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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Pennsylvania
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23-2668356
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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460 North Gulph Road, King of Prussia, PA
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19406
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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Emerging growth company
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¨
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Page
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December 31,
2018 |
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September 30,
2018 |
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December 31,
2017 |
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ASSETS
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||||||
Current assets:
|
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||||||
Cash and cash equivalents
|
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$
|
477.6
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$
|
452.6
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$
|
446.4
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Restricted cash
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17.4
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|
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9.6
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|
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19.8
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|||
Accounts receivable (less allowances for doubtful accounts of $38.5, $35.1 and $35.1, respectively)
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1,144.3
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|
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751.9
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1,101.8
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|||
Accrued utility revenues
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64.7
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|
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14.0
|
|
|
95.9
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|
|||
Inventories
|
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293.7
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|
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318.2
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307.3
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Utility regulatory assets
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3.3
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|
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7.5
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0.6
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|||
Derivative instruments
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60.2
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|
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142.5
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73.4
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|
|||
Prepaid expenses and other current assets
|
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181.0
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191.8
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135.4
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|||
Total current assets
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2,242.2
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|
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1,888.1
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|
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2,180.6
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|||
Property, plant and equipment, at cost (less accumulated depreciation of $3,228.3, $3,153.9 and $3,393.1, respectively)
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5,855.1
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5,808.2
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5,690.5
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Goodwill
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3,154.8
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3,160.4
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3,185.5
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Intangible assets, net
|
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505.2
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513.6
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|
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641.9
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Utility regulatory assets
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295.5
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293.5
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362.2
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Derivative instruments
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29.9
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43.5
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13.3
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Other assets
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285.6
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273.6
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269.9
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Total assets
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$
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12,368.3
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$
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11,980.9
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$
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12,343.9
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LIABILITIES AND EQUITY
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Current liabilities:
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Current maturities of long-term debt
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$
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19.5
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$
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18.8
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$
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224.1
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Short-term borrowings
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676.3
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424.9
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586.1
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Accounts payable
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753.3
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561.8
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680.8
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Derivative instruments
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56.8
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11.7
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32.7
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Other current liabilities
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677.2
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714.9
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692.3
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Total current liabilities
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2,183.1
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1,732.1
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2,216.0
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Long-term debt
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4,150.7
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4,146.5
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4,056.4
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Deferred income taxes
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973.4
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991.9
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890.7
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Derivative instruments
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25.0
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12.8
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22.2
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Other noncurrent liabilities
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989.5
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997.6
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1,076.5
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Total liabilities
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8,321.7
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7,880.9
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8,261.8
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Commitments and contingencies (Note 11)
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Equity:
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UGI Corporation stockholders’ equity:
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UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 174,262,763, 174,142,997 and 173,997,441 shares, respectively)
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1,206.5
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1,200.8
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1,189.3
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Retained earnings
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2,620.8
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2,610.7
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2,429.3
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Accumulated other comprehensive loss
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(133.1
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)
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(110.4
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)
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(71.5
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)
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Treasury stock, at cost
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(24.8
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)
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(19.7
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)
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(45.4
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)
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Total UGI Corporation stockholders’ equity
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3,669.4
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3,681.4
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3,501.7
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Noncontrolling interests, principally in AmeriGas Partners
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377.2
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418.6
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580.4
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Total equity
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4,046.6
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4,100.0
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4,082.1
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Total liabilities and equity
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$
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12,368.3
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$
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11,980.9
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$
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12,343.9
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Three Months Ended
December 31, |
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2018
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2017
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||||
Revenues
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$
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2,200.2
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$
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2,125.2
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Costs and expenses:
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Cost of sales (excluding depreciation and amortization shown below)
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1,425.0
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1,137.4
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Operating and administrative expenses
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503.2
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486.9
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Depreciation and amortization
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111.2
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110.3
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Other operating income, net
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(6.9
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)
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(4.4
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)
|
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2,032.5
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1,730.2
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Operating income
|
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167.7
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395.0
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Income from equity investees
|
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1.5
|
|
|
1.0
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|
||
Loss on extinguishments of debt
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(6.1
|
)
|
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—
|
|
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Other non-operating income (expense), net
|
|
9.0
|
|
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(8.0
|
)
|
||
Interest expense
|
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(60.2
|
)
|
|
(58.2
|
)
|
||
Income before income taxes
|
|
111.9
|
|
|
329.8
|
|
||
Income tax (expense) benefit
|
|
(23.4
|
)
|
|
104.4
|
|
||
Net income including noncontrolling interests
|
|
88.5
|
|
|
434.2
|
|
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Deduct net income attributable to noncontrolling interests, principally in AmeriGas Partners
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(24.3
|
)
|
|
(68.3
|
)
|
||
Net income attributable to UGI Corporation
|
|
$
|
64.2
|
|
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$
|
365.9
|
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Earnings per common share attributable to UGI Corporation stockholders:
|
|
|
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|
||||
Basic
|
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$
|
0.37
|
|
|
$
|
2.11
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Diluted
|
|
$
|
0.36
|
|
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$
|
2.07
|
|
Weighted-average common shares outstanding (thousands):
|
|
|
|
|
||||
Basic
|
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174,413
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|
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173,670
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|
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Diluted
|
|
177,566
|
|
|
176,948
|
|
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Dividends declared per common share
|
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$
|
0.26
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$
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0.25
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Three Months Ended
December 31, |
||||||
|
|
2018
|
|
2017
|
||||
Net income including noncontrolling interests
|
|
$
|
88.5
|
|
|
$
|
434.2
|
|
Other comprehensive income (loss):
|
|
|
|
|
||||
Net losses on derivative instruments (net of tax of $0.4 and $0.2, respectively)
|
|
(1.5
|
)
|
|
(0.4
|
)
|
||
Reclassifications of net losses (gains) on derivative instruments (net of tax of $(0.3) and $0.1, respectively)
|
|
0.7
|
|
|
(0.4
|
)
|
||
Foreign currency adjustments (net of tax of $2.8 and $0.0, respectively)
|
|
(15.6
|
)
|
|
22.3
|
|
||
Benefit plans (net of tax of $(0.1), and $(0.2), respectively)
|
|
0.3
|
|
|
0.4
|
|
||
Other comprehensive (loss) income
|
|
(16.1
|
)
|
|
21.9
|
|
||
Comprehensive income including noncontrolling interests
|
|
72.4
|
|
|
456.1
|
|
||
Deduct comprehensive income attributable to noncontrolling interests, principally in AmeriGas Partners
|
|
(24.3
|
)
|
|
(68.3
|
)
|
||
Comprehensive income attributable to UGI Corporation
|
|
$
|
48.1
|
|
|
$
|
387.8
|
|
|
|
Three Months Ended
December 31, |
||||||
|
|
2018
|
|
2017
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
||||
Net income including noncontrolling interests
|
|
$
|
88.5
|
|
|
$
|
434.2
|
|
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
111.2
|
|
|
110.3
|
|
||
Deferred income tax benefit, net
|
|
(20.7
|
)
|
|
(173.9
|
)
|
||
Provision for uncollectible accounts
|
|
10.3
|
|
|
9.3
|
|
||
Changes in unrealized gains and losses on derivative instruments
|
|
165.9
|
|
|
(6.6
|
)
|
||
Loss on extinguishments of debt
|
|
6.1
|
|
|
—
|
|
||
Other, net
|
|
10.9
|
|
|
7.6
|
|
||
Net change in:
|
|
|
|
|
||||
Accounts receivable and accrued utility revenues
|
|
(457.6
|
)
|
|
(530.5
|
)
|
||
Inventories
|
|
23.0
|
|
|
(23.5
|
)
|
||
Utility deferred fuel and power costs, net of changes in unsettled derivatives
|
|
(12.5
|
)
|
|
11.6
|
|
||
Accounts payable
|
|
217.4
|
|
|
235.0
|
|
||
Derivative instruments collateral deposits (paid) received
|
|
(22.2
|
)
|
|
3.7
|
|
||
Other current assets
|
|
(11.4
|
)
|
|
(34.0
|
)
|
||
Other current liabilities
|
|
(12.3
|
)
|
|
(11.8
|
)
|
||
Net cash provided by operating activities
|
|
96.6
|
|
|
31.4
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
||||
Expenditures for property, plant and equipment
|
|
(183.3
|
)
|
|
(147.5
|
)
|
||
Acquisitions of businesses and assets, net of cash acquired
|
|
(15.0
|
)
|
|
(175.8
|
)
|
||
Other
|
|
4.3
|
|
|
5.3
|
|
||
Net cash used by investing activities
|
|
(194.0
|
)
|
|
(318.0
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
||||
Dividends on UGI Common Stock
|
|
(45.3
|
)
|
|
(43.3
|
)
|
||
Distributions on AmeriGas Partners publicly held Common Units
|
|
(65.7
|
)
|
|
(65.7
|
)
|
||
Issuances of long-term debt, net of issuance costs
|
|
728.9
|
|
|
124.3
|
|
||
Repayments of long-term debt
|
|
(721.1
|
)
|
|
(41.9
|
)
|
||
Increase in short-term borrowings
|
|
243.4
|
|
|
212.5
|
|
||
Receivables Facility net borrowings
|
|
8.0
|
|
|
6.0
|
|
||
Issuances of UGI Common Stock
|
|
6.9
|
|
|
1.4
|
|
||
Repurchases of UGI Common Stock
|
|
(16.9
|
)
|
|
(9.5
|
)
|
||
Other
|
|
(4.2
|
)
|
|
(2.7
|
)
|
||
Net cash provided by financing activities
|
|
134.0
|
|
|
181.1
|
|
||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
|
(3.8
|
)
|
|
3.0
|
|
||
Cash, cash equivalents and restricted cash increase (decrease)
|
|
$
|
32.8
|
|
|
$
|
(102.5
|
)
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
|
|
|
|
||||
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
495.0
|
|
|
$
|
466.2
|
|
Cash, cash equivalents and restricted cash at beginning of period
|
|
462.2
|
|
|
568.7
|
|
||
Cash, cash equivalents and restricted cash increase (decrease)
|
|
$
|
32.8
|
|
|
$
|
(102.5
|
)
|
|
Three Months Ended
December 31, |
||||||
|
2018
|
|
2017
|
||||
Common stock, without par value
|
|
|
|
||||
Balance, beginning of period
|
$
|
1,200.8
|
|
|
$
|
1,188.6
|
|
Common Stock issued in connection with employee and director plans (including losses on treasury stock transactions), net of tax withheld
|
3.7
|
|
|
(1.3
|
)
|
||
Equity-based compensation expense
|
2.0
|
|
|
2.0
|
|
||
Balance, end of period
|
$
|
1,206.5
|
|
|
$
|
1,189.3
|
|
Retained earnings
|
|
|
|
||||
Balance, beginning of period
|
$
|
2,610.7
|
|
|
$
|
2,106.7
|
|
Cumulative effect of change in accounting principle - ASC 606
|
(7.1
|
)
|
|
—
|
|
||
Reclassification of stranded income tax effects related to TCJA
|
6.6
|
|
|
—
|
|
||
Losses on treasury stock transactions in connection with employee and director plans
|
(8.3
|
)
|
|
—
|
|
||
Net income attributable to UGI
|
64.2
|
|
|
365.9
|
|
||
Cash dividends on Common Stock ($0.26 and $0.25 per share, respectively)
|
(45.3
|
)
|
|
(43.3
|
)
|
||
Balance, end of period
|
$
|
2,620.8
|
|
|
$
|
2,429.3
|
|
Accumulated other comprehensive income (loss)
|
|
|
|
||||
Balance, beginning of period
|
$
|
(110.4
|
)
|
|
$
|
(93.4
|
)
|
Reclassification of stranded income tax effects related to TCJA
|
(6.6
|
)
|
|
—
|
|
||
Net losses on derivative instruments
|
(1.5
|
)
|
|
(0.4
|
)
|
||
Reclassification of net losses (gains) on derivative instruments
|
0.7
|
|
|
(0.4
|
)
|
||
Benefit plans
|
0.3
|
|
|
0.4
|
|
||
Foreign currency adjustments
|
(15.6
|
)
|
|
22.3
|
|
||
Balance, end of period
|
$
|
(133.1
|
)
|
|
$
|
(71.5
|
)
|
Treasury stock
|
|
|
|
||||
Balance, beginning of period
|
$
|
(19.7
|
)
|
|
$
|
(38.6
|
)
|
Common Stock issued in connection with employee and director plans, net of tax withheld
|
12.2
|
|
|
2.7
|
|
||
Repurchases of Common Stock
|
(16.9
|
)
|
|
(9.5
|
)
|
||
Reacquired Common Stock — employee and director plans
|
(0.4
|
)
|
|
—
|
|
||
Balance, end of period
|
$
|
(24.8
|
)
|
|
$
|
(45.4
|
)
|
Total UGI stockholders’ equity
|
$
|
3,669.4
|
|
|
$
|
3,501.7
|
|
Noncontrolling interests
|
|
|
|
||||
Balance, beginning of period
|
$
|
418.6
|
|
|
$
|
577.6
|
|
Net income attributable to noncontrolling interests, principally in AmeriGas Partners
|
24.3
|
|
|
68.3
|
|
||
Dividends and distributions
|
(65.7
|
)
|
|
(65.7
|
)
|
||
Other
|
—
|
|
|
0.2
|
|
||
Balance, end of period
|
$
|
377.2
|
|
|
$
|
580.4
|
|
Total equity
|
$
|
4,046.6
|
|
|
$
|
4,082.1
|
|
|
|
Cash, Cash Equivalents and Restricted Cash
|
||||||||||||||
|
|
December 31, 2018
|
|
December 31, 2017
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||
Cash and cash equivalents
|
|
$
|
477.6
|
|
|
$
|
446.4
|
|
|
$
|
452.6
|
|
|
$
|
558.4
|
|
Restricted cash
|
|
17.4
|
|
|
19.8
|
|
|
9.6
|
|
|
10.3
|
|
||||
Cash, cash equivalents and restricted cash
|
|
$
|
495.0
|
|
|
$
|
466.2
|
|
|
$
|
462.2
|
|
|
$
|
568.7
|
|
|
|
Three Months Ended
December 31, |
||||
|
|
2018
|
|
2017
|
||
Denominator (thousands of shares):
|
|
|
|
|
||
Weighted-average common shares outstanding — basic
|
|
174,413
|
|
|
173,670
|
|
Incremental shares issuable for stock options and awards (a)
|
|
3,153
|
|
|
3,278
|
|
Weighted-average common shares outstanding — diluted
|
|
177,566
|
|
|
176,948
|
|
(a)
|
For the three months ended
December 31, 2018
and
2017
, there were
30
and
146
shares, respectively, associated with outstanding stock option awards that were excluded from the computation of diluted earnings per share above because their effect was antidilutive.
|
|
|
Total
|
|
Eliminations
|
|
AmeriGas Propane
|
|
UGI International
|
|
Midstream & Marketing (a)
|
|
UGI Utilities (a)
|
|
Corporate & Other
|
||||||||||||||
Revenues from contracts with customers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Utility:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Core Market:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential
|
|
$
|
175.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
175.7
|
|
|
$
|
—
|
|
Commercial & Industrial
|
|
67.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67.6
|
|
|
—
|
|
|||||||
Large delivery service
|
|
39.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39.5
|
|
|
—
|
|
|||||||
Off-system sales and capacity releases
|
|
15.2
|
|
|
(22.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38.1
|
|
|
—
|
|
|||||||
Other (b)
|
|
0.5
|
|
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
|
—
|
|
|||||||
Total Utility
|
|
298.5
|
|
|
(23.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
322.1
|
|
|
—
|
|
|||||||
Non-Utility:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
LPG:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Retail
|
|
1,229.7
|
|
|
—
|
|
|
721.9
|
|
|
507.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Wholesale
|
|
60.0
|
|
|
—
|
|
|
21.0
|
|
|
39.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Energy Marketing
|
|
468.9
|
|
|
(47.5
|
)
|
|
—
|
|
|
143.1
|
|
|
373.3
|
|
|
—
|
|
|
—
|
|
|||||||
Midstream:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Pipeline
|
|
19.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19.4
|
|
|
—
|
|
|
—
|
|
|||||||
Peaking
|
|
2.0
|
|
|
(38.7
|
)
|
|
—
|
|
|
—
|
|
|
40.7
|
|
|
—
|
|
|
—
|
|
|||||||
Other
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|||||||
Electricity Generation
|
|
11.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.7
|
|
|
—
|
|
|
—
|
|
|||||||
Other
|
|
84.0
|
|
|
(0.7
|
)
|
|
60.6
|
|
|
12.4
|
|
|
11.7
|
|
|
—
|
|
|
—
|
|
|||||||
Total Non-Utility
|
|
1,876.7
|
|
|
(86.9
|
)
|
|
803.5
|
|
|
702.3
|
|
|
457.8
|
|
|
—
|
|
|
—
|
|
|||||||
Total revenues from contracts with customers
|
|
2,175.2
|
|
|
(110.5
|
)
|
|
803.5
|
|
|
702.3
|
|
|
457.8
|
|
|
322.1
|
|
|
—
|
|
|||||||
Other revenues (c)
|
|
25.0
|
|
|
(1.1
|
)
|
|
16.7
|
|
|
8.4
|
|
|
1.6
|
|
|
0.6
|
|
|
(1.2
|
)
|
|||||||
Total revenues
|
|
$
|
2,200.2
|
|
|
$
|
(111.6
|
)
|
|
$
|
820.2
|
|
|
$
|
710.7
|
|
|
$
|
459.4
|
|
|
$
|
322.7
|
|
|
$
|
(1.2
|
)
|
(a)
|
Includes intersegment revenues principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane.
|
(b)
|
UGI Utilities includes unallocated negative surcharge revenue of
$(4.1)
as a result of a PAPUC Order issued May 17, 2018, related to TCJA (see Note 8).
|
(c)
|
Primarily represents revenues from tank rentals at AmeriGas Propane and UGI International, revenues from certain gathering assets at Midstream & Marketing, and gains and losses on commodity derivative instruments not associated with current-period transactions reflected in Corporate & Other, all of which are not within the scope of ASC 606 and accounted for in accordance with other GAAP.
|
|
|
December 31,
2018 |
|
September 30,
2018 |
|
December 31,
2017 |
||||||
Non-utility LPG and natural gas
|
|
$
|
206.7
|
|
|
$
|
231.7
|
|
|
$
|
216.4
|
|
Gas Utility natural gas
|
|
34.9
|
|
|
37.3
|
|
|
34.6
|
|
|||
Materials, supplies and other
|
|
52.1
|
|
|
49.2
|
|
|
56.3
|
|
|||
Total inventories
|
|
$
|
293.7
|
|
|
$
|
318.2
|
|
|
$
|
307.3
|
|
|
|
December 31,
2018 |
|
September 30,
2018 |
|
December 31,
2017 |
||||||
Goodwill (not subject to amortization)
|
|
$
|
3,154.8
|
|
|
$
|
3,160.4
|
|
|
$
|
3,185.5
|
|
Intangible assets:
|
|
|
|
|
|
|
||||||
Customer relationships, noncompete agreements and other
|
|
$
|
853.0
|
|
|
$
|
848.6
|
|
|
$
|
862.0
|
|
Trademarks and tradenames
|
|
7.9
|
|
|
7.9
|
|
|
—
|
|
|||
Accumulated amortization
|
|
(405.4
|
)
|
|
(393.2
|
)
|
|
(355.0
|
)
|
|||
Intangible assets, net (definite-lived)
|
|
455.5
|
|
|
463.3
|
|
|
507.0
|
|
|||
Trademarks and tradenames (indefinite-lived)
|
|
49.7
|
|
|
50.3
|
|
|
134.9
|
|
|||
Total intangible assets, net
|
|
$
|
505.2
|
|
|
$
|
513.6
|
|
|
$
|
641.9
|
|
|
|
December 31,
2018 |
|
September 30,
2018 |
|
December 31,
2017 |
||||||
Regulatory assets:
|
|
|
|
|
|
|
||||||
Income taxes recoverable
|
|
$
|
115.2
|
|
|
$
|
110.1
|
|
|
$
|
126.5
|
|
Underfunded pension and postretirement plans
|
|
85.3
|
|
|
87.1
|
|
|
138.3
|
|
|||
Environmental costs
|
|
58.5
|
|
|
58.8
|
|
|
60.8
|
|
|||
Removal costs, net
|
|
31.3
|
|
|
32.0
|
|
|
31.4
|
|
|||
Other
|
|
8.5
|
|
|
13.0
|
|
|
5.8
|
|
|||
Total regulatory assets
|
|
$
|
298.8
|
|
|
$
|
301.0
|
|
|
$
|
362.8
|
|
Regulatory liabilities (a):
|
|
|
|
|
|
|
||||||
Postretirement benefits
|
|
$
|
17.3
|
|
|
$
|
17.8
|
|
|
$
|
17.3
|
|
Deferred fuel and power refunds
|
|
22.2
|
|
|
36.7
|
|
|
12.7
|
|
|||
State tax benefits — distribution system repairs
|
|
23.5
|
|
|
22.6
|
|
|
19.1
|
|
|||
PAPUC temporary rates order
|
|
24.8
|
|
|
24.4
|
|
|
—
|
|
|||
Excess federal deferred income taxes
|
|
280.9
|
|
|
285.2
|
|
|
303.9
|
|
|||
Other
|
|
4.8
|
|
|
3.5
|
|
|
4.5
|
|
|||
Total regulatory liabilities
|
|
$
|
373.5
|
|
|
$
|
390.2
|
|
|
$
|
357.5
|
|
(a)
|
Regulatory liabilities are recorded in “
Other current liabilities
” and “
Other noncurrent liabilities
” on the Condensed Consolidated Balance Sheets.
|
|
|
Three Months Ended December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Trade receivables transferred to ESFC during the period
|
|
$
|
392.6
|
|
|
$
|
270.6
|
|
ESFC trade receivables sold to the bank during the period
|
|
$
|
25.0
|
|
|
$
|
48.0
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||
ESFC trade receivables — end of period (a)
|
|
$
|
135.4
|
|
|
$
|
65.0
|
|
|
$
|
101.0
|
|
(a)
|
At
December 31, 2018
,
September 30, 2018
, and
December 31, 2017
, the amounts of ESFC trade receivables sold to the bank were
$10.0
,
$2.0
and
$45.0
, respectively. Amounts sold to the bank are reflected as “
Short-term borrowings
” on the Condensed Consolidated Balance Sheets.
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
Three Months Ended December 31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Service cost
|
|
$
|
2.5
|
|
|
$
|
2.8
|
|
|
$
|
—
|
|
|
$
|
0.2
|
|
Interest cost
|
|
6.8
|
|
|
6.5
|
|
|
0.2
|
|
|
0.2
|
|
||||
Expected return on assets
|
|
(9.0
|
)
|
|
(8.6
|
)
|
|
(0.2
|
)
|
|
(0.2
|
)
|
||||
Amortization of:
|
|
|
|
|
|
|
|
|
||||||||
Prior service cost (benefit)
|
|
0.1
|
|
|
0.1
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||
Actuarial loss
|
|
1.9
|
|
|
3.3
|
|
|
—
|
|
|
0.1
|
|
||||
Net benefit cost (benefit)
|
|
2.3
|
|
|
4.1
|
|
|
(0.1
|
)
|
|
0.2
|
|
||||
Change in associated regulatory liabilities
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
(0.1
|
)
|
||||
Net benefit cost (benefit) after change in regulatory liabilities
|
|
$
|
2.3
|
|
|
$
|
4.1
|
|
|
$
|
(0.4
|
)
|
|
$
|
0.1
|
|
|
|
Asset (Liability)
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
December 31, 2018:
|
|
|
|
|
|
|
|
|
||||||||
Derivative instruments:
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
$
|
72.1
|
|
|
$
|
27.9
|
|
|
$
|
—
|
|
|
$
|
100.0
|
|
Foreign currency contracts
|
|
$
|
—
|
|
|
$
|
24.4
|
|
|
$
|
—
|
|
|
$
|
24.4
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
$
|
(35.6
|
)
|
|
$
|
(78.0
|
)
|
|
$
|
—
|
|
|
$
|
(113.6
|
)
|
Foreign currency contracts
|
|
$
|
—
|
|
|
$
|
(8.8
|
)
|
|
$
|
—
|
|
|
$
|
(8.8
|
)
|
Interest rate contracts
|
|
$
|
—
|
|
|
$
|
(3.7
|
)
|
|
$
|
—
|
|
|
$
|
(3.7
|
)
|
Non-qualified supplemental postretirement grantor trust investments (a)
|
|
$
|
38.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
38.0
|
|
September 30, 2018:
|
|
|
|
|
|
|
|
|
||||||||
Derivative instruments:
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
$
|
93.5
|
|
|
$
|
117.5
|
|
|
$
|
—
|
|
|
$
|
211.0
|
|
Foreign currency contracts
|
|
$
|
—
|
|
|
$
|
20.6
|
|
|
$
|
—
|
|
|
$
|
20.6
|
|
Cross-currency contracts
|
|
$
|
—
|
|
|
$
|
0.9
|
|
|
$
|
—
|
|
|
$
|
0.9
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
$
|
(33.6
|
)
|
|
$
|
(9.8
|
)
|
|
$
|
—
|
|
|
$
|
(43.4
|
)
|
Foreign currency contracts
|
|
$
|
—
|
|
|
$
|
(14.4
|
)
|
|
$
|
—
|
|
|
$
|
(14.4
|
)
|
Interest rate contracts
|
|
$
|
—
|
|
|
$
|
(1.0
|
)
|
|
$
|
—
|
|
|
$
|
(1.0
|
)
|
Non-qualified supplemental postretirement grantor trust investments (a)
|
|
$
|
40.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
40.8
|
|
December 31, 2017:
|
|
|
|
|
|
|
|
|
||||||||
Derivative instruments:
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
$
|
47.9
|
|
|
$
|
71.7
|
|
|
$
|
—
|
|
|
$
|
119.6
|
|
Foreign currency contracts
|
|
$
|
—
|
|
|
$
|
11.6
|
|
|
$
|
—
|
|
|
$
|
11.6
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
$
|
(31.0
|
)
|
|
$
|
(13.5
|
)
|
|
$
|
—
|
|
|
$
|
(44.5
|
)
|
Foreign currency contracts
|
|
$
|
—
|
|
|
$
|
(39.9
|
)
|
|
$
|
—
|
|
|
$
|
(39.9
|
)
|
Interest rate contracts
|
|
$
|
—
|
|
|
$
|
(2.1
|
)
|
|
$
|
—
|
|
|
$
|
(2.1
|
)
|
Cross-currency contracts
|
|
$
|
—
|
|
|
$
|
(0.9
|
)
|
|
$
|
—
|
|
|
$
|
(0.9
|
)
|
Non-qualified supplemental postretirement grantor trust investments (a)
|
|
$
|
37.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37.7
|
|
(a)
|
Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans (see
Note 12
.)
|
|
December 31, 2018
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||
Carrying amount
|
$
|
4,211.0
|
|
|
$
|
4,199.4
|
|
|
$
|
4,319.5
|
|
Estimated fair value
|
$
|
3,970.8
|
|
|
$
|
4,150.3
|
|
|
$
|
4,430.0
|
|
|
|
|
|
|
|
Notional Amounts
(in millions)
|
||||||||||
Type
|
|
Units
|
|
Settlements Extending Through
|
|
December 31, 2018
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||
Commodity Price Risk:
|
|
|
|
|
|
|
|
|
|
|
||||||
Regulated Utility Operations
|
|
|
|
|
|
|
|
|
|
|
||||||
Gas Utility NYMEX natural gas futures and option contracts
|
|
Dekatherms
|
|
September 2019
|
|
14.7
|
|
|
23.2
|
|
|
13.4
|
|
|||
FTRs contracts
|
|
Kilowatt hours
|
|
N/A
|
|
—
|
|
|
—
|
|
|
63.1
|
|
|||
Non-utility Operations
|
|
|
|
|
|
|
|
|
|
|
||||||
LPG swaps
|
|
Gallons
|
|
January 2021
|
|
450.4
|
|
|
394.3
|
|
|
275.4
|
|
|||
Natural gas futures, forward and pipeline contracts
|
|
Dekatherms
|
|
October 2023
|
|
188.0
|
|
|
159.7
|
|
|
128.3
|
|
|||
Natural gas basis swap contracts
|
|
Dekatherms
|
|
March 2023
|
|
81.2
|
|
|
54.4
|
|
|
90.2
|
|
|||
NYMEX natural gas storage
|
|
Dekatherms
|
|
June 2019
|
|
0.7
|
|
|
1.8
|
|
|
1.3
|
|
|||
NYMEX propane storage
|
|
Gallons
|
|
April 2019
|
|
0.3
|
|
|
0.6
|
|
|
0.1
|
|
|||
Electricity long forward and futures contracts
|
|
Kilowatt hours
|
|
May 2022
|
|
3,974.7
|
|
|
4,307.6
|
|
|
4,733.9
|
|
|||
Electricity short forward and futures contracts
|
|
Kilowatt hours
|
|
May 2022
|
|
366.7
|
|
|
359.3
|
|
|
325.2
|
|
|||
Interest Rate Risk:
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
Euro
|
|
October 2022
|
|
€
|
300.0
|
|
|
€
|
585.8
|
|
|
€
|
645.8
|
|
Interest rate swaps
|
|
USD
|
|
July 2022
|
|
$
|
114.1
|
|
|
$
|
114.1
|
|
|
$
|
—
|
|
Foreign Currency Exchange Rate Risk:
|
|
|
|
|
|
|
|
|
|
|
||||||
Forward foreign currency exchange contracts
|
|
USD
|
|
September 2021
|
|
$
|
408.6
|
|
|
$
|
512.2
|
|
|
$
|
485.7
|
|
Forward foreign currency exchange contracts
|
|
Euro
|
|
October 2024
|
|
€
|
172.8
|
|
|
€
|
—
|
|
|
€
|
—
|
|
Cross-currency contracts
|
|
USD
|
|
N/A
|
|
$
|
—
|
|
|
$
|
49.9
|
|
|
$
|
49.9
|
|
|
|
December 31,
2018 |
|
September 30,
2018 |
|
December 31,
2017 |
||||||
Derivative assets:
|
|
|
|
|
|
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
|
$
|
2.3
|
|
|
$
|
1.5
|
|
|
$
|
1.2
|
|
Cross-currency contracts
|
|
—
|
|
|
0.9
|
|
|
—
|
|
|||
|
|
2.3
|
|
|
2.4
|
|
|
1.2
|
|
|||
Derivatives subject to PGC and DS mechanisms:
|
|
|
|
|
|
|
||||||
Commodity contracts
|
|
1.3
|
|
|
3.0
|
|
|
0.4
|
|
|||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
||||||
Commodity contracts
|
|
98.7
|
|
|
208.0
|
|
|
119.2
|
|
|||
Foreign currency contracts
|
|
22.1
|
|
|
19.1
|
|
|
10.4
|
|
|||
|
|
120.8
|
|
|
227.1
|
|
|
129.6
|
|
|||
Total derivative assets — gross
|
|
124.4
|
|
|
232.5
|
|
|
131.2
|
|
|||
Gross amounts offset in the balance sheet
|
|
(34.3
|
)
|
|
(34.3
|
)
|
|
(32.5
|
)
|
|||
Cash collateral received
|
|
—
|
|
|
(12.2
|
)
|
|
(12.0
|
)
|
|||
Total derivative assets — net
|
|
$
|
90.1
|
|
|
$
|
186.0
|
|
|
$
|
86.7
|
|
Derivative liabilities:
|
|
|
|
|
|
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
||||||
Foreign currency contracts
|
|
$
|
—
|
|
|
$
|
(0.4
|
)
|
|
$
|
(5.6
|
)
|
Cross-currency contracts
|
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
|||
Interest rate contracts
|
|
(3.7
|
)
|
|
(1.0
|
)
|
|
(2.1
|
)
|
|||
|
|
(3.7
|
)
|
|
(1.4
|
)
|
|
(8.6
|
)
|
|||
Derivatives subject to PGC and DS mechanisms:
|
|
|
|
|
|
|
||||||
Commodity contracts
|
|
(0.5
|
)
|
|
(0.1
|
)
|
|
(2.3
|
)
|
|||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
||||||
Commodity contracts
|
|
(113.1
|
)
|
|
(43.3
|
)
|
|
(42.2
|
)
|
|||
Foreign currency contracts
|
|
(8.8
|
)
|
|
(14.0
|
)
|
|
(34.3
|
)
|
|||
|
|
(121.9
|
)
|
|
(57.3
|
)
|
|
(76.5
|
)
|
|||
Total derivative liabilities — gross
|
|
(126.1
|
)
|
|
(58.8
|
)
|
|
(87.4
|
)
|
|||
Gross amounts offset in the balance sheet
|
|
34.3
|
|
|
34.3
|
|
|
32.5
|
|
|||
Cash collateral pledged
|
|
10.0
|
|
|
—
|
|
|
—
|
|
|||
Total derivative liabilities — net
|
|
$
|
(81.8
|
)
|
|
$
|
(24.5
|
)
|
|
$
|
(54.9
|
)
|
Three Months Ended December 31,:
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Gain (Loss)
Recognized in AOCI |
|
Gain (Loss)
Reclassified from AOCI into Income |
|
Location of Gain (Loss) Reclassified from
AOCI into Income |
||||||||||||
Cash Flow Hedges:
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|||||||||
Foreign currency contracts
|
|
$
|
1.0
|
|
|
$
|
(1.4
|
)
|
|
$
|
0.8
|
|
|
$
|
0.8
|
|
|
Cost of sales
|
Cross-currency contracts
|
|
(0.1
|
)
|
|
0.1
|
|
|
(0.3
|
)
|
|
0.2
|
|
|
Interest expense/other operating income, net
|
||||
Interest rate contracts
|
|
(2.8
|
)
|
|
0.7
|
|
|
(1.5
|
)
|
|
(0.5
|
)
|
|
Interest expense
|
||||
Total
|
|
$
|
(1.9
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net Investment Hedges:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
|
$
|
0.9
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Gain (Loss)
Recognized in Income |
|
Location of Gain (Loss)
Recognized in Income |
|
|
||||||||||||
Derivatives Not Designated as Hedging Instruments:
|
|
2018
|
|
2017
|
|
|
|
|||||||||||
Commodity contracts
|
|
$
|
(159.7
|
)
|
|
$
|
24.4
|
|
|
Cost of sales
|
|
|
||||||
Commodity contracts
|
|
(2.8
|
)
|
|
(1.3
|
)
|
|
Revenues
|
|
|
||||||||
Commodity contracts
|
|
(0.4
|
)
|
|
0.1
|
|
|
Operating and administrative expenses
|
|
|
||||||||
Foreign currency contracts
|
|
8.9
|
|
|
(4.8
|
)
|
|
Other non-operating income (expense), net
|
|
|
||||||||
Total
|
|
$
|
(154.0
|
)
|
|
$
|
18.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2018
|
|
Postretirement Benefit Plans
|
|
Derivative Instruments
|
|
Foreign Currency
|
|
Total
|
||||||||
AOCI — September 30, 2018
|
|
$
|
(11.0
|
)
|
|
$
|
(16.1
|
)
|
|
$
|
(83.3
|
)
|
|
$
|
(110.4
|
)
|
Other comprehensive loss before reclassification adjustments (after-tax)
|
|
—
|
|
|
(1.5
|
)
|
|
(15.6
|
)
|
|
(17.1
|
)
|
||||
Amounts reclassified from AOCI:
|
|
|
|
|
|
|
|
|
||||||||
Reclassification adjustments (pre-tax)
|
|
0.4
|
|
|
1.0
|
|
|
—
|
|
|
1.4
|
|
||||
Reclassification adjustments tax expense
|
|
(0.1
|
)
|
|
(0.3
|
)
|
|
—
|
|
|
(0.4
|
)
|
||||
Reclassification adjustments (after-tax)
|
|
0.3
|
|
|
0.7
|
|
|
—
|
|
|
1.0
|
|
||||
Other comprehensive income (loss) attributable to UGI
|
|
0.3
|
|
|
(0.8
|
)
|
|
(15.6
|
)
|
|
(16.1
|
)
|
||||
Reclassification of stranded income tax effects related to TCJA
|
|
(2.9
|
)
|
|
(3.7
|
)
|
|
—
|
|
|
(6.6
|
)
|
||||
AOCI — December 31, 2018
|
|
$
|
(13.6
|
)
|
|
$
|
(20.6
|
)
|
|
$
|
(98.9
|
)
|
|
$
|
(133.1
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Three Months Ended December 31, 2017
|
|
Postretirement Benefit Plans
|
|
Derivative Instruments
|
|
Foreign Currency
|
|
Total
|
||||||||
AOCI — September 30, 2017
|
|
$
|
(19.2
|
)
|
|
$
|
(21.4
|
)
|
|
$
|
(52.8
|
)
|
|
$
|
(93.4
|
)
|
Other comprehensive (loss) income before reclassification adjustments (after-tax)
|
|
—
|
|
|
(0.4
|
)
|
|
22.3
|
|
|
21.9
|
|
||||
Amounts reclassified from AOCI:
|
|
|
|
|
|
|
|
|
||||||||
Reclassification adjustments (pre-tax)
|
|
0.6
|
|
|
(0.5
|
)
|
|
—
|
|
|
0.1
|
|
||||
Reclassification adjustments tax (benefit) expense
|
|
(0.2
|
)
|
|
0.1
|
|
|
—
|
|
|
(0.1
|
)
|
||||
Reclassification adjustments (after-tax)
|
|
0.4
|
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
||||
Other comprehensive income (loss) attributable to UGI
|
|
0.4
|
|
|
(0.8
|
)
|
|
22.3
|
|
|
21.9
|
|
||||
AOCI — December 31, 2017
|
|
$
|
(18.8
|
)
|
|
$
|
(22.2
|
)
|
|
$
|
(30.5
|
)
|
|
$
|
(71.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2018
|
|
Total
|
|
Eliminations
|
|
AmeriGas
Propane |
|
UGI International
|
|
Midstream & Marketing
|
|
UGI
Utilities |
|
Corporate
& Other (b) |
||||||||||||||
Revenues
|
|
$
|
2,200.2
|
|
|
$
|
—
|
|
|
$
|
820.2
|
|
|
$
|
710.7
|
|
|
$
|
372.5
|
|
|
$
|
299.1
|
|
|
$
|
(2.3
|
)
|
Intersegment revenues
|
|
$
|
—
|
|
|
$
|
(111.6
|
)
|
(c)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
86.9
|
|
|
$
|
23.6
|
|
|
$
|
1.1
|
|
Cost of sales
|
|
$
|
1,425.0
|
|
|
$
|
(110.8
|
)
|
(c)
|
$
|
378.5
|
|
|
$
|
448.6
|
|
|
$
|
377.5
|
|
|
$
|
159.5
|
|
|
$
|
171.7
|
|
Segment profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating income (loss)
|
|
$
|
167.7
|
|
|
$
|
0.4
|
|
|
$
|
166.6
|
|
|
$
|
58.3
|
|
|
$
|
41.1
|
|
|
$
|
77.0
|
|
|
$
|
(175.7
|
)
|
Income from equity investees
|
|
1.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
(d)
|
—
|
|
|
—
|
|
|||||||
Loss on extinguishments of debt
|
|
(6.1
|
)
|
|
—
|
|
|
—
|
|
|
(6.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other non-operating income (expense), net
|
|
9.0
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
—
|
|
|
0.4
|
|
|
7.9
|
|
|||||||
Interest expense
|
|
(60.2
|
)
|
|
—
|
|
|
(42.4
|
)
|
|
(5.4
|
)
|
|
(0.5
|
)
|
|
(11.7
|
)
|
|
(0.2
|
)
|
|||||||
Income (loss) before income taxes
|
|
$
|
111.9
|
|
|
$
|
0.4
|
|
|
$
|
124.2
|
|
|
$
|
47.5
|
|
|
$
|
42.1
|
|
|
$
|
65.7
|
|
|
$
|
(168.0
|
)
|
Partnership Adjusted EBITDA (a)
|
|
|
|
|
|
$
|
210.7
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noncontrolling interests’ net income (loss)
|
|
$
|
24.3
|
|
|
$
|
—
|
|
|
$
|
81.5
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(57.3
|
)
|
Depreciation and amortization
|
|
$
|
111.2
|
|
|
$
|
—
|
|
|
$
|
45.7
|
|
|
$
|
31.4
|
|
|
$
|
11.5
|
|
|
$
|
22.5
|
|
|
$
|
0.1
|
|
Capital expenditures (including the effects of accruals)
|
|
$
|
161.8
|
|
|
$
|
—
|
|
|
$
|
31.0
|
|
|
$
|
27.8
|
|
|
$
|
25.1
|
|
|
$
|
77.3
|
|
|
$
|
0.6
|
|
As of December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total assets
|
|
$
|
12,368.3
|
|
|
$
|
(144.3
|
)
|
|
$
|
4,020.6
|
|
|
$
|
3,287.5
|
|
|
$
|
1,504.9
|
|
|
$
|
3,424.8
|
|
|
$
|
274.8
|
|
Short-term borrowings
|
|
$
|
676.3
|
|
|
$
|
—
|
|
|
$
|
368.5
|
|
|
$
|
1.8
|
|
|
$
|
10.0
|
|
|
$
|
296.0
|
|
|
$
|
—
|
|
Goodwill
|
|
$
|
3,154.8
|
|
|
$
|
—
|
|
|
$
|
2,003.0
|
|
|
$
|
951.9
|
|
|
$
|
17.8
|
|
|
$
|
182.1
|
|
|
$
|
—
|
|
Three Months Ended December 31, 2017
|
|
Total
|
|
Eliminations
|
|
AmeriGas
Propane |
|
UGI International
|
|
Midstream & Marketing
|
|
UGI
Utilities |
|
Corporate
& Other (b) |
||||||||||||||
Revenues
|
|
$
|
2,125.2
|
|
|
$
|
—
|
|
|
$
|
787.3
|
|
|
$
|
784.2
|
|
|
$
|
249.8
|
|
|
$
|
305.4
|
|
|
$
|
(1.5
|
)
|
Intersegment revenues
|
|
$
|
—
|
|
|
$
|
(97.1
|
)
|
(c)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
78.2
|
|
|
$
|
17.7
|
|
|
$
|
1.2
|
|
Cost of sales
|
|
$
|
1,137.4
|
|
|
$
|
(96.0
|
)
|
(c)
|
$
|
366.1
|
|
|
$
|
484.8
|
|
|
$
|
239.0
|
|
|
$
|
151.8
|
|
|
$
|
(8.3
|
)
|
Segment profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating income (e)
|
|
$
|
395.0
|
|
|
$
|
0.2
|
|
|
$
|
147.9
|
|
|
$
|
93.2
|
|
|
$
|
53.4
|
|
|
$
|
96.9
|
|
|
$
|
3.4
|
|
Income (loss) from equity investees
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
1.2
|
|
(d)
|
—
|
|
|
—
|
|
|||||||
Other non-operating expense, net (e)
|
|
(8.0
|
)
|
|
—
|
|
|
—
|
|
|
(4.8
|
)
|
|
(1.1
|
)
|
|
(0.6
|
)
|
|
(1.5
|
)
|
|||||||
Interest expense
|
|
(58.2
|
)
|
|
—
|
|
|
(40.6
|
)
|
|
(5.6
|
)
|
|
(0.9
|
)
|
|
(10.9
|
)
|
|
(0.2
|
)
|
|||||||
Income before income taxes
|
|
$
|
329.8
|
|
|
$
|
0.2
|
|
|
$
|
107.3
|
|
|
$
|
82.6
|
|
|
$
|
52.6
|
|
|
$
|
85.4
|
|
|
$
|
1.7
|
|
Partnership Adjusted EBITDA (a)
|
|
|
|
|
|
$
|
194.1
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noncontrolling interests’ net income (loss)
|
|
$
|
68.3
|
|
|
$
|
—
|
|
|
$
|
68.0
|
|
|
$
|
(0.3
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.6
|
|
Depreciation and amortization
|
|
$
|
110.3
|
|
|
$
|
—
|
|
|
$
|
47.4
|
|
|
$
|
32.2
|
|
|
$
|
10.1
|
|
|
$
|
20.4
|
|
|
$
|
0.2
|
|
Capital expenditures (including the effects of accruals)
|
|
$
|
128.5
|
|
|
$
|
—
|
|
|
$
|
23.6
|
|
|
$
|
21.7
|
|
|
$
|
11.3
|
|
|
$
|
71.7
|
|
|
$
|
0.2
|
|
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total assets
|
|
$
|
12,343.9
|
|
|
$
|
(62.6
|
)
|
|
$
|
4,206.2
|
|
|
$
|
3,450.1
|
|
|
$
|
1,325.1
|
|
|
$
|
3,174.7
|
|
|
$
|
250.4
|
|
Short-term borrowings
|
|
$
|
586.1
|
|
|
$
|
—
|
|
|
$
|
263.5
|
|
|
$
|
41.1
|
|
|
$
|
100.0
|
|
|
$
|
181.5
|
|
|
$
|
—
|
|
Goodwill
|
|
$
|
3,185.5
|
|
|
$
|
—
|
|
|
$
|
2,001.3
|
|
|
$
|
990.6
|
|
|
$
|
11.5
|
|
|
$
|
182.1
|
|
|
$
|
—
|
|
|
|
Three Months Ended
December 31, |
||||||
|
|
2018
|
|
2017
|
||||
Partnership Adjusted EBITDA
|
|
$
|
210.7
|
|
|
$
|
194.1
|
|
Depreciation and amortization
|
|
(45.7
|
)
|
|
(47.4
|
)
|
||
Interest expense
|
|
(42.4
|
)
|
|
(40.6
|
)
|
||
Noncontrolling interest (i)
|
|
1.6
|
|
|
1.2
|
|
||
Income before income taxes
|
|
$
|
124.2
|
|
|
$
|
107.3
|
|
(i)
|
Principally represents the General Partner’s
1.01%
interest in AmeriGas OLP.
|
(b)
|
Includes net pre-tax (losses) gains on commodity and certain foreign currency derivative instruments not associated with current-period transactions (including such amounts attributable to noncontrolling interests) totaling
$(165.9)
and
$6.6
during the
three
months ended
December 31, 2018
and
2017
, respectively.
|
(c)
|
Represents the elimination of intersegment transactions principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane.
|
(d)
|
Represents AFUDC associated with our PennEast Pipeline equity investment.
|
(e)
|
Amounts reflect the reclassification of non-service income (expense) associated with our pension and other postretirement plans from “Operating and administrative expenses” to “Other non-operating income (expense), net,” on the Condensed Consolidated Statements of Income as a result of the adoption of ASU No. 2017-07 (see Note 3).
|
For the three months ended December 31,
|
|
2018
|
|
2017
|
|
Variance - Favorable
(Unfavorable)
|
|||||||||||||||
(Dollars in millions)
|
|
Amount
|
|
% of Total
|
|
Amount (a)
|
|
% of Total
|
|
Amount
|
|
% Change
|
|||||||||
AmeriGas Propane
|
|
$
|
30.6
|
|
|
47.7
|
%
|
|
$
|
141.6
|
|
|
38.7
|
%
|
|
$
|
(111.0
|
)
|
|
(78.4
|
)%
|
UGI International (b)(c)(d)
|
|
32.5
|
|
|
50.6
|
%
|
|
61.1
|
|
|
16.7
|
%
|
|
(28.6
|
)
|
|
(46.8
|
)%
|
|||
Midstream & Marketing
|
|
31.0
|
|
|
48.3
|
%
|
|
112.0
|
|
|
30.6
|
%
|
|
(81.0
|
)
|
|
(72.3
|
)%
|
|||
UGI Utilities
|
|
49.9
|
|
|
77.7
|
%
|
|
68.3
|
|
|
18.7
|
%
|
|
(18.4
|
)
|
|
(26.9
|
)%
|
|||
Corporate & Other (e)
|
|
(79.8
|
)
|
|
(124.3
|
)%
|
|
(17.1
|
)
|
|
(4.7
|
)%
|
|
(62.7
|
)
|
|
N.M.
|
|
|||
Net income attributable to UGI Corporation
|
|
$
|
64.2
|
|
|
100.0
|
%
|
|
$
|
365.9
|
|
|
100.0
|
%
|
|
$
|
(301.7
|
)
|
|
(82.5
|
)%
|
(a)
|
Net income attributable to UGI Corporation for the three months ended December 31, 2017, includes income (loss) from remeasurement adjustments to tax-related accounts as a result of the enactment of the TCJA as follows:
|
AmeriGas Propane
|
$
|
113.1
|
|
UGI International
|
(9.3
|
)
|
|
Midstream & Marketing
|
74.3
|
|
|
UGI Utilities
|
8.1
|
|
|
Corporate & Other
|
(20.2
|
)
|
|
Net income attributable to UGI Corporation
|
$
|
166.0
|
|
(b)
|
Three months ended December 31, 2018, includes net after-tax loss from extinguishment of debt of $4.2 million.
|
(c)
|
Three months ended December 31, 2017, includes beneficial impact of a $17.3 million remeasurement adjustment to net deferred income tax liabilities associated with a December 2017 change in French income tax rates.
|
(d)
|
Three months ended December 31, 2017, includes after-tax integration expenses associated with Finagaz of $1.2 million.
|
(e)
|
Includes net after-tax (losses) gains on commodity derivative instruments not associated with current-period transactions of $(81.2) million and $4.6 million for the three months ended December 31, 2018 and 2017, respectively. Also includes after-tax unrealized gains (losses) on certain foreign currency derivative instruments of $5.8 million and $(0.1) million for the three months ended December 31, 2018 and 2017, respectively.
|
For the three months ended December 31,
|
|
2018
|
|
2017
|
|
Variance - Favorable
(Unfavorable)
|
|||||||||||||||
(Dollars in millions)
|
|
Amount
|
|
% of Total
|
|
Amount
|
|
% of Total
|
|
Amount
|
|
% Change
|
|||||||||
AmeriGas Propane
|
|
$
|
30.6
|
|
|
21.3
|
%
|
|
$
|
28.5
|
|
|
15.9
|
%
|
|
$
|
2.1
|
|
|
7.4
|
%
|
UGI International
|
|
36.7
|
|
|
25.5
|
%
|
|
54.3
|
|
|
30.3
|
%
|
|
(17.6
|
)
|
|
(32.4
|
)%
|
|||
Midstream & Marketing
|
|
31.0
|
|
|
21.6
|
%
|
|
37.7
|
|
|
21.0
|
%
|
|
(6.7
|
)
|
|
(17.8
|
)%
|
|||
UGI Utilities
|
|
49.9
|
|
|
34.7
|
%
|
|
60.2
|
|
|
33.6
|
%
|
|
(10.3
|
)
|
|
(17.1
|
)%
|
|||
Corporate & Other
|
|
(4.4
|
)
|
|
(3.1
|
)%
|
|
(1.4
|
)
|
|
(0.8
|
)%
|
|
(3.0
|
)
|
|
N.M.
|
|
|||
Adjusted net income attributable to UGI Corporation
|
|
$
|
143.8
|
|
|
100.0
|
%
|
|
$
|
179.3
|
|
|
100.0
|
%
|
|
$
|
(35.5
|
)
|
|
(19.8
|
)%
|
Three Months Ended December 31, 2018
|
|
Total
|
|
AmeriGas Propane
|
|
UGI International
|
|
Midstream & Marketing
|
|
UGI
Utilities |
|
Corporate
& Other |
||||||||||||
Adjusted net income attributable to UGI Corporation (millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss) attributable to UGI Corporation
|
|
$
|
64.2
|
|
|
$
|
30.6
|
|
|
$
|
32.5
|
|
|
$
|
31.0
|
|
|
$
|
49.9
|
|
|
$
|
(79.8
|
)
|
Net losses on commodity derivative instruments not associated with current-period transactions (net of tax of $(35.5)) (a)
|
|
81.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81.2
|
|
||||||
Unrealized gains on foreign currency derivative instruments (net of tax of $2.3) (a)
|
|
(5.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.8
|
)
|
||||||
Loss on extinguishments of debt (net of tax of $(1.9)) (a)
|
|
4.2
|
|
|
—
|
|
|
4.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Adjusted net income (loss) attributable to UGI Corporation
|
|
$
|
143.8
|
|
|
$
|
30.6
|
|
|
$
|
36.7
|
|
|
$
|
31.0
|
|
|
$
|
49.9
|
|
|
$
|
(4.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
UGI Corporation earnings (loss) per share — diluted
|
|
$
|
0.36
|
|
|
$
|
0.17
|
|
|
$
|
0.18
|
|
|
$
|
0.17
|
|
|
$
|
0.28
|
|
|
$
|
(0.44
|
)
|
Net losses on commodity derivative instruments not associated with current-period transactions (b)
|
|
0.46
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.46
|
|
||||||
Unrealized gains on foreign currency derivative instruments
|
|
(0.03
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.03
|
)
|
||||||
Loss on extinguishments of debt
|
|
0.02
|
|
|
—
|
|
|
0.02
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Adjusted diluted earnings (loss) per share
|
|
$
|
0.81
|
|
|
$
|
0.17
|
|
|
$
|
0.20
|
|
|
$
|
0.17
|
|
|
$
|
0.28
|
|
|
$
|
(0.01
|
)
|
Three Months Ended December 31, 2017
|
|
Total
|
|
AmeriGas Propane
|
|
UGI International
|
|
Midstream & Marketing
|
|
UGI
Utilities |
|
Corporate
& Other |
||||||||||||
Adjusted net income attributable to UGI Corporation (millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss) attributable to UGI Corporation
|
|
$
|
365.9
|
|
|
$
|
141.6
|
|
|
$
|
61.1
|
|
|
$
|
112.0
|
|
|
$
|
68.3
|
|
|
$
|
(17.1
|
)
|
Net gains on commodity derivative instruments not associated with current-period transactions (net of tax of $2.1) (a)
|
|
(4.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.6
|
)
|
||||||
Unrealized losses on foreign currency derivative instruments (net of tax of $(0.0)) (a)
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||||
Integration expenses associated with Finagaz (net of tax of $(0.7)) (a)
|
|
1.2
|
|
|
—
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Impact of French Finance Bill
|
|
(17.3
|
)
|
|
—
|
|
|
(17.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Remeasurement impact of TCJA
|
|
(166.0
|
)
|
|
(113.1
|
)
|
|
9.3
|
|
|
(74.3
|
)
|
|
(8.1
|
)
|
|
20.2
|
|
||||||
Adjusted net income (loss) attributable to UGI Corporation
|
|
$
|
179.3
|
|
|
$
|
28.5
|
|
|
$
|
54.3
|
|
|
$
|
37.7
|
|
|
$
|
60.2
|
|
|
$
|
(1.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
UGI Corporation earnings (loss) per share - diluted
|
|
$
|
2.07
|
|
|
$
|
0.80
|
|
|
$
|
0.35
|
|
|
$
|
0.63
|
|
|
$
|
0.39
|
|
|
$
|
(0.10
|
)
|
Net gains on commodity derivative instruments not associated with current-period transactions
|
|
(0.03
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.03
|
)
|
||||||
Unrealized losses on foreign currency derivative instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Integration expenses associated with Finagaz
|
|
0.01
|
|
|
—
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Impact of French Finance Bill
|
|
(0.10
|
)
|
|
—
|
|
|
(0.10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Remeasurement impact of TCJA
|
|
(0.94
|
)
|
|
(0.64
|
)
|
|
0.05
|
|
|
(0.42
|
)
|
|
(0.05
|
)
|
|
0.12
|
|
||||||
Adjusted diluted earnings (loss) per share
|
|
$
|
1.01
|
|
|
$
|
0.16
|
|
|
$
|
0.31
|
|
|
$
|
0.21
|
|
|
$
|
0.34
|
|
|
$
|
(0.01
|
)
|
(a)
|
Income taxes associated with pre-tax adjustments determined using statutory business unit tax rates.
|
(b)
|
Includes the effects of rounding associated with per share amounts.
|
For the three months ended December 31,
|
|
2018
|
|
2017
|
|
Increase
|
|||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|||||||
Revenues
|
|
$
|
820.2
|
|
|
$
|
787.3
|
|
|
$
|
32.9
|
|
|
4.2
|
%
|
Total margin (a)
|
|
$
|
441.7
|
|
|
$
|
421.2
|
|
|
$
|
20.5
|
|
|
4.9
|
%
|
Partnership operating and administrative expenses
|
|
$
|
235.1
|
|
|
$
|
230.3
|
|
|
$
|
4.8
|
|
|
2.1
|
%
|
Partnership Adjusted EBITDA (b)
|
|
$
|
210.7
|
|
|
$
|
194.1
|
|
|
$
|
16.6
|
|
|
8.6
|
%
|
Operating income (c)
|
|
$
|
166.6
|
|
|
$
|
147.9
|
|
|
$
|
18.7
|
|
|
12.6
|
%
|
Retail gallons sold (millions)
|
|
310.3
|
|
|
305.0
|
|
|
$
|
5.3
|
|
|
1.7
|
%
|
||
Heating degree days—% colder (warmer) than normal (d)
|
|
4.9
|
%
|
|
(1.4
|
)%
|
|
—
|
|
|
—
|
|
(a)
|
Total margin represents total revenues less total cost of sales. Total margin for the three months ended
December 31, 2018
and 2017 excludes net pre-tax (losses) gains of $(78.5) million and $0.8 million, respectively, on commodity derivative instruments not associated with current-period transactions.
|
(b)
|
Partnership Adjusted EBITDA should not be considered as an alternative to net income (loss) (as an indicator of operating performance) and is not a measure of performance or financial condition under GAAP. Management uses Partnership Adjusted EBITDA as the primary measure of segment profitability for the AmeriGas Propane segment (see
Note 16
to Condensed Consolidated Financial Statements).
|
(c)
|
Operating income includes certain operating and administrative expenses of the General Partner.
|
(d)
|
Deviation from average heating degree days for the 15-year period 2002-2016 based upon national weather statistics provided by the NOAA for 344 Geo Regions in the United States, excluding Alaska and Hawaii.
|
For the three months ended December 31,
|
|
2018
|
|
2017
|
|
Increase (Decrease)
|
|||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|||||||
Revenues
|
|
$
|
710.7
|
|
|
$
|
784.2
|
|
|
$
|
(73.5
|
)
|
|
(9.4
|
)%
|
Total margin (a)
|
|
$
|
262.1
|
|
|
$
|
299.4
|
|
|
$
|
(37.3
|
)
|
|
(12.5
|
)%
|
Operating and administrative expenses (b)
|
|
$
|
174.4
|
|
|
$
|
173.7
|
|
|
$
|
0.7
|
|
|
0.4
|
%
|
Operating income
|
|
$
|
58.3
|
|
|
$
|
93.2
|
|
|
$
|
(34.9
|
)
|
|
(37.4
|
)%
|
Income before income taxes (c)
|
|
$
|
47.5
|
|
|
$
|
82.6
|
|
|
$
|
(35.1
|
)
|
|
(42.5
|
)%
|
LPG retail gallons sold (millions)
|
|
237.6
|
|
|
260.6
|
|
|
$
|
(23.0
|
)
|
|
(8.8
|
)%
|
||
UGI International degree days—% (warmer) than normal (d)
|
|
(8.0
|
)%
|
|
(0.7
|
)%
|
|
—
|
|
|
—
|
|
(a)
|
Total margin represents total revenues less total cost of sales. Total margin for the three months ended
December 31, 2018
and 2017 excludes net pre-tax (losses) gains of $(97.3) million and $17.0 million, respectively, on commodity derivative instruments not associated with current-period transactions.
|
(b)
|
The 2017 three-month period includes $1.9 million of Finagaz integration expenses.
|
(c)
|
Income before income taxes for the three months ended
December 31, 2018
and 2017 excludes net pre-tax unrealized gains (losses) on certain foreign currency derivative contracts of $8.1 million and $(0.1) million, respectively. Income before income taxes during the three months ended December 31, 2018, is also net of a $6.1 million loss on extinguishments of debt.
|
(d)
|
Deviation from average heating degree days for the 15-year period 2002-2016 at locations in our UGI International service territories.
|
For the three months ended December 31,
|
|
2018
|
|
2017
|
|
Increase (Decrease)
|
|||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|||||||
Revenues
|
|
$
|
459.4
|
|
|
$
|
328.0
|
|
|
$
|
131.4
|
|
|
40.1
|
%
|
Total margin (a)
|
|
$
|
81.9
|
|
|
$
|
89.0
|
|
|
$
|
(7.1
|
)
|
|
(8.0
|
)%
|
Operating and administrative expenses
|
|
$
|
29.2
|
|
|
$
|
25.6
|
|
|
$
|
3.6
|
|
|
14.1
|
%
|
Operating income
|
|
$
|
41.1
|
|
|
$
|
53.4
|
|
|
$
|
(12.3
|
)
|
|
(23.0
|
)%
|
Income before income taxes
|
|
$
|
42.1
|
|
|
$
|
52.6
|
|
|
$
|
(10.5
|
)
|
|
(20.0
|
)%
|
(a)
|
Total margin represents total revenues less total cost of sales. Total margin for the three months ended
December 31, 2018
and 2017 excludes net pre-tax gains (losses) of $1.8 million and $(11.1) million, respectively, on commodity derivative instruments not associated with current-period transactions.
|
For the three months ended December 31,
|
|
2018
|
|
2017
|
|
Increase (Decrease)
|
|||||||||
(Dollars in millions)
|
|
|
|
|
|
|
|
|
|||||||
Revenues (a)
|
|
$
|
322.7
|
|
|
$
|
323.1
|
|
|
$
|
(0.4
|
)
|
|
(0.1
|
)%
|
Total margin (b)
|
|
$
|
161.9
|
|
|
$
|
170.0
|
|
|
$
|
(8.1
|
)
|
|
(4.8
|
)%
|
Operating and administrative expenses (b)
|
|
$
|
61.2
|
|
|
$
|
52.9
|
|
|
$
|
8.3
|
|
|
15.7
|
%
|
Operating income
|
|
$
|
77.0
|
|
|
$
|
96.9
|
|
|
$
|
(19.9
|
)
|
|
(20.5
|
)%
|
Income before income taxes
|
|
$
|
65.7
|
|
|
$
|
85.4
|
|
|
$
|
(19.7
|
)
|
|
(23.1
|
)%
|
Gas Utility system throughput—bcf
|
|
|
|
|
|
|
|
|
|||||||
Core market
|
|
26.5
|
|
|
25.5
|
|
|
1.0
|
|
|
3.9
|
%
|
|||
Total
|
|
75.7
|
|
|
69.2
|
|
|
6.5
|
|
|
9.4
|
%
|
|||
Electric Utility distribution sales - gwh
|
|
249.7
|
|
|
246.6
|
|
|
3.1
|
|
|
1.3
|
%
|
|||
Gas Utility heating degree days—% (warmer) than normal (c)
|
|
(0.5
|
)%
|
|
(1.9
|
)%
|
|
—
|
|
|
—
|
|
(a)
|
In accordance with the PAPUC Order issued May 17, 2018, Gas Utility’s revenues and total margin for the three months ended December 31, 2018, were reduced by $13.5 million to reflect the give back of tax savings of the TCJA (see Notes 6 and 8 to Condensed Consolidated Financial Statements).
|
(b)
|
Total margin represents total revenues less total cost of sales and revenue-related taxes, i.e., Electric Utility gross receipts taxes, of
$1.3 million
during each of the three months ended
December 31, 2018
and 2017. For financial statement purposes, revenue-related taxes are included in “
Operating and administrative expenses
” on the Condensed Consolidated Statements of Income (but are excluded from operating expenses presented above).
|
(c)
|
Deviation from average heating degree days for the 15-year period 2000-2014 based upon weather statistics provided by NOAA for airports located within Gas Utility’s service territory.
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||||||||||||||||
(Millions of dollars)
|
AmeriGas Propane
|
|
UGI International
|
|
Midstream & Marketing
|
|
UGI Utilities
|
|
Other
|
|
Total
|
|
Total
|
||||||||||||||
Short-term borrowings
|
$
|
368.5
|
|
|
$
|
1.8
|
|
|
$
|
10.0
|
|
|
$
|
296.0
|
|
|
$
|
—
|
|
|
$
|
676.3
|
|
|
$
|
424.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Long-term debt (including current maturities):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Senior notes
|
$
|
2,575.0
|
|
|
$
|
401.4
|
|
|
$
|
—
|
|
|
$
|
675.0
|
|
|
$
|
—
|
|
|
$
|
3,651.4
|
|
|
$
|
3,250.0
|
|
Term loans and notes
|
—
|
|
|
344.1
|
|
|
—
|
|
|
158.8
|
|
|
—
|
|
|
502.9
|
|
|
890.4
|
|
|||||||
Other long-term debt
|
20.5
|
|
|
20.4
|
|
|
0.4
|
|
|
6.6
|
|
|
8.8
|
|
|
56.7
|
|
|
59.0
|
|
|||||||
Unamortized debt issuance costs
|
(26.5
|
)
|
|
(9.5
|
)
|
|
—
|
|
|
(4.8
|
)
|
|
—
|
|
|
(40.8
|
)
|
|
(34.1
|
)
|
|||||||
Total long-term debt
|
$
|
2,569.0
|
|
|
$
|
756.4
|
|
|
$
|
0.4
|
|
|
$
|
835.6
|
|
|
$
|
8.8
|
|
|
$
|
4,170.2
|
|
|
$
|
4,165.3
|
|
Total debt
|
$
|
2,937.5
|
|
|
$
|
758.2
|
|
|
$
|
10.4
|
|
|
$
|
1,131.6
|
|
|
$
|
8.8
|
|
|
$
|
4,846.5
|
|
|
$
|
4,590.2
|
|
(Currency in millions)
|
|
Total Capacity
|
|
Borrowings Outstanding
|
|
Letters of Credit and Guarantees Outstanding
|
|
Available Borrowing Capacity
|
||||||||
As of December 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
AmeriGas OLP
|
|
$
|
600.0
|
|
|
$
|
368.5
|
|
|
$
|
63.5
|
|
|
$
|
168.0
|
|
UGI International, LLC
|
|
€
|
300.0
|
|
|
€
|
—
|
|
|
€
|
—
|
|
|
€
|
300.0
|
|
Energy Services
|
|
$
|
240.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
240.0
|
|
UGI Utilities
|
|
$
|
450.0
|
|
|
$
|
296.0
|
|
|
$
|
2.0
|
|
|
$
|
152.0
|
|
As of December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
AmeriGas OLP
|
|
$
|
600.0
|
|
|
$
|
263.5
|
|
|
$
|
67.2
|
|
|
$
|
269.3
|
|
UGI International, LLC (a)
|
|
€
|
300.0
|
|
|
€
|
—
|
|
|
€
|
—
|
|
|
€
|
300.0
|
|
UGI France SAS (a)
|
|
€
|
60.0
|
|
|
€
|
—
|
|
|
€
|
—
|
|
|
€
|
60.0
|
|
Flaga (a)
|
|
€
|
55.0
|
|
|
€
|
—
|
|
|
€
|
1.0
|
|
|
€
|
54.0
|
|
Energy Services
|
|
$
|
240.0
|
|
|
$
|
55.0
|
|
|
$
|
—
|
|
|
$
|
185.0
|
|
UGI Utilities
|
|
$
|
300.0
|
|
|
$
|
181.5
|
|
|
$
|
2.0
|
|
|
$
|
116.5
|
|
(a)
|
Facility terminated on October 25, 2018, concurrent with entering into the 2018 UGI International Credit Facilities Agreement.
|
|
|
For the three months ended
December 31, 2018 |
|
For the three months ended
December 31, 2017 |
||||||||||||
(Currency in millions)
|
|
Average
|
|
Peak
|
|
Average
|
|
Peak
|
||||||||
AmeriGas OLP
|
|
$
|
306.3
|
|
|
$
|
401.0
|
|
|
$
|
199.0
|
|
|
$
|
286.0
|
|
UGI International, LLC
|
|
€
|
—
|
|
|
€
|
—
|
|
|
€
|
—
|
|
|
€
|
—
|
|
Energy Services
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
44.7
|
|
|
$
|
79.0
|
|
UGI Utilities
|
|
$
|
250.7
|
|
|
$
|
311.0
|
|
|
$
|
168.1
|
|
|
$
|
205.0
|
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Change in Internal Control over Financial Reporting
|
Period
|
|
(a) Total Number of Shares Purchased
|
|
(b) Average Price Paid per Share (or Unit)
|
|
(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (1)
|
|
(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (1)
|
October 1, 2018 to October 31, 2018
|
|
—
|
|
$0.00
|
|
—
|
|
7.10 million
|
November 1, 2018 to November 30, 2018
|
|
—
|
|
$0.00
|
|
—
|
|
7.10 million
|
December 1, 2018 to December 31, 2018
|
|
300,000
|
|
$56.15
|
|
300,000
|
|
6.80 million
|
Total
|
|
300,000
|
|
|
|
300,000
|
|
|
(1)
|
Shares of UGI Corporation Common Stock are repurchased through an extension of a previous share repurchase program announced by the Company on January 25, 2018. The UGI Board of Directors authorized the repurchase of up to 8 million shares of UGI Corporation Common Stock over a four-year period expiring in January 2022.
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Exhibit
No.
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Exhibit
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Registrant
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Filing
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Exhibit
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4.1
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Utilities
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Form 8-K (12/21/18)
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4.1
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4.2
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UGI
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Form 8-K (10/25/18)
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4.1
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4.3
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UGI
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Form 8-K (10/25/18)
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4.2
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10.1
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10.2
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UGI
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Form 8-K (10/26/18)
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10.1
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31.1
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31.2
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32
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101.INS
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XBRL Instance
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101.SCH
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XBRL Taxonomy Extension Schema
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase
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101.LAB
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XBRL Taxonomy Extension Labels Linkbase
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase
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10.1
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31.1
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31.2
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32
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101.INS
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XBRL Instance
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101.SCH
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XBRL Taxonomy Extension Schema
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase
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101.LAB
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XBRL Taxonomy Extension Labels Linkbase
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase
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UGI Corporation
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(Registrant)
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Date:
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February 7, 2019
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By:
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/s/ Ted J. Jastrzebski
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Ted J. Jastrzebski
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Chief Financial Officer
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Date:
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February 7, 2019
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By:
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/s/ Ann P. Kelly
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Ann P. Kelly
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Vice President, Chief Accounting Officer
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and Corporate Controller
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1.
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I have reviewed this periodic report on Form 10-Q of UGI Corporation;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date:
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February 7, 2019
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/s/ John L. Walsh
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John L. Walsh
President and Chief Executive Officer of
UGI Corporation
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1.
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I have reviewed this periodic report on Form 10-Q of UGI Corporation;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date:
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February 7, 2019
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/s/ Ted J. Jastrzebski
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Ted J. Jastrzebski
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Chief Financial Officer of UGI Corporation
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(1)
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The Company’s periodic report on Form 10-Q for the period ended
December 31, 2018
(the “Form 10-Q”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and
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(2)
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The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
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CHIEF EXECUTIVE OFFICER
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CHIEF FINANCIAL OFFICER
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/s/ John L. Walsh
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/s/ Ted J. Jastrzebski
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John L. Walsh
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Ted J. Jastrzebski
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Date:
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February 7, 2019
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Date:
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February 7, 2019
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