $ | 111.1 | $ | 144.4 | $ | 133.8 | $ | 22.6 | $ | 53.4 | $ | 17.4 | $ | 7.5 | ||||||||||||||||
Investments in equity investees | $ | 0.3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | |||||||||||||||||
Goodwill | $ | 2,873.7 | $ | — | $ | 1,941.0 | $ | 182.1 | $ | 2.8 | $ | — | $ | 643.7 | $ | 97.1 | $ | 7.0 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||
Revenues | $ | 6,521.3 | $ | (178.8 | ) | (c) | $ | 2,921.5 | $ | 785.4 | $ | 816.4 | $ | 43.9 | $ | 1,121.4 | $ | 824.7 | $ | 186.8 | |||||||||||||||
Cost of sales | $ | 4,099.1 | $ | (174.0 | ) | (c) | $ | 1,722.4 | $ | 402.5 | $ | 701.9 | $ | 28.0 | $ | 685.5 | $ | 640.3 | $ | 92.5 | |||||||||||||||
Operating income (loss) | $ | 538.6 | $ | — | $ | 168.7 | $ | 174.1 | $ | 70.8 | $ | (6.5 | ) | $ | 88.3 | $ | 23.6 | $ | 19.6 | ||||||||||||||||
Loss from equity investees | (0.3 | ) | — | — | — | — | — | (0.3 | ) | — | — | ||||||||||||||||||||||||
Loss on extinguishments of debt | (13.3 | ) | — | (13.3 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest expense | (220.4 | ) | — | (141.5 | ) | (40.1 | ) | (4.8 | ) | — | (26.3 | ) | (4.6 | ) | (3.1 | ) | |||||||||||||||||||
Income (loss) before income taxes | $ | 304.6 | $ | — | $ | 13.9 | $ | 134.0 | $ | 66.0 | $ | (6.5 | ) | $ | 61.7 | $ | 19.0 | $ | 16.5 | ||||||||||||||||
Net income (loss) attributable to UGI | $ | 210.2 | $ | — | $ | 15.4 | $ | 81.6 | $ | 38.7 | $ | (1.0 | ) | $ | 51.4 | $ | 13.8 | $ | 10.3 | ||||||||||||||||
Depreciation and amortization | $ | 315.0 | $ | — | $ | 168.1 | $ | 49.0 | $ | 3.7 | $ | 9.0 | $ | 57.1 | $ | 22.1 | $ | 6.0 | |||||||||||||||||
Noncontrolling interests’ net (loss) income | $ | (12.5 | ) | $ | — | $ | (12.7 | ) | $ | — | $ | — | $ | — | $ | 0.2 | $ | — | $ | — | |||||||||||||||
Partnership EBITDA (a) | $ | 322.1 | |||||||||||||||||||||||||||||||||
Total assets | $ | 9,676.9 | $ | (104.1 | ) | $ | 4,533.8 | $ | 2,045.5 | $ | 368.5 | $ | 258.2 | $ | 1,686.5 | $ | 531.8 | $ | 356.7 | ||||||||||||||||
Short-term borrowings | $ | 165.1 | $ | — | $ | 49.9 | $ | 9.2 | $ | 85.0 | $ | — | $ | — | $ | 21.0 | $ | — | |||||||||||||||||
Capital expenditures | $ | 343.2 | $ | — | $ | 103.1 | $ | 109.0 | $ | 36.0 | $ | 24.4 | $ | 47.3 | $ | 16.9 | $ | 6.5 | |||||||||||||||||
Investments in equity investees | $ | 0.3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | |||||||||||||||||
Goodwill | $ | 2,818.3 | $ | — | $ | 1,919.2 | $ | 182.1 | $ | 2.8 | $ | — | $ | 612.0 | $ | 95.2 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: |
2014 | 2013 | 2012 | ||||||||||
Partnership EBITDA | $ | 664.8 | $ | 596.5 | $ | 322.1 | ||||||
Depreciation and amortization | (197.2 | ) | (205.9 | ) | (168.1 | ) | ||||||
Loss on extinguishments of debt | — | — | 13.3 | |||||||||
Noncontrolling interests (i) | 4.4 | 3.8 | 1.4 | |||||||||
Operating income | $ | 472.0 | $ | 394.4 | $ | 168.7 |
(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, (4) UGI Corporation’s unallocated corporate and general expenses and interest income and (5) net (losses) gains on Midstream & Marketing’s unsettled commodity derivative instruments and certain settled commodity derivative instruments not associated with current period transactions, and net (losses) gains on AmeriGas Propane’s unsettled commodity derivative instruments entered into beginning April 1, 2014, totaling $(18.0), $7.4 and $15.1 in Fiscal 2014, Fiscal 2013 and Fiscal 2012, respectively. 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) | Represents the elimination of intersegment transactions principally among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
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