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Nature of Operations |
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Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Denominator (thousands of shares): | ||||||||||||
Average common shares outstanding for basic computation | 113,709 | 112,510 | 113,416 | 112,380 | ||||||||
Incremental shares issuable for stock options and awards | 1,490 | 729 | 1,413 | 705 | ||||||||
Average common shares outstanding for diluted computation | 115,199 | 113,239 | 114,829 | 113,085 |
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Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2013 (As Reported) | 2012 (Pro Forma) | 2013 (As Reported) | 2012 (Pro Forma) | |||||||||||||
Revenues | $ | 2,537.1 | $ | 2,496.8 | $ | 4,560.3 | $ | 4,608.0 | ||||||||
Net income attributable to UGI Corporation | $ | 171.9 | $ | 133.4 | $ | 274.5 | $ | 218.8 | ||||||||
Earnings per common share attributable to UGI Corporation stockholders: | ||||||||||||||||
Basic | $ | 1.51 | $ | 1.19 | $ | 2.42 | $ | 1.95 | ||||||||
Diluted | $ | 1.49 | $ | 1.18 | $ | 2.39 | $ | 1.93 |
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March 31, 2013 | September 30, 2012 | March 31, 2012 | ||||||||||
Goodwill (not subject to amortization) | $ | 2,813.8 | $ | 2,818.3 | $ | 2,795.2 | ||||||
Intangible assets: | ||||||||||||
Customer relationships, noncompete agreements and other | $ | 690.0 | $ | 691.9 | $ | 693.8 | ||||||
Trademarks and tradenames (not subject to amortization) | 137.0 | 137.2 | 192.0 | |||||||||
Gross carrying amount | 827.0 | 829.1 | 885.8 | |||||||||
Accumulated amortization | (197.1 | ) | (170.9 | ) | (152.6 | ) | ||||||
Intangible assets, net | $ | 629.9 | $ | 658.2 | $ | 733.2 |
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Segment Information |
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 2,537.1 | $ | (61.1 | ) | (c) | $ | 1,176.3 | $ | 368.6 | $ | 304.0 | $ | 17.1 | $ | 452.6 | $ | 230.9 | $ | 48.7 | |||||||||||||||||
Cost of sales | $ | 1,500.6 | $ | (58.8 | ) | (c) | $ | 612.4 | $ | 196.7 | $ | 247.0 | $ | 10.6 | $ | 285.8 | $ | 177.4 | $ | 29.5 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 486.2 | $ | (0.9 | ) | $ | 257.4 | $ | 105.7 | $ | 43.5 | $ | 0.5 | $ | 67.8 | $ | 13.8 | $ | (1.6 | ) | |||||||||||||||||
Income from equity investees | 0.1 | — | — | — | — | — | 0.1 | — | — | ||||||||||||||||||||||||||||
Interest expense | (60.1 | ) | — | (41.8 | ) | (9.3 | ) | (0.8 | ) | — | (6.3 | ) | (1.3 | ) | (0.6 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 426.2 | $ | (0.9 | ) | $ | 215.6 | $ | 96.4 | $ | 42.7 | $ | 0.5 | $ | 61.6 | $ | 12.5 | $ | (2.2 | ) | |||||||||||||||||
Partnership EBITDA (a) | $ | 303.6 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 154.3 | $ | — | $ | 154.0 | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 87.3 | $ | — | $ | 48.6 | $ | 12.7 | $ | 1.9 | $ | 2.4 | $ | 14.2 | $ | 5.8 | $ | 1.7 | |||||||||||||||||||
Capital expenditures | $ | 93.6 | $ | (1.0 | ) | $ | 27.9 | $ | 24.4 | $ | 19.3 | $ | 4.2 | $ | 13.2 | $ | 4.1 | $ | 1.5 | ||||||||||||||||||
Total assets (at period end) | $ | 10,236.3 | $ | (110.8 | ) | $ | 4,682.8 | $ | 2,205.5 | $ | 450.4 | $ | 261.7 | $ | 1,847.7 | $ | 551.3 | $ | 347.7 | ||||||||||||||||||
Bank loans (at period end) | $ | 177.7 | $ | — | $ | 115.9 | $ | — | $ | 47.0 | $ | — | $ | — | $ | 14.8 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,813.8 | $ | — | $ | 1,919.2 | $ | 182.1 | $ | 2.8 | $ | — | $ | 610.0 | $ | 92.7 | $ | 7.0 |
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 2,427.5 | $ | (44.8 | ) | (c) | $ | 1,155.6 | $ | 319.5 | $ | 261.4 | $ | 8.8 | $ | 445.3 | $ | 236.4 | $ | 45.3 | |||||||||||||||||
Cost of sales | $ | 1,526.6 | $ | (43.6 | ) | (c) | $ | 670.0 | $ | 177.5 | $ | 216.4 | $ | 6.4 | $ | 288.6 | $ | 185.2 | $ | 26.1 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 380.8 | $ | — | $ | 195.0 | $ | 85.0 | $ | 33.1 | $ | (2.5 | ) | $ | 60.2 | $ | 10.0 | $ | — | ||||||||||||||||||
Income from equity investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Loss on extinguishments of debt | (13.4 | ) | — | (13.4 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Interest expense | (65.3 | ) | — | (45.1 | ) | (10.1 | ) | (1.3 | ) | — | (6.9 | ) | (1.2 | ) | (0.7 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 302.1 | $ | — | $ | 136.5 | $ | 74.9 | $ | 31.8 | $ | (2.5 | ) | $ | 53.3 | $ | 8.8 | $ | (0.7 | ) | |||||||||||||||||
Partnership EBITDA (a) | $ | 224.5 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 93.6 | $ | — | $ | 93.2 | $ | — | $ | — | $ | — | $ | 0.4 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 82.8 | $ | — | $ | 44.8 | $ | 12.2 | $ | 0.8 | $ | 2.2 | $ | 15.0 | $ | 6.4 | $ | 1.4 | |||||||||||||||||||
Capital expenditures | $ | 65.3 | $ | — | $ | 23.5 | $ | 25.7 | $ | 4.3 | $ | 1.6 | $ | 4.9 | $ | 3.9 | $ | 1.4 | |||||||||||||||||||
Total assets (at period end) | $ | 10,129.4 | $ | (84.4 | ) | $ | 4,823.8 | $ | 2,038.5 | $ | 387.7 | $ | 255.4 | $ | 1,843.3 | $ | 548.4 | $ | 316.7 | ||||||||||||||||||
Bank loans (at period end) | $ | 190.2 | $ | — | $ | 50.9 | $ | — | $ | 112.0 | $ | — | $ | — | $ | 27.3 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,795.2 | $ | — | $ | 1,881.3 | $ | 182.1 | $ | 2.8 | $ | — | $ | 638.5 | $ | 83.5 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: |
Three Months Ended March 31, | 2013 | 2012 | ||||||
Partnership EBITDA | $ | 303.6 | 224.5 | |||||
Depreciation and amortization | (48.6 | ) | (44.8 | ) | ||||
Loss on extinguishments of debt | — | 13.4 | ||||||
Noncontrolling interests (i) | 2.4 | 1.9 | ||||||
Operating income | $ | 257.4 | $ | 195.0 |
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
(b) | Corporate & Other results principally comprise Electric Utility, UGI Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC/R”), net expenses of UGI’s captive general liability insurance company and UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC/R, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. |
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 4,560.3 | $ | (119.6 | ) | (c) | $ | 2,052.9 | $ | 616.9 | $ | 531.8 | $ | 32.0 | $ | 871.9 | $ | 476.5 | $ | 97.9 | |||||||||||||||||
Cost of sales | $ | 2,719.4 | $ | (116.1 | ) | (c) | $ | 1,064.5 | $ | 320.3 | $ | 434.9 | $ | 20.2 | $ | 565.7 | $ | 372.3 | $ | 57.6 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 782.3 | $ | (0.9 | ) | $ | 397.3 | $ | 175.5 | $ | 70.8 | $ | 0.7 | $ | 115.3 | $ | 24.1 | $ | (0.5 | ) | |||||||||||||||||
Income from equity investees | 0.1 | — | — | — | — | — | 0.1 | — | — | ||||||||||||||||||||||||||||
Interest expense | (120.4 | ) | — | (83.0 | ) | (18.9 | ) | (1.8 | ) | — | (12.8 | ) | (2.6 | ) | (1.3 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 662.0 | $ | (0.9 | ) | $ | 314.3 | $ | 156.6 | $ | 69.0 | $ | 0.7 | $ | 102.6 | $ | 21.5 | $ | (1.8 | ) | |||||||||||||||||
Partnership EBITDA (a) | $ | 491.4 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 222.4 | $ | — | $ | 222.0 | $ | — | $ | — | $ | — | $ | 0.4 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 174.4 | $ | — | $ | 98.0 | $ | 25.3 | $ | 3.5 | $ | 4.9 | $ | 28.3 | $ | 11.3 | $ | 3.1 | |||||||||||||||||||
Capital expenditures | $ | 184.9 | $ | (1.0 | ) | $ | 54.4 | $ | 52.9 | $ | 32.8 | $ | 11.0 | $ | 25.4 | $ | 6.3 | $ | 3.1 | ||||||||||||||||||
Total assets (at period end) | $ | 10,236.3 | $ | (110.8 | ) | $ | 4,682.8 | $ | 2,205.5 | $ | 450.4 | $ | 261.7 | $ | 1,847.7 | $ | 551.3 | $ | 347.7 | ||||||||||||||||||
Bank loans (at period end) | $ | 177.7 | $ | — | $ | 115.9 | $ | — | $ | 47.0 | $ | — | $ | — | $ | 14.8 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,813.8 | $ | — | $ | 1,919.2 | $ | 182.1 | $ | 2.8 | $ | — | $ | 610.0 | $ | 92.7 | $ | 7.0 |
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 4,116.3 | $ | (100.8 | ) | (c) | $ | 1,839.4 | $ | 574.5 | $ | 495.5 | $ | 16.2 | $ | 746.9 | $ | 453.1 | $ | 91.5 | |||||||||||||||||
Cost of sales | $ | 2,628.4 | $ | (98.6 | ) | (c) | $ | 1,113.8 | $ | 319.2 | $ | 413.1 | $ | 11.2 | $ | 464.3 | $ | 353.3 | $ | 52.1 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 569.1 | $ | — | $ | 255.1 | $ | 146.2 | $ | 60.5 | $ | (6.0 | ) | $ | 97.5 | $ | 14.4 | $ | 1.4 | ||||||||||||||||||
Loss from equity investees | (0.1 | ) | — | — | — | — | — | (0.1 | ) | — | — | ||||||||||||||||||||||||||
Loss on extinguishments of debt | (13.4 | ) | — | (13.4 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Interest expense | (101.3 | ) | — | (61.6 | ) | (20.2 | ) | (2.4 | ) | — | (13.4 | ) | (2.2 | ) | (1.5 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 454.3 | $ | — | $ | 180.1 | $ | 126.0 | $ | 58.1 | $ | (6.0 | ) | $ | 84.0 | $ | 12.2 | $ | (0.1 | ) | |||||||||||||||||
Partnership EBITDA (a) | $ | 308.2 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 116.7 | $ | — | $ | 116.2 | $ | — | $ | — | $ | — | $ | 0.5 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 143.1 | $ | — | $ | 69.0 | $ | 24.3 | $ | 1.5 | $ | 4.3 | $ | 29.1 | $ | 11.9 | $ | 3.0 | |||||||||||||||||||
Capital expenditures | $ | 154.0 | $ | — | $ | 45.1 | $ | 47.5 | $ | 22.9 | $ | 11.1 | $ | 16.0 | $ | 8.7 | $ | 2.7 | |||||||||||||||||||
Total assets (at period end) | $ | 10,129.4 | $ | (84.4 | ) | $ | 4,823.8 | $ | 2,038.5 | $ | 387.7 | $ | 255.4 | $ | 1,843.3 | $ | 548.4 | $ | 316.7 | ||||||||||||||||||
Bank loans (at period end) | $ | 190.2 | $ | — | $ | 50.9 | $ | — | $ | 112.0 | $ | — | $ | — | $ | 27.3 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,795.2 | $ | — | $ | 1,881.3 | $ | 182.1 | $ | 2.8 | $ | — | $ | 638.5 | $ | 83.5 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: |
Six Months Ended March 31, | 2013 | 2012 | ||||||
Partnership EBITDA | $ | 491.4 | $ | 308.2 | ||||
Depreciation and amortization | (98.0 | ) | (69.0 | ) | ||||
Loss on extinguishments of debt | — | 13.4 | ||||||
Noncontrolling interests (i) | 3.9 | 2.5 | ||||||
Operating income | $ | 397.3 | $ | 255.1 |
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
(b) | Corporate & Other results principally comprise Electric Utility, UGI Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (”HVAC/R”), net expenses of UGI’s captive general liability insurance company and UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC/R, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. |
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
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Utility Regulatory Assets and Liabilities and Regulatory Matters |
March 31, 2013 | September 30, 2012 | March 31, 2012 | ||||||||||
Regulatory assets: | ||||||||||||
Income taxes recoverable | $ | 104.2 | $ | 103.2 | $ | 99.2 | ||||||
Underfunded pension and postretirement plans | 181.3 | 188.2 | 146.6 | |||||||||
Environmental costs | 16.8 | 16.8 | 18.2 | |||||||||
Deferred fuel and power costs | 2.1 | 11.6 | 11.0 | |||||||||
Removal costs, net | 11.9 | 12.7 | 11.9 | |||||||||
Other | 6.0 | 5.9 | 8.8 | |||||||||
Total regulatory assets | $ | 322.3 | $ | 338.4 | $ | 295.7 | ||||||
Regulatory liabilities: | ||||||||||||
Postretirement benefits | $ | 13.9 | $ | 13.1 | $ | 12.1 | ||||||
Environmental overcollections | 3.0 | 2.9 | 3.8 | |||||||||
Deferred fuel and power refunds | 31.2 | 4.4 | 12.0 | |||||||||
State tax benefits—distribution system repairs | 7.9 | 7.4 | 6.7 | |||||||||
Other | 0.7 | 0.5 | 0.8 | |||||||||
Total regulatory liabilities | $ | 56.7 | $ | 28.3 | $ | 35.4 |
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Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 2.8 | $ | 2.1 | $ | 0.2 | $ | 0.1 | ||||||||
Interest cost | 5.9 | 6.1 | 0.2 | 0.2 | ||||||||||||
Expected return on assets | (6.9 | ) | (6.4 | ) | (0.1 | ) | (0.1 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | 0.1 | (0.1 | ) | (0.1 | ) | ||||||||||
Actuarial loss | 3.7 | 2.1 | 0.1 | 0.1 | ||||||||||||
Net benefit cost | 5.6 | 4.0 | 0.3 | 0.2 | ||||||||||||
Change in associated regulatory liabilities | — | — | 0.8 | 0.8 | ||||||||||||
Net expense | $ | 5.6 | $ | 4.0 | $ | 1.1 | $ | 1.0 | ||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 5.7 | $ | 4.3 | $ | 0.3 | $ | 0.2 | ||||||||
Interest cost | 11.8 | 12.2 | 0.5 | 0.5 | ||||||||||||
Expected return on assets | (13.8 | ) | (12.8 | ) | (0.3 | ) | (0.3 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.2 | 0.1 | (0.1 | ) | (0.2 | ) | ||||||||||
Actuarial loss | 7.4 | 4.2 | 0.2 | 0.2 | ||||||||||||
Net benefit cost | 11.3 | 8.0 | 0.6 | 0.4 | ||||||||||||
Change in associated regulatory liabilities | — | — | 1.6 | 1.6 | ||||||||||||
Net expense | $ | 11.3 | $ | 8.0 | $ | 2.2 | $ | 2.0 |
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Debt |
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Asset (Liability) | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | |||||||||||||
March 31, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 7.9 | $ | 5.7 | $ | — | $ | 13.6 | ||||||||
Foreign currency contracts | $ | — | $ | 1.5 | $ | — | $ | 1.5 | ||||||||
Interest rate contracts | $ | — | $ | 4.2 | $ | — | $ | 4.2 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (2.7 | ) | $ | (12.6 | ) | $ | — | $ | (15.3 | ) | |||||
Foreign currency contracts | $ | — | $ | (0.5 | ) | $ | — | $ | (0.5 | ) | ||||||
Interest rate contracts | $ | — | $ | (60.5 | ) | $ | — | $ | (60.5 | ) | ||||||
September 30, 2012: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 8.6 | $ | 4.5 | $ | — | $ | 13.1 | ||||||||
Foreign currency contracts | $ | — | $ | 1.8 | $ | — | $ | 1.8 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (7.8 | ) | $ | (53.2 | ) | $ | — | $ | (61.0 | ) | |||||
Interest rate contracts | $ | — | $ | (71.9 | ) | $ | — | $ | (71.9 | ) | ||||||
March 31, 2012: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 9.8 | $ | 1.2 | $ | — | $ | 11.0 | ||||||||
Foreign currency contracts | $ | — | $ | 3.1 | $ | — | $ | 3.1 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (41.1 | ) | $ | (42.2 | ) | $ | — | $ | (83.3 | ) | |||||
Interest rate contracts | $ | — | $ | (53.2 | ) | $ | — | $ | (53.2 | ) |
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Volumes | ||||||
March 31, | ||||||
Commodity | 2013 | 2012 | ||||
LPG (millions of gallons) | 129.4 | 146.8 | ||||
Natural gas (millions of dekatherms) | 17.3 | 22.8 | ||||
Electricity forward purchase contracts (millions of kilowatt-hours) | 1,034.4 | 1,793.9 | ||||
Electricity forward sales contracts (millions of kilowatt-hours) | 449.9 | 153.6 |
Derivative Assets | Derivative (Liabilities) | |||||||||||||||||||
Balance Sheet | Fair Value March 31, | Balance Sheet | Fair Value March 31, | |||||||||||||||||
Location | 2013 | 2012 | Location | 2013 | 2012 | |||||||||||||||
Derivatives Designated as Hedging Instruments: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments and Other assets | $ | 9.3 | $ | 4.4 | Derivative financial instruments and Other noncurrent liabilities | $ | (9.6 | ) | $ | (65.4 | ) | ||||||||
Foreign currency contracts | Derivative financial instruments and Other assets | 1.5 | 3.1 | Other noncurrent liabilities | (0.5 | ) | — | |||||||||||||
Interest rate contracts | Derivative financial instruments | 4.2 | — | Derivative financial instruments and Other noncurrent liabilities | (60.5 | ) | (53.2 | ) | ||||||||||||
Total Derivatives Designated as Hedging Instruments | $ | 15.0 | $ | 7.5 | $ | (70.6 | ) | $ | (118.6 | ) | ||||||||||
Derivatives Subject to Utility Rate Regulation: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments | $ | 4.1 | $ | — | Derivative financial instruments and Other noncurrent liabilities | $ | (5.5 | ) | $ | (17.9 | ) | ||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments | $ | 0.2 | $ | 6.6 | Derivative financial instruments | $ | (0.2 | ) | $ | — | |||||||||
Total Derivatives | $ | 19.3 | $ | 14.1 | $ | (76.3 | ) | $ | (136.5 | ) |
Three Months Ended March 31, | Gain (Loss) Recognized in AOCI and Noncontrolling Interests | Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain (Loss) Reclassified from AOCI and Noncontrolling | |||||||||||||||
2013 | 2012 | 2013 | 2012 | Interests into Income | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Commodity contracts | $ | 5.5 | $ | (49.6 | ) | $ | (31.9 | ) | $ | (43.9 | ) | Cost of sales | ||||||
Foreign currency contracts | 2.6 | (2.3 | ) | (0.6 | ) | 1.1 | Cost of sales | |||||||||||
Interest rate contracts | 8.0 | (2.8 | ) | (3.5 | ) | (3.2 | ) | Interest expense / other income, net | ||||||||||
Total | $ | 16.1 | $ | (54.7 | ) | $ | (36.0 | ) | $ | (46.0 | ) | |||||||
Net Investment Hedges: | ||||||||||||||||||
Foreign currency contracts | $ | — | $ | (0.5 | ) | |||||||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2013 | 2012 | ||||||||||||||||
Commodity contracts | $ | (1.2 | ) | $ | 0.3 | Cost of sales | ||||||||||||
Commodity contracts | 0.1 | 0.3 | Operating expenses / other income, net | |||||||||||||||
Foreign currency contracts | (0.2 | ) | — | Other income, net | ||||||||||||||
Total | $ | (1.3 | ) | $ | 0.6 |
Six Months Ended March 31, | Gain (Loss) Recognized in AOCI and Noncontrolling Interests | Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain (Loss) Reclassified from AOCI and Noncontrolling | |||||||||||||||
2013 | 2012 | 2013 | 2012 | Interests into Income | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Commodity contracts | $ | (5.3 | ) | $ | (106.8 | ) | $ | (57.2 | ) | $ | (63.4 | ) | Cost of sales | |||||
Foreign currency contracts | (1.1 | ) | (0.3 | ) | (0.1 | ) | 2.0 | Cost of sales | ||||||||||
Interest rate contracts | 9.0 | (12.5 | ) | (7.0 | ) | (5.1 | ) | Interest expense / other income, net | ||||||||||
Total | $ | 2.6 | $ | (119.6 | ) | $ | (64.3 | ) | $ | (66.5 | ) | |||||||
Net Investment Hedges: | ||||||||||||||||||
Foreign currency contracts | $ | — | $ | — | ||||||||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2013 | 2012 | ||||||||||||||||
Commodity contracts | $ | 0.4 | $ | 3.3 | Cost of sales | |||||||||||||
Commodity contracts | 0.1 | 0.2 | Operating expenses / other income, net | |||||||||||||||
Foreign currency contracts | (0.2 | ) | 0.5 | Other income, net | ||||||||||||||
Total | $ | 0.3 | $ | 4.0 |
|
March 31, 2013 | September 30, 2012 | March 31, 2012 | ||||||||||
Non-utility LPG and natural gas | $ | 220.3 | $ | 240.7 | $ | 261.5 | ||||||
Gas Utility natural gas | 5.4 | 57.7 | 12.8 | |||||||||
Materials, supplies and other | 66.7 | 58.5 | 73.5 | |||||||||
Total inventories | $ | 292.4 | $ | 356.9 | $ | 347.8 |
|
|
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Denominator (thousands of shares): | ||||||||||||
Average common shares outstanding for basic computation | 113,709 | 112,510 | 113,416 | 112,380 | ||||||||
Incremental shares issuable for stock options and awards | 1,490 | 729 | 1,413 | 705 | ||||||||
Average common shares outstanding for diluted computation | 115,199 | 113,239 | 114,829 | 113,085 |
|
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Denominator (thousands of shares): | ||||||||||||
Average common shares outstanding for basic computation | 113,709 | 112,510 | 113,416 | 112,380 | ||||||||
Incremental shares issuable for stock options and awards | 1,490 | 729 | 1,413 | 705 | ||||||||
Average common shares outstanding for diluted computation | 115,199 | 113,239 | 114,829 | 113,085 |
|
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2013 (As Reported) | 2012 (Pro Forma) | 2013 (As Reported) | 2012 (Pro Forma) | |||||||||||||
Revenues | $ | 2,537.1 | $ | 2,496.8 | $ | 4,560.3 | $ | 4,608.0 | ||||||||
Net income attributable to UGI Corporation | $ | 171.9 | $ | 133.4 | $ | 274.5 | $ | 218.8 | ||||||||
Earnings per common share attributable to UGI Corporation stockholders: | ||||||||||||||||
Basic | $ | 1.51 | $ | 1.19 | $ | 2.42 | $ | 1.95 | ||||||||
Diluted | $ | 1.49 | $ | 1.18 | $ | 2.39 | $ | 1.93 |
|
March 31, 2013 | September 30, 2012 | March 31, 2012 | ||||||||||
Goodwill (not subject to amortization) | $ | 2,813.8 | $ | 2,818.3 | $ | 2,795.2 | ||||||
Intangible assets: | ||||||||||||
Customer relationships, noncompete agreements and other | $ | 690.0 | $ | 691.9 | $ | 693.8 | ||||||
Trademarks and tradenames (not subject to amortization) | 137.0 | 137.2 | 192.0 | |||||||||
Gross carrying amount | 827.0 | 829.1 | 885.8 | |||||||||
Accumulated amortization | (197.1 | ) | (170.9 | ) | (152.6 | ) | ||||||
Intangible assets, net | $ | 629.9 | $ | 658.2 | $ | 733.2 |
|
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 2,537.1 | $ | (61.1 | ) | (c) | $ | 1,176.3 | $ | 368.6 | $ | 304.0 | $ | 17.1 | $ | 452.6 | $ | 230.9 | $ | 48.7 | |||||||||||||||||
Cost of sales | $ | 1,500.6 | $ | (58.8 | ) | (c) | $ | 612.4 | $ | 196.7 | $ | 247.0 | $ | 10.6 | $ | 285.8 | $ | 177.4 | $ | 29.5 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 486.2 | $ | (0.9 | ) | $ | 257.4 | $ | 105.7 | $ | 43.5 | $ | 0.5 | $ | 67.8 | $ | 13.8 | $ | (1.6 | ) | |||||||||||||||||
Income from equity investees | 0.1 | — | — | — | — | — | 0.1 | — | — | ||||||||||||||||||||||||||||
Interest expense | (60.1 | ) | — | (41.8 | ) | (9.3 | ) | (0.8 | ) | — | (6.3 | ) | (1.3 | ) | (0.6 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 426.2 | $ | (0.9 | ) | $ | 215.6 | $ | 96.4 | $ | 42.7 | $ | 0.5 | $ | 61.6 | $ | 12.5 | $ | (2.2 | ) | |||||||||||||||||
Partnership EBITDA (a) | $ | 303.6 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 154.3 | $ | — | $ | 154.0 | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 87.3 | $ | — | $ | 48.6 | $ | 12.7 | $ | 1.9 | $ | 2.4 | $ | 14.2 | $ | 5.8 | $ | 1.7 | |||||||||||||||||||
Capital expenditures | $ | 93.6 | $ | (1.0 | ) | $ | 27.9 | $ | 24.4 | $ | 19.3 | $ | 4.2 | $ | 13.2 | $ | 4.1 | $ | 1.5 | ||||||||||||||||||
Total assets (at period end) | $ | 10,236.3 | $ | (110.8 | ) | $ | 4,682.8 | $ | 2,205.5 | $ | 450.4 | $ | 261.7 | $ | 1,847.7 | $ | 551.3 | $ | 347.7 | ||||||||||||||||||
Bank loans (at period end) | $ | 177.7 | $ | — | $ | 115.9 | $ | — | $ | 47.0 | $ | — | $ | — | $ | 14.8 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,813.8 | $ | — | $ | 1,919.2 | $ | 182.1 | $ | 2.8 | $ | — | $ | 610.0 | $ | 92.7 | $ | 7.0 |
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 2,427.5 | $ | (44.8 | ) | (c) | $ | 1,155.6 | $ | 319.5 | $ | 261.4 | $ | 8.8 | $ | 445.3 | $ | 236.4 | $ | 45.3 | |||||||||||||||||
Cost of sales | $ | 1,526.6 | $ | (43.6 | ) | (c) | $ | 670.0 | $ | 177.5 | $ | 216.4 | $ | 6.4 | $ | 288.6 | $ | 185.2 | $ | 26.1 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 380.8 | $ | — | $ | 195.0 | $ | 85.0 | $ | 33.1 | $ | (2.5 | ) | $ | 60.2 | $ | 10.0 | $ | — | ||||||||||||||||||
Income from equity investees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Loss on extinguishments of debt | (13.4 | ) | — | (13.4 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Interest expense | (65.3 | ) | — | (45.1 | ) | (10.1 | ) | (1.3 | ) | — | (6.9 | ) | (1.2 | ) | (0.7 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 302.1 | $ | — | $ | 136.5 | $ | 74.9 | $ | 31.8 | $ | (2.5 | ) | $ | 53.3 | $ | 8.8 | $ | (0.7 | ) | |||||||||||||||||
Partnership EBITDA (a) | $ | 224.5 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 93.6 | $ | — | $ | 93.2 | $ | — | $ | — | $ | — | $ | 0.4 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 82.8 | $ | — | $ | 44.8 | $ | 12.2 | $ | 0.8 | $ | 2.2 | $ | 15.0 | $ | 6.4 | $ | 1.4 | |||||||||||||||||||
Capital expenditures | $ | 65.3 | $ | — | $ | 23.5 | $ | 25.7 | $ | 4.3 | $ | 1.6 | $ | 4.9 | $ | 3.9 | $ | 1.4 | |||||||||||||||||||
Total assets (at period end) | $ | 10,129.4 | $ | (84.4 | ) | $ | 4,823.8 | $ | 2,038.5 | $ | 387.7 | $ | 255.4 | $ | 1,843.3 | $ | 548.4 | $ | 316.7 | ||||||||||||||||||
Bank loans (at period end) | $ | 190.2 | $ | — | $ | 50.9 | $ | — | $ | 112.0 | $ | — | $ | — | $ | 27.3 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,795.2 | $ | — | $ | 1,881.3 | $ | 182.1 | $ | 2.8 | $ | — | $ | 638.5 | $ | 83.5 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: |
Three Months Ended March 31, | 2013 | 2012 | ||||||
Partnership EBITDA | $ | 303.6 | 224.5 | |||||
Depreciation and amortization | (48.6 | ) | (44.8 | ) | ||||
Loss on extinguishments of debt | — | 13.4 | ||||||
Noncontrolling interests (i) | 2.4 | 1.9 | ||||||
Operating income | $ | 257.4 | $ | 195.0 |
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
(b) | Corporate & Other results principally comprise Electric Utility, UGI Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC/R”), net expenses of UGI’s captive general liability insurance company and UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC/R, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. |
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 4,560.3 | $ | (119.6 | ) | (c) | $ | 2,052.9 | $ | 616.9 | $ | 531.8 | $ | 32.0 | $ | 871.9 | $ | 476.5 | $ | 97.9 | |||||||||||||||||
Cost of sales | $ | 2,719.4 | $ | (116.1 | ) | (c) | $ | 1,064.5 | $ | 320.3 | $ | 434.9 | $ | 20.2 | $ | 565.7 | $ | 372.3 | $ | 57.6 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 782.3 | $ | (0.9 | ) | $ | 397.3 | $ | 175.5 | $ | 70.8 | $ | 0.7 | $ | 115.3 | $ | 24.1 | $ | (0.5 | ) | |||||||||||||||||
Income from equity investees | 0.1 | — | — | — | — | — | 0.1 | — | — | ||||||||||||||||||||||||||||
Interest expense | (120.4 | ) | — | (83.0 | ) | (18.9 | ) | (1.8 | ) | — | (12.8 | ) | (2.6 | ) | (1.3 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 662.0 | $ | (0.9 | ) | $ | 314.3 | $ | 156.6 | $ | 69.0 | $ | 0.7 | $ | 102.6 | $ | 21.5 | $ | (1.8 | ) | |||||||||||||||||
Partnership EBITDA (a) | $ | 491.4 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 222.4 | $ | — | $ | 222.0 | $ | — | $ | — | $ | — | $ | 0.4 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 174.4 | $ | — | $ | 98.0 | $ | 25.3 | $ | 3.5 | $ | 4.9 | $ | 28.3 | $ | 11.3 | $ | 3.1 | |||||||||||||||||||
Capital expenditures | $ | 184.9 | $ | (1.0 | ) | $ | 54.4 | $ | 52.9 | $ | 32.8 | $ | 11.0 | $ | 25.4 | $ | 6.3 | $ | 3.1 | ||||||||||||||||||
Total assets (at period end) | $ | 10,236.3 | $ | (110.8 | ) | $ | 4,682.8 | $ | 2,205.5 | $ | 450.4 | $ | 261.7 | $ | 1,847.7 | $ | 551.3 | $ | 347.7 | ||||||||||||||||||
Bank loans (at period end) | $ | 177.7 | $ | — | $ | 115.9 | $ | — | $ | 47.0 | $ | — | $ | — | $ | 14.8 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,813.8 | $ | — | $ | 1,919.2 | $ | 182.1 | $ | 2.8 | $ | — | $ | 610.0 | $ | 92.7 | $ | 7.0 |
Midstream & Marketing | International Propane | ||||||||||||||||||||||||||||||||||||
Total | Elims. | AmeriGas Propane | Gas Utility | Energy Services | Electric Generation | Antargaz | Flaga & Other | Corporate & Other (b) | |||||||||||||||||||||||||||||
Revenues | $ | 4,116.3 | $ | (100.8 | ) | (c) | $ | 1,839.4 | $ | 574.5 | $ | 495.5 | $ | 16.2 | $ | 746.9 | $ | 453.1 | $ | 91.5 | |||||||||||||||||
Cost of sales | $ | 2,628.4 | $ | (98.6 | ) | (c) | $ | 1,113.8 | $ | 319.2 | $ | 413.1 | $ | 11.2 | $ | 464.3 | $ | 353.3 | $ | 52.1 | |||||||||||||||||
Segment profit: | |||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 569.1 | $ | — | $ | 255.1 | $ | 146.2 | $ | 60.5 | $ | (6.0 | ) | $ | 97.5 | $ | 14.4 | $ | 1.4 | ||||||||||||||||||
Loss from equity investees | (0.1 | ) | — | — | — | — | — | (0.1 | ) | — | — | ||||||||||||||||||||||||||
Loss on extinguishments of debt | (13.4 | ) | — | (13.4 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Interest expense | (101.3 | ) | — | (61.6 | ) | (20.2 | ) | (2.4 | ) | — | (13.4 | ) | (2.2 | ) | (1.5 | ) | |||||||||||||||||||||
Income (loss) before income taxes | $ | 454.3 | $ | — | $ | 180.1 | $ | 126.0 | $ | 58.1 | $ | (6.0 | ) | $ | 84.0 | $ | 12.2 | $ | (0.1 | ) | |||||||||||||||||
Partnership EBITDA (a) | $ | 308.2 | |||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 116.7 | $ | — | $ | 116.2 | $ | — | $ | — | $ | — | $ | 0.5 | $ | — | $ | — | |||||||||||||||||||
Depreciation and amortization | $ | 143.1 | $ | — | $ | 69.0 | $ | 24.3 | $ | 1.5 | $ | 4.3 | $ | 29.1 | $ | 11.9 | $ | 3.0 | |||||||||||||||||||
Capital expenditures | $ | 154.0 | $ | — | $ | 45.1 | $ | 47.5 | $ | 22.9 | $ | 11.1 | $ | 16.0 | $ | 8.7 | $ | 2.7 | |||||||||||||||||||
Total assets (at period end) | $ | 10,129.4 | $ | (84.4 | ) | $ | 4,823.8 | $ | 2,038.5 | $ | 387.7 | $ | 255.4 | $ | 1,843.3 | $ | 548.4 | $ | 316.7 | ||||||||||||||||||
Bank loans (at period end) | $ | 190.2 | $ | — | $ | 50.9 | $ | — | $ | 112.0 | $ | — | $ | — | $ | 27.3 | $ | — | |||||||||||||||||||
Goodwill (at period end) | $ | 2,795.2 | $ | — | $ | 1,881.3 | $ | 182.1 | $ | 2.8 | $ | — | $ | 638.5 | $ | 83.5 | $ | 7.0 |
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: |
Six Months Ended March 31, | 2013 | 2012 | ||||||
Partnership EBITDA | $ | 491.4 | $ | 308.2 | ||||
Depreciation and amortization | (98.0 | ) | (69.0 | ) | ||||
Loss on extinguishments of debt | — | 13.4 | ||||||
Noncontrolling interests (i) | 3.9 | 2.5 | ||||||
Operating income | $ | 397.3 | $ | 255.1 |
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. |
(b) | Corporate & Other results principally comprise Electric Utility, UGI Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (”HVAC/R”), net expenses of UGI’s captive general liability insurance company and UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC/R, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. |
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
|
March 31, 2013 | September 30, 2012 | March 31, 2012 | ||||||||||
Regulatory assets: | ||||||||||||
Income taxes recoverable | $ | 104.2 | $ | 103.2 | $ | 99.2 | ||||||
Underfunded pension and postretirement plans | 181.3 | 188.2 | 146.6 | |||||||||
Environmental costs | 16.8 | 16.8 | 18.2 | |||||||||
Deferred fuel and power costs | 2.1 | 11.6 | 11.0 | |||||||||
Removal costs, net | 11.9 | 12.7 | 11.9 | |||||||||
Other | 6.0 | 5.9 | 8.8 | |||||||||
Total regulatory assets | $ | 322.3 | $ | 338.4 | $ | 295.7 | ||||||
Regulatory liabilities: | ||||||||||||
Postretirement benefits | $ | 13.9 | $ | 13.1 | $ | 12.1 | ||||||
Environmental overcollections | 3.0 | 2.9 | 3.8 | |||||||||
Deferred fuel and power refunds | 31.2 | 4.4 | 12.0 | |||||||||
State tax benefits—distribution system repairs | 7.9 | 7.4 | 6.7 | |||||||||
Other | 0.7 | 0.5 | 0.8 | |||||||||
Total regulatory liabilities | $ | 56.7 | $ | 28.3 | $ | 35.4 |
|
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 2.8 | $ | 2.1 | $ | 0.2 | $ | 0.1 | ||||||||
Interest cost | 5.9 | 6.1 | 0.2 | 0.2 | ||||||||||||
Expected return on assets | (6.9 | ) | (6.4 | ) | (0.1 | ) | (0.1 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | 0.1 | (0.1 | ) | (0.1 | ) | ||||||||||
Actuarial loss | 3.7 | 2.1 | 0.1 | 0.1 | ||||||||||||
Net benefit cost | 5.6 | 4.0 | 0.3 | 0.2 | ||||||||||||
Change in associated regulatory liabilities | — | — | 0.8 | 0.8 | ||||||||||||
Net expense | $ | 5.6 | $ | 4.0 | $ | 1.1 | $ | 1.0 | ||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 5.7 | $ | 4.3 | $ | 0.3 | $ | 0.2 | ||||||||
Interest cost | 11.8 | 12.2 | 0.5 | 0.5 | ||||||||||||
Expected return on assets | (13.8 | ) | (12.8 | ) | (0.3 | ) | (0.3 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.2 | 0.1 | (0.1 | ) | (0.2 | ) | ||||||||||
Actuarial loss | 7.4 | 4.2 | 0.2 | 0.2 | ||||||||||||
Net benefit cost | 11.3 | 8.0 | 0.6 | 0.4 | ||||||||||||
Change in associated regulatory liabilities | — | — | 1.6 | 1.6 | ||||||||||||
Net expense | $ | 11.3 | $ | 8.0 | $ | 2.2 | $ | 2.0 |
|
Asset (Liability) | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | |||||||||||||
March 31, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 7.9 | $ | 5.7 | $ | — | $ | 13.6 | ||||||||
Foreign currency contracts | $ | — | $ | 1.5 | $ | — | $ | 1.5 | ||||||||
Interest rate contracts | $ | — | $ | 4.2 | $ | — | $ | 4.2 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (2.7 | ) | $ | (12.6 | ) | $ | — | $ | (15.3 | ) | |||||
Foreign currency contracts | $ | — | $ | (0.5 | ) | $ | — | $ | (0.5 | ) | ||||||
Interest rate contracts | $ | — | $ | (60.5 | ) | $ | — | $ | (60.5 | ) | ||||||
September 30, 2012: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 8.6 | $ | 4.5 | $ | — | $ | 13.1 | ||||||||
Foreign currency contracts | $ | — | $ | 1.8 | $ | — | $ | 1.8 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (7.8 | ) | $ | (53.2 | ) | $ | — | $ | (61.0 | ) | |||||
Interest rate contracts | $ | — | $ | (71.9 | ) | $ | — | $ | (71.9 | ) | ||||||
March 31, 2012: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 9.8 | $ | 1.2 | $ | — | $ | 11.0 | ||||||||
Foreign currency contracts | $ | — | $ | 3.1 | $ | — | $ | 3.1 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (41.1 | ) | $ | (42.2 | ) | $ | — | $ | (83.3 | ) | |||||
Interest rate contracts | $ | — | $ | (53.2 | ) | $ | — | $ | (53.2 | ) |
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Volumes | ||||||
March 31, | ||||||
Commodity | 2013 | 2012 | ||||
LPG (millions of gallons) | 129.4 | 146.8 | ||||
Natural gas (millions of dekatherms) | 17.3 | 22.8 | ||||
Electricity forward purchase contracts (millions of kilowatt-hours) | 1,034.4 | 1,793.9 | ||||
Electricity forward sales contracts (millions of kilowatt-hours) | 449.9 | 153.6 |
Derivative Assets | Derivative (Liabilities) | |||||||||||||||||||
Balance Sheet | Fair Value March 31, | Balance Sheet | Fair Value March 31, | |||||||||||||||||
Location | 2013 | 2012 | Location | 2013 | 2012 | |||||||||||||||
Derivatives Designated as Hedging Instruments: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments and Other assets | $ | 9.3 | $ | 4.4 | Derivative financial instruments and Other noncurrent liabilities | $ | (9.6 | ) | $ | (65.4 | ) | ||||||||
Foreign currency contracts | Derivative financial instruments and Other assets | 1.5 | 3.1 | Other noncurrent liabilities | (0.5 | ) | — | |||||||||||||
Interest rate contracts | Derivative financial instruments | 4.2 | — | Derivative financial instruments and Other noncurrent liabilities | (60.5 | ) | (53.2 | ) | ||||||||||||
Total Derivatives Designated as Hedging Instruments | $ | 15.0 | $ | 7.5 | $ | (70.6 | ) | $ | (118.6 | ) | ||||||||||
Derivatives Subject to Utility Rate Regulation: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments | $ | 4.1 | $ | — | Derivative financial instruments and Other noncurrent liabilities | $ | (5.5 | ) | $ | (17.9 | ) | ||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments | $ | 0.2 | $ | 6.6 | Derivative financial instruments | $ | (0.2 | ) | $ | — | |||||||||
Total Derivatives | $ | 19.3 | $ | 14.1 | $ | (76.3 | ) | $ | (136.5 | ) |
Three Months Ended March 31, | Gain (Loss) Recognized in AOCI and Noncontrolling Interests | Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain (Loss) Reclassified from AOCI and Noncontrolling | |||||||||||||||
2013 | 2012 | 2013 | 2012 | Interests into Income | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Commodity contracts | $ | 5.5 | $ | (49.6 | ) | $ | (31.9 | ) | $ | (43.9 | ) | Cost of sales | ||||||
Foreign currency contracts | 2.6 | (2.3 | ) | (0.6 | ) | 1.1 | Cost of sales | |||||||||||
Interest rate contracts | 8.0 | (2.8 | ) | (3.5 | ) | (3.2 | ) | Interest expense / other income, net | ||||||||||
Total | $ | 16.1 | $ | (54.7 | ) | $ | (36.0 | ) | $ | (46.0 | ) | |||||||
Net Investment Hedges: | ||||||||||||||||||
Foreign currency contracts | $ | — | $ | (0.5 | ) | |||||||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2013 | 2012 | ||||||||||||||||
Commodity contracts | $ | (1.2 | ) | $ | 0.3 | Cost of sales | ||||||||||||
Commodity contracts | 0.1 | 0.3 | Operating expenses / other income, net | |||||||||||||||
Foreign currency contracts | (0.2 | ) | — | Other income, net | ||||||||||||||
Total | $ | (1.3 | ) | $ | 0.6 |
Six Months Ended March 31, | Gain (Loss) Recognized in AOCI and Noncontrolling Interests | Gain (Loss) Reclassified from AOCI and Noncontrolling Interests into Income | Location of Gain (Loss) Reclassified from AOCI and Noncontrolling | |||||||||||||||
2013 | 2012 | 2013 | 2012 | Interests into Income | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||
Commodity contracts | $ | (5.3 | ) | $ | (106.8 | ) | $ | (57.2 | ) | $ | (63.4 | ) | Cost of sales | |||||
Foreign currency contracts | (1.1 | ) | (0.3 | ) | (0.1 | ) | 2.0 | Cost of sales | ||||||||||
Interest rate contracts | 9.0 | (12.5 | ) | (7.0 | ) | (5.1 | ) | Interest expense / other income, net | ||||||||||
Total | $ | 2.6 | $ | (119.6 | ) | $ | (64.3 | ) | $ | (66.5 | ) | |||||||
Net Investment Hedges: | ||||||||||||||||||
Foreign currency contracts | $ | — | $ | — | ||||||||||||||
Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2013 | 2012 | ||||||||||||||||
Commodity contracts | $ | 0.4 | $ | 3.3 | Cost of sales | |||||||||||||
Commodity contracts | 0.1 | 0.2 | Operating expenses / other income, net | |||||||||||||||
Foreign currency contracts | (0.2 | ) | 0.5 | Other income, net | ||||||||||||||
Total | $ | 0.3 | $ | 4.0 |
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March 31, 2013 | September 30, 2012 | March 31, 2012 | ||||||||||
Non-utility LPG and natural gas | $ | 220.3 | $ | 240.7 | $ | 261.5 | ||||||
Gas Utility natural gas | 5.4 | 57.7 | 12.8 | |||||||||
Materials, supplies and other | 66.7 | 58.5 | 73.5 | |||||||||
Total inventories | $ | 292.4 | $ | 356.9 | $ | 347.8 |
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