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Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
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23-2787918
(I.R.S. Employer Identification No.)
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Title of Each Class
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Name of each Exchange on Which Registered
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Common Units representing limited partner interests
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New York Stock Exchange, Inc.
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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Page
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ITEM 1.
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BUSINESS
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ITEM 1A.
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RISK FACTORS
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•
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our cash flow generated by operations;
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•
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the weather in our areas of operation;
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•
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our borrowing capacity under our bank credit facilities;
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•
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required principal and interest payments on our debt;
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•
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fluctuations in our working capital;
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•
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our cost of acquisitions (including related debt service payments);
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•
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restrictions contained in our debt instruments;
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•
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our capital expenditures;
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•
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our issuances of debt and equity securities;
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•
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reserves made by our General Partner in its discretion;
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•
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prevailing economic and industry conditions; and
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•
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financial, business and other factors, a number of which are beyond our control.
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•
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to comply with terms of any of our agreements or obligations, including the establishment of reserves to fund the future payment of interest and principal on our debt securities;
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•
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to provide for level distributions of cash notwithstanding the seasonality of our business; and
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•
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to provide for future capital expenditures and other payments deemed by our General Partner to be necessary or advisable.
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•
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incur additional indebtedness;
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•
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engage in transactions with affiliates;
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•
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create or incur liens;
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•
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sell assets;
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•
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make restricted payments, loans and investments;
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•
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enter into business combinations and asset sale transactions; and
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•
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engage in other lines of business.
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•
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Decisions of our General Partner with respect to the amount and timing of cash expenditures, borrowings, issuances of additional units and reserves in any quarter affect whether and the extent to which there is sufficient available cash from operating surplus to make quarterly distributions in a given quarter. In addition, actions by our General Partner may have the effect of enabling the General Partner to receive distributions that exceed 2% of total distributions.
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•
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AmeriGas Partners does not have any employees and relies solely on employees of the General Partner and its affiliates.
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•
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Under the terms of the Partnership Agreement, we reimburse our General Partner and its affiliates for costs incurred in managing and operating AmeriGas Partners, including costs incurred in rendering corporate staff and support services to us.
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•
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Any agreements between us and our General Partner and its affiliates do not grant to the holders of Common Units, separate and apart from AmeriGas Partners, the right to enforce the obligations of our General Partner and such affiliates in our favor. Therefore, the General Partner, in its capacity as the general partner of AmeriGas Partners, is primarily responsible for enforcing such obligations.
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•
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Under the terms of the Partnership Agreement, our General Partner is not restricted from causing us to pay the General Partner or its affiliates for any services rendered on terms that are fair and reasonable to us or entering into additional contractual arrangements with any of such entities on behalf of AmeriGas Partners. Neither the Partnership Agreement nor any of the other agreements, contracts and arrangements between us, on the one hand, and the General Partner and its affiliates, on the other, are or will be the result of arm’s-length negotiations.
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•
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Our General Partner may exercise its right to call for and purchase units as provided in the Partnership Agreement or assign such right to one of its affiliates or to us.
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ITEM 1B.
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UNRESOLVED STAFF COMMENTS
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ITEM 2.
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PROPERTIES
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Approximate Quantity & Equipment Type
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% Owned
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% Leased
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750
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Trailers
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85%
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15%
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360
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Tractors
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13%
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87%
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360
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Railroad tank cars
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4%
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96%
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4,000
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Bobtail trucks
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49%
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51%
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350
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Rack trucks
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6%
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94%
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4,100
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Service and delivery trucks
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61%
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39%
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ITEM 3.
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LEGAL PROCEEDINGS
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ITEM 4.
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MINE SAFETY DISCLOSURES
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ITEM 5.
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MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
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Price Range
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Cash
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||||||||
2013 Fiscal Year
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High
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Low
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Distribution
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||||||
Fourth Quarter
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$
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50.15
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$
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41.23
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$
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0.840
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Third Quarter
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50.45
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42.15
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$
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0.840
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Second Quarter
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45.19
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37.67
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$
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0.800
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First Quarter
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45.49
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37.63
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$
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0.800
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Price Range
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Cash
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||||||||
2012 Fiscal Year
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High
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Low
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Distribution
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||||||
Fourth Quarter
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$
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45.04
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$
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39.22
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$
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0.800
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Third Quarter
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40.89
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37.00
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$
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0.800
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Second Quarter
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46.46
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39.60
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$
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0.7625
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First Quarter
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46.67
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41.69
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$
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0.740
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ITEM 6.
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SELECTED FINANCIAL DATA
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Year Ended September 30,
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||||||||||||||||||
(Thousands of dollars, except per unit amounts)
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2013 (a)
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2012 (a)
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2011
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2010
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2009
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FOR THE PERIOD:
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Income statement data:
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||||||||||
Revenues
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$
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3,166,543
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$
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2,921,616
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$
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2,537,959
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$
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2,320,342
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$
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2,260,095
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Net income
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$
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225,091
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$
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12,671
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$
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140,924
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$
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167,494
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$
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227,610
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Less: net income attributable to noncontrolling interests
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(3,869
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)
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(1,646
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)
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(2,401
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)
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(2,281
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)
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(2,967
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)
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|||||
Net income attributable to AmeriGas Partners, L.P.
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$
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221,222
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$
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11,025
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$
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138,523
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$
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165,213
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$
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224,643
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Limited partners’ interest in net income attributable to AmeriGas Partners, L.P.
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$
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199,724
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$
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(2,094
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)
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$
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132,101
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$
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160,522
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$
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217,906
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Income (loss) per limited partner unit — basic and diluted (b)
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$
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2.14
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$
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(0.11
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)
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$
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2.30
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$
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2.80
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$
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3.59
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Cash distributions declared per limited partner unit
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$
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3.28
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$
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3.10
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$
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2.89
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$
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2.75
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$
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2.79
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AT PERIOD END:
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Balance sheet data:
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||||||||||
Current assets
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$
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500,692
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$
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523,368
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$
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393,819
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|
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$
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325,858
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$
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316,507
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Total assets
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$
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4,409,846
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$
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4,517,331
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$
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1,795,735
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$
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1,696,219
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$
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1,657,564
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Current liabilities (excluding debt)
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$
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488,060
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$
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590,239
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$
|
350,829
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|
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$
|
349,139
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$
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338,380
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Total debt
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$
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2,417,011
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$
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2,377,969
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$
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1,029,022
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$
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882,402
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$
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865,644
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Partners’ capital:
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|
||||||||||
AmeriGas Partners, L.P. partners’ capital
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$
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1,385,103
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$
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1,429,108
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|
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$
|
338,656
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$
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380,848
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$
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364,459
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Noncontrolling interests
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39,034
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|
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39,452
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|
12,823
|
|
|
12,038
|
|
|
11,866
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|
|||||
Total partners’ capital
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$
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1,424,137
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|
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$
|
1,468,560
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|
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$
|
351,479
|
|
|
$
|
392,886
|
|
|
$
|
376,325
|
|
|
|
|
|
|
|
|
|
|
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|
||||||||||
OTHER DATA:
|
|
|
|
|
|
|
|
|
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|
||||||||||
Capital expenditures (including capital leases)
|
|
$
|
111,058
|
|
|
$
|
103,140
|
|
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$
|
77,228
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|
|
$
|
83,170
|
|
|
$
|
78,739
|
|
Retail propane gallons sold (millions)
|
|
1,245.2
|
|
|
1,017.5
|
|
|
874.2
|
|
|
893.4
|
|
|
928.2
|
|
|||||
Degree days — % (warmer) than normal (c)
|
|
(4.9
|
)%
|
|
(18.6
|
)%
|
|
(1.0
|
)%
|
|
(2.3
|
)%
|
|
(3.1
|
)%
|
(a)
|
Reflects the Heritage Propane operations since January 12, 2012, and the impact of subsequent transition and integration activities.
|
(b)
|
Calculated in accordance with accounting guidance regarding the application of the two-class method for determining earnings per share as it relates to master limited partnerships.
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(c)
|
Deviation from average heating degree days for the 30-year period of 1971-2000 based upon national weather statistics provided by the National Oceanic and Atmospheric Administration (“NOAA”) for 335 airports in the United States, excluding Alaska.
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ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
|
|
|
|
|
Increase
|
|||||||||
(Dollars in millions)
|
|
2013
|
|
2012
|
|
(Decrease)
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||
Gallons sold (millions):
|
|
|
|
|
|
|
|
|
|||||||
Retail
|
|
1,245.2
|
|
|
1,017.5
|
|
|
227.7
|
|
|
22.4
|
%
|
|||
Wholesale
|
|
101.8
|
|
|
105.6
|
|
|
(3.8
|
)
|
|
(3.6
|
)%
|
|||
|
|
1,347.0
|
|
|
1,123.1
|
|
|
223.9
|
|
|
19.9
|
%
|
|||
Revenues:
|
|
|
|
|
|
|
|
|
|||||||
Retail propane
|
|
$
|
2,775.8
|
|
|
$
|
2,536.3
|
|
|
$
|
239.5
|
|
|
9.4
|
%
|
Wholesale propane
|
|
109.0
|
|
|
141.3
|
|
|
(32.3
|
)
|
|
(22.9
|
)%
|
|||
Other
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|
281.7
|
|
|
244.0
|
|
|
37.7
|
|
|
15.5
|
%
|
|||
|
|
$
|
3,166.5
|
|
|
$
|
2,921.6
|
|
|
$
|
244.9
|
|
|
8.4
|
%
|
Total margin (a)
|
|
$
|
1,506.5
|
|
|
$
|
1,201.9
|
|
|
$
|
304.6
|
|
|
25.3
|
%
|
Operating and administrative expense
|
|
$
|
943.9
|
|
|
$
|
888.7
|
|
|
$
|
55.2
|
|
|
6.2
|
%
|
EBITDA (b)
|
|
$
|
591.2
|
|
|
$
|
324.7
|
|
|
$
|
266.5
|
|
|
82.1
|
%
|
Operating income
|
|
$
|
392.2
|
|
|
$
|
170.6
|
|
|
$
|
221.6
|
|
|
129.9
|
%
|
Net income attributable to AmeriGas Partners
|
|
$
|
221.2
|
|
|
$
|
11.0
|
|
|
$
|
210.2
|
|
|
N.M.
|
|
Heating degree days — % (warmer) than normal (c)
|
|
(4.9
|
)%
|
|
(18.6
|
)%
|
|
—
|
|
|
—
|
|
(a)
|
Total margin represents total revenues less cost of sales — propane and cost of sales — other.
|
(b)
|
Earnings before interest expense, income taxes, depreciation and amortization (“EBITDA”) should not be considered as an alternative to net income attributable to AmeriGas Partners (as an indicator of operating performance) and is not a measure of performance or financial condition under accounting principles generally accepted in the United States of America (“GAAP”). Management believes EBITDA is a meaningful non-GAAP financial measure used by investors to (1) compare the Partnership’s operating performance with that of other companies within the propane industry and (2) assess the Partnership’s ability to meet loan covenants. The Partnership’s definition of EBITDA may be different from those used by other companies. Management uses EBITDA to compare year-over-year profitability of the business without regard to capital structure as well as to compare the relative performance of the Partnership to that of other master limited partnerships without regard to their financing methods, capital structure, income taxes or historical cost basis. In view of the omission of interest, income taxes, depreciation and amortization from EBITDA, management also assesses the profitability of the business by comparing net income attributable to AmeriGas Partners for the relevant years. Management also uses EBITDA to assess the Partnership’s profitability because its parent, UGI Corporation, uses the Partnership’s EBITDA to assess the profitability of the Partnership which is one of UGI Corporation’s industry segments. UGI Corporation discloses the Partnership’s EBITDA in its disclosure about industry segments as the profitability measure for its domestic propane segment. EBITDA for Fiscal 2012 includes net pre-tax losses associated with extinguishments of debt of $13.3 million. EBITDA and operating income for Fiscal 2013 and Fiscal 2012 include acquisition and transition expenses of $26.5 million and $46.2 million, respectively, associated with Heritage Propane.
|
|
Fiscal
|
||||||
|
2013
|
|
2012
|
||||
Net income attributable to AmeriGas Partners
|
$
|
221.2
|
|
|
$
|
11.0
|
|
Income tax expense
|
1.7
|
|
|
2.0
|
|
||
Interest expense
|
165.4
|
|
|
142.6
|
|
||
Depreciation
|
159.3
|
|
|
134.2
|
|
||
Amortization
|
43.6
|
|
|
34.9
|
|
||
EBITDA
|
$
|
591.2
|
|
|
$
|
324.7
|
|
(c)
|
Deviation from average heating degree days for the 30-year period 1971-2000 based upon national weather statistics provided by NOAA for 335 airports in the United States, excluding Alaska.
|
|
|
|
|
|
|
Increase
|
|||||||||
(Dollars in millions)
|
|
2012
|
|
2011
|
|
(Decrease)
|
|||||||||
Gallons sold (millions):
|
|
|
|
|
|
|
|
|
|||||||
Retail
|
|
1,017.5
|
|
|
874.2
|
|
|
143.3
|
|
|
16.4
|
%
|
|||
Wholesale
|
|
105.6
|
|
|
124.8
|
|
|
(19.2
|
)
|
|
(15.4
|
)%
|
|||
|
|
1,123.1
|
|
|
999.0
|
|
|
124.1
|
|
|
12.4
|
%
|
|||
Revenues:
|
|
|
|
|
|
|
|
|
|||||||
Retail propane
|
|
$
|
2,536.3
|
|
|
$
|
2,173.5
|
|
|
$
|
362.8
|
|
|
16.7
|
%
|
Wholesale propane
|
|
141.3
|
|
|
187.0
|
|
|
(45.7
|
)
|
|
(24.4
|
)%
|
|||
Other
|
|
244.0
|
|
|
177.5
|
|
|
66.5
|
|
|
37.5
|
%
|
|||
|
|
$
|
2,921.6
|
|
|
$
|
2,538.0
|
|
|
$
|
383.6
|
|
|
15.1
|
%
|
Total margin (a)
|
|
$
|
1,201.9
|
|
|
$
|
932.7
|
|
|
$
|
269.2
|
|
|
28.9
|
%
|
Operating and administrative expenses
|
|
$
|
888.7
|
|
|
$
|
620.6
|
|
|
$
|
268.1
|
|
|
43.2
|
%
|
EBITDA (b)
|
|
$
|
324.7
|
|
|
$
|
297.1
|
|
|
$
|
27.6
|
|
|
9.3
|
%
|
Operating income
|
|
$
|
170.6
|
|
|
$
|
242.9
|
|
|
$
|
(72.3
|
)
|
|
(29.8
|
)%
|
Net income attributable to AmeriGas Partners
|
|
$
|
11.0
|
|
|
$
|
138.5
|
|
|
$
|
(127.5
|
)
|
|
(92.1
|
)%
|
Heating degree days — % (warmer) than normal (c)
|
|
(18.6
|
)%
|
|
(1.0
|
)%
|
|
—
|
|
|
—
|
|
(a)
|
Total margin represents total revenues less cost of sales — propane and cost of sales — other.
|
(b)
|
EBITDA should not be considered as an alternative to net income attributable to AmeriGas Partners (as an indicator of operating performance) and is not a measure of performance or financial condition under GAAP. Management believes EBITDA is a meaningful non-GAAP financial measure used by investors to (1) compare the Partnership’s operating performance with other companies within the propane industry and (2) assess its ability to meet loan covenants. The Partnership’s definition of EBITDA may be different from that used by other companies. Management uses EBITDA to compare year-over-year profitability of the business without regard to capital structure as well as to compare the relative performance of the Partnership to that of other master limited partnerships without regard to their financing methods, capital structure, income taxes or historical cost basis. In view of the omission of interest, income taxes, depreciation and amortization from EBITDA, management also assesses the profitability of the business by comparing net income attributable to AmeriGas Partners for the relevant years. Management also uses EBITDA to assess the Partnership’s profitability because its parent, UGI Corporation, uses the Partnership’s EBITDA to assess the profitability of the Partnership. UGI Corporation discloses the Partnership’s EBITDA as the profitability measure to comply with the GAAP requirement to provide profitability information about its domestic propane segment. EBITDA for Fiscal 2012 and Fiscal 2011 includes net pre-tax losses of $13.3 million and $38.1 million, respectively, associated with extinguishments of debt. EBITDA and operating income for Fiscal 2012 include acquisition and transition expenses of $46.2 million associated with Heritage Propane.
|
|
Fiscal
|
||||||
|
2012
|
|
2011
|
||||
Net income attributable to AmeriGas Partners
|
$
|
11.0
|
|
|
$
|
138.5
|
|
Income tax expense
|
2.0
|
|
|
0.4
|
|
||
Interest expense
|
142.6
|
|
|
63.5
|
|
||
Depreciation
|
134.2
|
|
|
83.0
|
|
||
Amortization
|
34.9
|
|
|
11.7
|
|
||
EBITDA
|
$
|
324.7
|
|
|
$
|
297.1
|
|
(c)
|
Deviation from average heating degree days for the 30-year period 1971-2000 based upon national weather statistics provided by NOAA for 335 airports in the United States, excluding Alaska.
|
|
Fiscal
|
|||||||
|
2013
|
|
2012
|
|
2011
|
|||
1st Quarter
|
$0.80
|
|
$0.7400
|
|
$0.705
|
|||
2nd Quarter
|
0.80
|
|
|
0.7625
|
|
|
0.705
|
|
3rd Quarter
|
0.84
|
|
|
0.8000
|
|
|
0.740
|
|
4th Quarter
|
0.84
|
|
|
0.8000
|
|
|
0.740
|
|
Year Ended September 30,
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||
(millions of dollars)
|
|
(estimate)
|
|
|
|
|
|
|
||||||||
Property, plant and equipment (a)
|
|
$
|
108.4
|
|
|
$
|
111.1
|
|
|
$
|
103.1
|
|
|
$
|
77.2
|
|
|
|
Payments Due by Period
|
||||||||||||||||||
(millions of dollars)
|
|
Total
|
|
Fiscal 2014
|
|
Fiscal 2015 - 2016
|
|
Fiscal 2017 - 2018
|
|
Fiscal 2019 and
thereafter
|
||||||||||
Long-term debt (a)
|
|
$
|
2,296.4
|
|
|
$
|
12.0
|
|
|
$
|
16.3
|
|
|
$
|
9.2
|
|
|
$
|
2,258.9
|
|
Interest on long-term fixed-rate debt (b)
|
|
1,196.4
|
|
|
154.0
|
|
|
306.6
|
|
|
305.2
|
|
|
430.6
|
|
|||||
Operating leases
|
|
230.2
|
|
|
51.0
|
|
|
75.1
|
|
|
48.3
|
|
|
55.8
|
|
|||||
Propane supply contracts
|
|
296.2
|
|
|
176.9
|
|
|
119.3
|
|
|
—
|
|
|
—
|
|
|||||
Other purchase obligations (c)
|
|
28.6
|
|
|
28.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
4,047.8
|
|
|
$
|
422.5
|
|
|
$
|
517.3
|
|
|
$
|
362.7
|
|
|
$
|
2,745.3
|
|
(a)
|
Based upon stated maturity dates.
|
(b)
|
Based upon stated interest rates.
|
(c)
|
Includes material capital expenditure obligations.
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
(a)
|
The General Partner’s disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by the Partnership in reports filed under the Securities Exchange Act of 1934, as amended, is (i) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and (ii) accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. The General Partner’s management, with the participation of the General Partner’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Partnership’s disclosure controls and procedures as of the end of the period covered by this Report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Partnership’s disclosure controls and procedures, as of the end of the period covered by this Report, were effective at the reasonable assurance level.
|
(b)
|
For “Management’s Annual Report on Internal Control Over Financial Reporting” see Item 8 of this Report (which information is incorporated herein by reference).
|
(c)
|
During the most recent fiscal quarter, no change in the Partnership’s internal control over financial reporting occurred that has materially affected, or is reasonably likely to materially affect, the Partnership’s internal control over financial reporting.
|
ITEM 9B.
|
OTHER INFORMATION
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
•
|
oversee the accounting and financial reporting processes and audits of the financial statements of the Partnership;
|
•
|
monitor the independence of the Partnership’s independent registered public accounting firm and the performance of the independent registered public accountants and internal audit staff;
|
•
|
oversee the adequacy of the Partnership’s controls relative to financial and business risk;
|
•
|
provide a means for open communication among the independent registered public accountants, management, internal audit staff and the Board of Directors; and
|
•
|
oversee compliance with applicable legal and regulatory requirements.
|
Name
|
|
Age
|
|
Position with the General Partner
|
|
Jerry E. Sheridan
|
|
48
|
|
|
President, Chief Executive Officer and Director
|
Lon R. Greenberg
|
|
63
|
|
|
Chairman and Director
|
John L. Walsh
|
|
58
|
|
|
Vice Chairman and Director
|
Brian R. Ford
|
|
64
|
|
|
Director
|
William J. Marrazzo
|
|
64
|
|
|
Director
|
Anne Pol
|
|
66
|
|
|
Director
|
Marvin O. Schlanger
|
|
65
|
|
|
Director
|
Howard B. Stoeckel
|
|
68
|
|
|
Director
|
K. Richard Turner
|
|
55
|
|
|
Director
|
Robert J. Cane
|
|
48
|
|
|
Controller and Chief Accounting Officer
|
Troy E. Fee
|
|
45
|
|
|
Vice President - Human Resources
|
Hugh J. Gallagher
|
|
50
|
|
|
Vice President - Finance and Chief Financial Officer
|
R. Paul Grady
|
|
60
|
|
|
Vice President and Chief Operating Officer
|
Stephen Lee
|
|
46
|
|
|
Vice President - Strategic Initiatives and Marketing
|
David L. Lugar
|
|
56
|
|
|
Vice President - Supply and Logistics
|
Andrew J. Peyton
|
|
45
|
|
|
Vice President - Corporate Development
|
Kathy L. Prigmore
|
|
50
|
|
|
Vice President - Operations Support and Customer Advocacy
|
Kevin Rumbelow
|
|
53
|
|
|
Vice President - Supply Chain
|
Steven A. Samuel
|
|
53
|
|
|
Vice President - Law and General Counsel
|
(i)
|
service by a director on the Board of Directors of UGI Corporation and its subsidiaries in and of itself will not be considered to result in a material relationship between such director and the Partnership;
|
(ii)
|
if a director serves as an officer, director or trustee of a non-profit organization, charitable contributions to that organization by the Partnership and its affiliates in an amount up to $250,000 per year will not be considered to result in a material relationship between such director and the Partnership;
|
(iii)
|
service by a director or his immediate family member as a non-management director of a company that does business with the Partnership or an affiliate of the Partnership will not be considered to result in a material relationship between such director and the Partnership where the business is done in the ordinary course of the Partnership’s or affiliate’s business and on substantially the same terms and conditions as would be available to similarly situated customers; and
|
(iv)
|
service by a director or his immediate family member as an executive officer or employee of a company that makes payments to, or receives payments from, the Partnership or its affiliates for property or services in an amount which, in any of the last three fiscal years, does not exceed the greater of $1 million or 2% of such other company’s consolidated gross revenues, will not be considered to result in a material relationship between such director and the Partnership.
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
|
Compensation/Pension Committee
|
|
|
Marvin O. Schlanger, Chairman
|
|
|
William J. Marrazzo
|
|
|
Anne Pol
|
|
•
|
reward our executives for leadership excellence and performance that promotes sustainable growth in unitholder value.
|
•
|
The Committee is composed entirely of directors who are independent, as defined in the corporate governance listing standards of the New York Stock Exchange.
|
•
|
The Committee utilizes the services of Pay Governance LLC (“Pay Governance”), an independent outside compensation consultant.
|
•
|
AmeriGas Partners allocates a substantial portion of compensation to performance-based compensation. In Fiscal 2013, 73 percent of the principal compensation components, in the case of Mr. Sheridan, and 48 percent to 82 percent of the principal compensation components, in the case of all other named executive officers were variable and tied to financial performance or total shareholder return.
|
•
|
AmeriGas Partners awards a substantial portion of compensation in the form of long-term awards, namely stock options and performance units, so that executive officers’ interests are aligned with unitholders and our long-term performance.
|
•
|
Annual bonus opportunities for the named executive officers were based on key financial metrics. Similarly, long-term incentives were based on the relative performance of AmeriGas Partners Common Units (or, in the case of Messrs. Walsh and Greenberg, UGI Corporation common stock values and relative stock price performance).
|
•
|
We require termination of employment for payment under our change in control agreements (referred to as a “double trigger”). We also have not entered into change in control agreements providing for tax gross-up payments under Section 280G of the Internal Revenue Code since 2010. See “Potential Payments Upon Termination of Employment or Change in Control - Change in Control Agreements.”
|
•
|
We have meaningful equity ownership guidelines. See “Equity Ownership Guidelines” in this Compensation Discussion and Analysis for information on equity ownership.
|
•
|
We have a recoupment policy for incentive-based compensation paid or awarded to current and former executive officers in the event of a significant restatement of the Company’s financial results.
|
•
|
During Fiscal 2013, we implemented a policy prohibiting the Company’s directors and executive officers from (i) hedging the securities of AmeriGas Partners and UGI Corporation, (ii) holding AmeriGas Partners and UGI Corporation securities in margin accounts as collateral for a margin loan, and (iii) pledging the securities of AmeriGas Partners and UGI Corporation. Prior to the implementation of this policy, there were no executive officers or directors who had engaged in the hedging or pledging of AmeriGas Partners or UGI Corporation securities.
|
•
|
provide the Committees with independent and objective market data;
|
•
|
conduct compensation analysis;
|
•
|
review and advise on pay programs and salary, target bonus and long-term incentive levels applicable to our executives;
|
•
|
review components of our compensation program as requested from time to time by the Committees and recommend plan design changes as appropriate; and
|
•
|
provide general consulting services related to the fulfillment of the Committees’ charters.
|
Name
|
|
Salary
|
Percentage Increase
over Fiscal 2012 Salary
|
J. E. Sheridan
|
|
475,020
|
4.0%
(1)
|
H. J. Gallagher
|
|
96,827
(2)
|
N/A
|
John S. Iannarelli
|
|
182,232
(3)
|
4.0%
|
J. L. Walsh
|
|
861,710
(4)
|
N/A
|
R.P. Grady
|
|
412,022
|
3.0%
|
S. A. Samuel
|
|
249,002
|
3.0%
|
L. R. Greenberg
|
|
594,594
(5)
|
5.0%
|
W. D. Katz
|
|
218,278
(6)
|
2.0%
|
(1)
|
Mr. Sheridan received a merit salary increase of 4.0% in Fiscal 2013, plus an equity adjustment of $7,000 to better align Mr. Sheridan’s salary with the market data provided by Pay Governance. Including this equity adjustment, Mr. Sheridan’s total increase in salary was 5.6% over Fiscal 2012. For purposes of the comparison to Fiscal 2012, an annualized salary that assumed Mr. Sheridan had served as the President and Chief Executive Officer for the entire Fiscal 2012 was used.
|
(2)
|
Mr. Gallagher’s salary was prorated in Fiscal 2013 based the number of months he served as Vice President - Finance and Chief Financial Officer of the General Partner. Prior to Mr. Gallagher’s employment with the General Partner on May 20, 2013, he received compensation from UGI Corporation for his service as Treasurer of UGI Corporation.
|
(3)
|
Mr. Iannarelli received a prorated salary in Fiscal 2013 based on his separation of service date of June 18, 2013.
|
(4)
|
Mr. Walsh’s salary reflects the portion of Fiscal 2013 that he served as President and Chief Operating Officer (until April 1, 2013) as well as his promotion to President and Chief Executive Officer (effective April 1, 2013). Following his promotion, Mr. Walsh’s Fiscal 2013 salary compared to his Fiscal 2012 salary was approximately 22.8% higher.
|
(5)
|
Mr. Greenberg’s salary was prorated based on his retirement date of April 1, 2013. During Fiscal 2013, Mr. Greenberg also received a payout for his earned and accrued vacation equal to $134,813 and compensation as Chairman of the Board of Directors of the General Partner. See Compensation of Directors - Director Compensation Table - Fiscal 2013 and accompanying narrative for additional information.
|
(6)
|
Mr. Katz received a prorated salary in Fiscal 2013 based on his separation of service date of July 15, 2013.
|
Name
|
Percent of Target Bonus Paid
|
|
Cash
|
Equity
|
J. E. Sheridan
|
67.2%
|
|
$229,875
|
$25,496
|
H. J. Gallagher
(1)
|
67.2%
|
|
$28,487
|
$8,613
|
J. S. Iannarelli
(2)
|
N/A
|
|
$75,000
|
$0
|
J. L. Walsh
(3)
|
95.9%
|
|
$812,236
|
$90,219
|
R. P. Grady
|
67.2%
|
|
$137,072
|
$15,212
|
S. A. Samuel
|
67.2%
|
|
$75,298
|
$0
|
L.R. Greenberg
(4)
|
N/A
|
|
$1,050,000
|
$0
|
W. D. Katz
(5)
|
N/A
|
|
$65,706
|
$0
|
Name
|
|
Shares Underlying
Stock Options # Granted
|
|
Performance Units
# Granted 1/1/2013
|
Phantom Units
# Granted 12/3/2012
(1)
|
J. E. Sheridan
|
|
71,250
|
|
14,250
|
1,821
|
H. J. Gallagher
(2)
|
|
1,500
|
|
1,100
|
0
|
J. S. Iannarelli
(3)
|
|
17,000
|
|
2,900
|
758
|
J. L. Walsh
(4)
|
|
119,000
|
|
23,000
(5)
|
0
|
R. P. Grady
|
|
28,000
|
|
5,200
|
1,370
|
S. A. Samuel
|
|
11,000
|
|
1,900
|
677
|
L. R. Greenberg
(6)
|
|
300,000
|
|
65,000
(7)
|
0
|
W. D. Katz
(8)
|
|
12,000
|
|
1,700
|
0
|
(1)
|
Phantom units with distribution equivalents were awarded to Messrs. Sheridan, Iannarelli, Grady and Samuel on December 3, 2012 in recognition of their contributions and leadership with respect to the acquisition and integration of Heritage Propane during Fiscal 2012.
|
(2)
|
Mr. Gallagher’s awards were granted May 20, 2013 in connection with the commencement of his employment with the General Partner as Vice President - Finance and Chief Financial Officer. In addition, Mr. Gallagher was awarded 18,000 stock options and 2,300 UGI Corporation performance units on January 1, 2013 in connection with his employment by UGI Corporation as Treasurer.
|
(3)
|
Mr. Iannarelli forfeited the performance units, phantom units and options granted to him in Fiscal 2013 due to his separation from service on June 18, 2013.
|
(4)
|
Mr. Walsh was awarded an additional 86,000 UGI stock options and 21,000 UGI performance units in connection with his promotion to President and Chief Executive Officer in April 2013.
|
(6)
|
In accordance with the terms of the 2004 Plan and 2013 Plan, Mr. Greenberg did not forfeit his Fiscal 2013 equity awards upon retirement due to his continuing service on the Company’s Board of Directors.
|
(7)
|
Constitutes UGI performance units.
|
(8)
|
Mr. Katz forfeited two-thirds of his performance units granted in Fiscal 2013 due to his separation from service.
|
Access Midstream Partners, L.P.
|
|
EV Energy Partners, L.P.
|
|
PAA Natural Gas Storage, L.P.
|
Alliance Resource Partners, L.P.
|
|
Exterran Partners, L.P
|
|
Pioneer Southwest Energy Partners L.P.
|
AmeriGas Partners, L.P.
|
|
Ferrellgas Partners, L.P.
|
|
Plains All American Pipeline, L.P.
|
Atlas Pipeline Partners, L.P.
|
|
Genesis Energy, L.P.
|
|
PVR Partners, L.P.
|
Boardwalk Pipeline Partners, LP
|
|
Holly Energy Partners, L.P.
|
|
QR Energy, LP
|
Breitburn Energy Partners, L.P.
|
|
Kinder Morgan Energy Partners, L.P.
|
|
Regency Energy Partners LP
|
Buckeye Partners, L.P.
|
|
Kinder Morgan Management, LLC
|
|
Spectra Energy Partners, LP
|
Calumet Specialty Products Partners, L.P.
|
|
Legacy Reserves LP
|
|
Suburban Propane Partners, L.P.
|
Copano Energy, L.L.C.
|
|
Linn Energy, LLC
|
|
Sunoco Logistics Partners L.P.
|
Crestwood Midstream Partners, L.P.
|
|
Magellan Midstream Partners, L.P.
|
|
TC PipeLines, LP
|
Crosstex Energy, L.P.
|
|
Markwest Energy Partners, L.P.
|
|
Targa Resources Partners LP
|
DCP Midstream Partners, LP
|
|
Martin Midstream Partners L.P.
|
|
Teekay LNG Partners L.P.
|
El Paso Pipeline Partners, L.P.
|
|
Natural Resource Partners L.P.
|
|
Teekay Offshore Partners L.P.
|
Enbridge Energy Partners, L.P.
|
|
Navios Maritime Partners L.P.
|
|
Vanguard Natural Resources LLC
|
Energy Transfer Equity, L.P.
|
|
NuStar Energy L.P.
|
|
Western Gas Partners, LP
|
Energy Transfer Partners, L.P.
|
|
Nustar GP Holdings, LLC
|
|
Williams Partners L.P.
|
Enterprise Products Partners L.P.
|
|
ONEOK Partners, L.P.
|
|
|
AGL Resources Inc.
|
|
Great Plains Energy Inc.
|
|
Pinnacle West Capital Corp.
|
Alliant Energy Corporation
|
|
Hawaiian Electric Industries, Inc.
|
|
PPL Corporation
|
Ameren Corporation
|
|
Integrys Energy Group, Inc.
|
|
Questar Corporation
|
American Water Works Company, Inc.
|
|
ITC Holdings Corp.
|
|
SCANA Corporation
|
Aqua America, Inc.
|
|
MDU Resources Group, Inc.
|
|
Sempra Energy
|
Atmos Energy Corporation
|
|
National Fuel Gas Company
|
|
TECO Energy, Inc.
|
Calpine Corporation
|
|
NiSource Inc.
|
|
The AES Corporation
|
Centerpoint Energy, Inc.
|
|
Northeast Utilities
|
|
UGI Corporation
|
CMS Energy Corporation
|
|
NRG Energy, Inc.
|
|
Vectren Corporation
|
DTE Energy Company
|
|
NV Energy, Inc.
|
|
Westar Energy, Inc.
|
Edison International
|
|
OGE Energy Corp.
|
|
Wisconsin Energy Corporation
|
Energen Corporation
|
|
ONEOK, Inc.
|
|
Xcel Energy Inc.
|
Entergy Corporation
|
|
Pepco Holdings, Inc.
|
|
|
Name
|
Performance Unit Payout (#)
|
Performance Unit
Payout Value
(1)
($)
|
John L. Walsh
|
16,716
|
$597,764
|
Lon R. Greenberg
|
41,790
|
$1,494,410
|
Name and
Principal
Position
(a)
|
Fiscal
Year
(b)
|
Salary
($)
(1)(c)
|
Bonus
($)
(d)
|
Stock
Awards
($)
(2)(e)
|
Option
Awards
($)
(2)
(f)
|
Non-Equity
Incentive
Plan
Compensation
($)
(3)
(g)
|
Change in Pension
Value and
Nonqualified
Deferred
Compensation
Earnings
($)
(4)
(h)
|
All Other
Compensation
($)
(5)
(i)
|
Total
($)
(6)
(j)
|
J. E. Sheridan
|
2013
|
474,539
|
0
|
678,156
|
338,366
|
255,371
|
0
|
76,241
|
1,822,673
|
President and
|
2012
|
410,220
|
0
|
603,500
|
305,110
|
0
|
0
|
48,587
|
1,367,417
|
Chief Executive Officer
|
2011
|
337,759
|
0
|
174,432
|
148,418
|
125,000
|
0
|
47,479
|
833,088
|
H. J. Gallagher
|
2013
|
91,731
|
0
|
59,103
|
9,441
|
37,100
|
6,696
|
10,519
|
214,590
|
Vice President - Finance
|
|
|
|
|
|
|
|
|
0
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
0
|
J. S. Iannarelli
|
2013
|
186,795
|
0
|
156,048
|
80,733
|
75,000
|
0
|
689,704
|
1,188,280
|
Former Vice President -
|
2012
|
243,071
|
0
|
115,872
|
86,890
|
0
|
11,127
|
29,144
|
486,104
|
Finance and
|
2011
|
199,546
|
0
|
81,765
|
89,595
|
89,051
|
0
|
29,490
|
489,447
|
Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
J. L. Walsh
|
2013
|
856,377
|
0
|
1,877,710
|
1,060,319
|
902,454
|
481,670
|
26,618
|
5,205,148
|
Vice Chairman
|
2012
|
701,470
|
0
|
760,500
|
543,065
|
413,478
|
651,008
|
27,985
|
3,097,506
|
|
2011
|
674,040
|
50,000
(7)
|
991,760
|
678,750
|
508,494
|
376,855
|
28,023
|
3,257,922
|
R. P. Grady
|
2013
|
411,791
|
0
|
280,315
|
132,972
|
152,283
|
0
|
56,657
|
1,034,018
|
Vice President and
|
2012
|
300,000
|
0
|
833,995
|
123,395
|
0
|
25,940
|
100,131
|
1,383,461
|
Chief Operating Officer
|
|
|
|
|
|
|
|
|
|
S. A. Samuel
|
2013
|
248,863
|
0
|
110,637
|
52,239
|
75,298
|
0
|
34,574
|
521,611
|
Vice President - Law and
|
|
|
|
|
|
|
|
|
0
|
General Counsel
|
|
|
|
|
|
|
|
|
0
|
L. R. Greenberg
|
2013
|
751,187
|
0
|
2,487,550
|
1,424,700
|
1,050,000
|
1,124,933
|
71,905
|
6,910,275
|
Chairman
|
2012
|
1,131,924
|
0
|
1,901,250
|
1,303,355
|
772,406
|
2,883,824
|
67,459
|
8,060,218
|
|
2011
|
1,099,047
|
0
|
2,479,400
|
1,629,000
|
1,072,821
|
3,258,787
|
62,162
|
9,601,217
|
W. D. Katz
|
2013
|
223,472
|
0
|
70,788
|
56,988
|
65,706
|
0
|
402,613
|
819,567
|
Former Vice President-
|
2012
|
269,986
|
0
|
72,420
|
56,479
|
30,385
|
5,838
|
31,468
|
466,576
|
Human Resources
|
2011
|
274,563
|
0
|
92,667
|
65,160
|
91,152
|
399
|
37,355
|
561,296
|
(1)
|
The amounts shown in column (c) represent salary payments actually received during the fiscal year shown based on the
|
(2)
|
The amounts shown in columns (e) and (f) above represent the fair value of awards of performance units, stock units and stock options, as the case may be, on the date of grant. The assumptions used in the calculation of the amounts shown are included in Note 2 and Note 11 to our Consolidated Financial Statements for Fiscal 2013 and in Exhibit No. 99 to this Report. Mr. Iannarelli’s unvested stock options and all of his performance units and phantom units were forfeited as a result of his separation from service. Mr. Katz forfeited two-thirds of his Fiscal 2013 performance units and one-third of his Fiscal 2012 performance units as a result of his separation from service.
|
(3)
|
The amounts shown in this column represent payments made under the applicable performance-based annual bonus plan. Messrs. Sheridan, Gallagher, and Grady received 10% of their respective payouts in AmeriGas Partners Common Units in compliance with the Company’s ongoing equity ownership compliance requirements. Mr. Walsh received 10% of his payout in UGI Corporation common stock in compliance with the Company’s ongoing stock ownership requirement.
|
(4)
|
The amounts shown in column (h) of the Summary Compensation Table - Fiscal 2013 reflect (i) for Messrs. Gallagher, Iannarelli, Walsh, Grady, Samuel, Greenberg and Katz, the change in the actuarial present value from September 30, 2012 to September 30, 2013 of the named executive officer’s accumulated benefit under UGI’s defined benefit pension plans, including, with respect to Messrs. Walsh, Greenberg, and Gallagher, the UGI Corporation Supplemental Executive Retirement Plan, and (ii) the above-market portion of earnings, if any, on nonqualified deferred compensation accounts. The change in pension value from year to year as reported in this column is subject to market volatility and may not represent the value that a named executive officer will actually accrue under the UGI pension plans during any given year. Messrs. Gallagher, Iannarelli, Grady, Samuel and Katz each have vested annual benefit amounts under the Retirement Income Plan for Employees of UGI Utilities, Inc. based on prior credited service of approximately $37,100, $5,556,$12,695, $4,281 and $2,855, respectively. None of Messrs. Gallagher, Iannarelli, Grady or Katz is currently earning benefits under that plan. Mr. Sheridan is not eligible to participate in the UGI pension plan. The material terms of the pension plans and deferred compensation plans are described in the Pension Benefits Table - Fiscal 2013 and the Nonqualified Deferred Compensation Table - Fiscal 2013, and the related narratives to each. Earnings on deferred compensation are considered above-market to the extent that the rate of interest exceeds 120 percent of the applicable federal long-term rate. For purposes of the Summary Compensation Table - Fiscal 2013, the market rate on deferred compensation most analogous to the rate at the time the interest rate is set under the UGI plan for Fiscal 2013 was 2.87 percent, which is 120 percent of the federal long-term rate for December 2012. Earnings on deferred compensation are market-based, calculated by reference to externally managed mutual funds. The amounts included in column (h) of the Summary Compensation Table - Fiscal 2013 are itemized below.
|
Name
|
|
Change in
Pension Value(a)
|
|
Above-Market
Earnings on Deferred Compensation
|
||||
J. E. Sheridan
|
|
$
|
0
|
|
|
$
|
0
|
|
H. J. Gallagher
|
|
$
|
0
|
|
|
$
|
0
|
|
J. S. Iannarelli
|
|
$
|
0
|
|
|
$
|
0
|
|
J. L. Walsh
|
|
$
|
464,544
|
|
|
$
|
17,126
|
|
R. P. Grady
|
|
$
|
0
|
|
|
$
|
0
|
|
S. A. Samuel
|
|
$
|
0
|
|
|
$
|
0
|
|
L. R. Greenberg
|
|
$
|
1,095,416
|
|
|
$
|
29,517
|
|
W. D. Katz
|
|
$
|
0
|
|
|
$
|
0
|
|
(5)
|
The table below shows the components of the amounts included for each named executive officer under the “All Other Compensation” column in the Summary Compensation Table - Fiscal 2013. None of the named executive officers received perquisites with an aggregate value of $10,000 or more.
|
Name
|
Employer
Contribution to
401(k)
Savings Plan
|
Employer
Contribution
to AmeriGas
Supplemental
Executive
Retirement Plan/UGI
Supplemental Savings Plan
|
Tax Reimbursement
|
Termination Payments
|
Total
|
||||||||||
J. E. Sheridan
|
$
|
12,750
|
|
$
|
60,491
|
|
$
|
3,000
|
|
$
|
0
|
|
$
|
76,241
|
|
H. J. Gallagher
|
$
|
4,077
|
|
$
|
6,442
|
|
$
|
0
|
|
$
|
0
|
|
$
|
10,519
|
|
J. S. Iannarelli (a)
|
$
|
9,291
|
|
$
|
13,680
|
|
$
|
2,600
|
|
$
|
664,133
|
|
$
|
689,704
|
|
J. L. Walsh
|
$
|
5,094
|
|
$
|
19,674
|
|
$
|
1,850
|
|
$
|
0
|
|
$
|
26,618
|
|
R. P. Grady
|
$
|
12,750
|
|
$
|
43,907
|
|
$
|
0
|
|
$
|
0
|
|
$
|
56,657
|
|
S. A. Samuel
|
$
|
12,443
|
|
$
|
19,916
|
|
$
|
2,215
|
|
$
|
0
|
|
$
|
34,574
|
|
L. R. Greenberg
|
$
|
5,738
|
|
$
|
66,167
|
|
$
|
0
|
|
$
|
0
|
|
$
|
71,905
|
|
W. D. Katz
|
$
|
10,112
|
|
$
|
16,418
|
|
$
|
1,083
|
|
$
|
375,000
|
|
$
|
402,613
|
|
(6)
|
The compensation reported for Messrs. Walsh and Greenberg is paid by UGI. For Fiscal 2013, UGI charged the Partnership 53% percent of the total compensation expense, other than the change in pension value, for Messrs. Walsh and Greenberg.
|
(7)
|
Discretionary bonus awarded in recognition of Mr. Walsh’s overall exceptional leadership, including serving as President and Chief Executive Officer of UGI Utilities, Inc.
|
|
|
|
Estimated Possible Payouts Under
|
|
|
|
All
Other
Stock Awards:
|
All Other
Option
Awards: Number of
|
Exercise or Base
|
Grant Date Fair Value
|
||||||||||||
|
|
Board
|
Non-Equity Incentive Plan
Awards (1)
|
Estimated Future Payouts Under
Equity Incentive Plan Awards (2)
|
Number of
Shares of
|
Securities
Underlying
|
Price of
Option
|
of
Stock and
|
||||||||||||||
|
Grant
|
Action
|
Threshold
|
Target
|
Maximum
|
Threshold
|
Target
|
Maximum
|
Stock or
|
Options (#)
|
Awards
|
Option
|
||||||||||
Name
|
Date
|
Date
|
($)
|
($)
|
($)
|
(#)
|
(#)
|
(#)
|
Units (#)(3)
|
(4)
|
($/Sh)
|
Awards
|
||||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
(j)
|
(k)
|
(l)
|
(m)
|
||||||||||
J. E. Sheridan
|
10/1/2012
|
11/15/2012
|
182,408
|
|
380,016
|
|
760,032
|
|
|
|
|
|
|
|
|
|||||||
|
12/3/2012
|
11/15/2012
|
|
|
|
|
|
|
1,821
|
|
|
|
84,786
|
|
||||||||
|
1/1/2013
|
11/16/2012
|
|
|
|
|
|
|
|
71,250
|
|
32.71
|
|
338,366
|
|
|||||||
|
1/1/2013
|
11/15/2012
|
|
|
|
3,562
|
|
14,250
|
|
28,500
|
|
|
|
|
593,370
|
|
||||||
H. J. Gallagher (5)
|
10/1/2012
|
11/16/2012
|
26,500
|
|
55,208
|
|
110,416
|
|
|
|
|
|
|
|
|
|||||||
|
1/1/2013
|
11/16/2012
|
|
|
|
|
|
|
|
18,000
|
|
32.71
|
|
85,482
|
|
|||||||
|
1/24/2013
|
11/16/2012
|
|
|
|
575
|
|
2,300
|
|
4,600
|
|
|
|
|
88,021
|
|
||||||
|
5/20/2013
|
4/30/2013
|
|
|
|
|
|
|
|
1,500
|
|
41.43
|
|
9,441
|
|
|||||||
|
5/20/2013
|
4/29/2013
|
|
|
|
275
|
|
1,100
|
|
2,200
|
|
|
|
|
59,103
|
|
||||||
J. S. Iannarelli
|
10/1/2012
|
4/29/2013
|
|
75,000
|
|
|
|
|
|
|
|
|
|
|||||||||
|
12/3/2012
|
11/15/2012
|
|
|
|
|
|
|
758
|
|
|
|
35,292
|
|
||||||||
|
1/1/2013
|
11/16/2012
|
|
|
|
|
|
|
|
17,000
|
|
32.71
|
|
80,733
|
|
|||||||
|
1/1/2013
|
11/15/2012
|
|
|
|
725
|
|
2,900
|
|
5,800
|
|
|
|
|
120,756
|
|
||||||
J. L. Walsh
|
10/1/2012
|
11/16/2012
|
564,622
|
|
941,037
|
|
1,882,074
|
|
|
|
|
|
|
|
|
|||||||
|
1/1/2013
|
11/16/2012
|
|
|
|
|
|
|
|
119,000
|
|
32.71
|
|
565,131
|
|
|||||||
|
1/24/2013
|
11/16/2012
|
|
|
|
5,750
|
|
23,000
|
|
46,000
|
|
|
|
|
880,210
|
|
||||||
|
4/1/2013
|
3/18/2013
|
|
|
|
|
|
|
|
86,000
|
|
38.24
|
|
495,188
|
|
|||||||
|
4/1/2013
|
3/18/2013
|
|
|
|
5,250
|
|
21,000
|
|
42,000
|
|
|
|
|
997,500
|
|
||||||
R P. Grady
|
10/1/2012
|
11/15/2012
|
108,774
|
|
226,612
|
|
453,224
|
|
|
|
|
|
|
|
|
|||||||
|
12/3/2012
|
11/15/2012
|
|
|
|
|
|
|
1,370
|
|
|
|
63,787
|
|
||||||||
|
1/1/2013
|
11/16/2012
|
|
|
|
|
|
|
|
28,000
|
|
32.71
|
|
132,972
|
|
|||||||
|
1/1/2013
|
11/15/2012
|
|
|
|
1,300
|
|
5,200
|
|
10,400
|
|
|
|
|
216,528
|
|
||||||
S. A. Samuel
|
10/1/2012
|
11/15/2012
|
53,784
|
|
112,050
|
|
224,100
|
|
|
|
|
|
|
|
|
|||||||
|
12/3/2012
|
11/15/2012
|
|
|
|
|
|
|
677
|
|
|
|
31,521
|
|
||||||||
|
1/1/2013
|
11/16/2012
|
|
|
|
|
|
|
|
11,000
|
|
32.71
|
|
52,239
|
|
|||||||
|
1/1/2013
|
11/15/2012
|
|
|
|
475
|
|
1,900
|
|
3,800
|
|
|
|
|
79,116
|
|
||||||
L. R. Greenberg
|
10/1/2012
|
6/12/2013
|
|
1,050,000
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1/1/2013
|
11/16/2012
|
|
|
|
|
|
|
|
300,000
|
|
32.71
|
|
1,424,700
|
|
|||||||
|
1/24/2013
|
11/16/2012
|
|
|
|
16,250
|
|
65,000
|
|
130,000
|
|
|
|
|
2,487,550
|
|
||||||
W. D. Katz
|
10/1/2012
|
7/29/2013
|
|
65,706
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1/1/2013
|
11/16/2012
|
|
|
|
|
|
|
|
12,000
|
|
32.71
|
|
56,988
|
|
|||||||
|
1/1/2013
|
11/15/2012
|
|
|
|
141
|
|
566
|
|
1,132
|
|
|
|
|
70,788
|
|
(1)
|
The amounts shown under this heading relate to bonus opportunities under the relevant company’s annual bonus plan for Fiscal 2013. See “Compensation Discussion and Analysis” for a description of the annual bonus plans. Payments for these awards have already been determined and are included in the Non-Equity Incentive Plan Compensation column (column (g)) of the Summary Compensation Table - Fiscal 2013. The threshold amount shown for Messrs. Sheridan, Gallagher, Grady, and Samuel is based on achievement of 90 percent of the financial goal with the resulting amount reduced to the maximum extent provided for below-target achievement of customer growth objectives. The threshold amount shown for Mr. Walsh is based on achievement of 80 percent of the UGI financial goal. The target amounts shown for Messrs. Iannarelli and Katz are equal to their actual payouts, prorated for Fiscal 2013 based on their dates of separation. The target amount shown for Mr. Greenberg is equal to his actual payout.
|
(2)
|
The awards shown for Mr. Sheridan and 1,110 awards shown for Mr. Gallagher are performance units under the 2010 AmeriGas Long-Term Incentive Plan, as described in “Compensation Discussion and Analysis.” Performance units are forfeitable until the end of the performance period in the event of termination of employment, with pro-rated forfeitures in the case of termination of employment due to retirement, death or disability. In the case of a change in control, outstanding performance units and distribution equivalents will be paid in cash in an amount equal to the greater of (i) the target award, or (ii) the award amount that would be payable if the performance period ended on the date of the change in control, based on the Partnership’s achievement of the performance goal as of the date of the change in control, as determined by the Compensation/Pension Committee. The awards shown for Messrs. Walsh and Greenberg and 2,300 awards shown for Mr. Gallagher are performance units under the UGI Corporation 2013 Plan, as described in “Compensation Discussion and Analysis.” Terms of these awards with respect to forfeitures and change in control, as defined in the UGI Corporation 2004 Plan and the UGI Corporation 2013 Plan, are analogous to the terms of the performance units granted under the 2010 AmeriGas Long-Term Incentive Plan. Mr. Iannarelli’s performance units and phantom units were forfeited as a result of his separation from service. Mr. Katz forfeited two-thirds of his Fiscal 2013 performance units and one-third of his Fiscal 2012 performance units as a result of his separation from service.
|
(3)
|
The awards shown are phantom units granted under the 2010 AmeriGas Long-Term Incentive Plan and represent time-restricted AmeriGas Partners common units that will vest on December 3, 2014, subject to continued employment. In the event of termination of employment for any reason, other than retirement, death or disability, the unvested phantom units and dividend equivalents will be forfeited. In the event of retirement, death or disability during the initial year following the grant, one half of the number of units granted would immediately vest and the remainder are forfeited. Mr. Iannarelli’s awards were forfeited as a result of his separation from service.
|
(4)
|
Options are granted under either the UGI Corporation 2004 Plan or the UGI Corporation 2013 Plan. Under each of these Plans, the option exercise price is not less than 100 percent of the fair market value of UGI’s Common Stock on the effective date of the grant, which is either the date of the grant or a specified future date. The term of each option is generally 10 years, which is the maximum allowable term. The options become exercisable in three equal annual installments beginning on the first anniversary of the grant date. All options are nontransferable and generally exercisable only while the optionee is employed by the General Partner, UGI or an affiliate, with exceptions for exercise following termination without cause, retirement, disability and death. In the case of termination without cause, the option will be exercisable only to the extent that it has vested as of the date of termination of employment and the option will terminate upon the earlier of the expiration date of the option and the expiration of the 13-month period commencing on the date of termination of employment. If termination of employment occurs due to retirement, the option will thereafter become exercisable as if the optionee had continued to be employed by, or continued to provide service to, the Company, and the option will terminate upon the original expiration date of the option. If termination of employment occurs due to disability, the option term is shortened to the earlier of the third anniversary of the date of such termination of employment, and the original expiration date, and vesting continues in accordance with the original vesting schedule. In the event of death of the optionee while an employee, the option will become fully vested and the option term will be shortened to the earlier of the expiration of the 12-month period following the optionee’s death, and the original expiration date. Options are subject to adjustment in the event of recapitalizations, stock splits, mergers, and other similar corporate transactions affecting UGI’s common stock.
|
(5)
|
The options granted to Mr. Gallagher on January 1, 2013, and performance units granted on January 24, 2013, were made by UGI Corporation in connection with his role as Treasurer of UGI Corporation.
|
|
|
Option Awards
|
|
Stock Awards
|
|
||||||||||||||||||||
|
|
Number of
Securities
Underlying
Unexercised
Options
(#)
|
|
|
Number of
Securities
Underlying
Options
(#)
|
|
|
Option
Exercise
Price
|
|
Option
Expiration
|
|
Number of Shares or Units of Stock/
Partnership
Units that Have Not Vested
|
|
|
Market Value of
Shares or Units of Stock/
Partnership
Units That Have Not Vested
|
|
|
Equity
Incentive
Plan Awards:
Number of
Unearned
Shares, Units
or Other Rights That Have Not
Vested
|
|
|
Equity
Incentive
Plan Awards:
Market
or Payout Value
of Unearned
Shares, Units or
Other Rights
That Have Not
Vested
|
|
|
||
Name
|
|
Exercisable
|
|
|
Unexercisable
|
|
|
($)
|
|
Date
|
|
(#)
|
|
|
($)
|
|
|
(#)
|
|
|
($)
|
|
|
||
(a)
|
|
(b)
|
|
|
(c)
|
|
|
(e)
|
|
(f)
|
|
(g)
|
|
|
(h)
|
|
|
(i)
|
|
|
(j)
|
|
|
||
J. E. Sheridan
|
|
21,000
|
|
(1)
|
|
|
|
24.42
|
|
|
12/31/2018
|
|
1,821
|
|
(18)
|
78,430
|
|
(20)
|
3,200
|
|
(21)
|
|
|
||
|
|
22,000
|
|
(2)
|
|
|
|
24.19
|
|
|
12/31/2019
|
|
|
|
|
|
|
|
1,584
|
|
(22)
|
|
|
||
|
|
14,666
|
|
(3)
|
7,334
|
|
(3)
|
31.58
|
|
|
12/31/2020
|
|
|
|
|
|
|
|
4,500
|
|
(23)
|
193,815
|
|
|
|
|
|
3,555
|
|
(4)
|
1,778
|
|
(4)
|
32.52
|
|
|
5/8/2021
|
|
|
|
|
|
|
|
8,000
|
|
(24)
|
344,560
|
|
|
|
|
|
10,000
|
|
(5)
|
20,000
|
|
(5)
|
29.40
|
|
|
12/31/2021
|
|
|
|
|
|
|
|
14,250
|
|
(25)
|
613,748
|
|
|
|
|
|
13,999
|
|
(6)
|
28,001
|
|
(6)
|
28.04
|
|
|
3/2/2022
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
71,250
|
|
(7)
|
32.71
|
|
|
12/31/2022
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
H. J. Gallagher
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
0
|
|
(3)
|
2,500
|
|
(3)
|
31.58
|
|
|
12/31/2020
|
|
|
|
|
|
1,100
|
|
(26)
|
47,377
|
|
|
|||
|
|
2,083
|
|
(8)
|
1,042
|
|
(8)
|
32.47
|
|
|
7/1/2021
|
|
|
|
|
|
|
|
|
|
|||||
|
|
5,666
|
|
(5)
|
11,334
|
|
(5)
|
29.40
|
|
|
12/31/2021
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
18,000
|
|
(7)
|
32.71
|
|
|
12/31/2022
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
1,500
|
|
(9)
|
41.43
|
|
|
5/19/2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
J. S. Iannarelli
|
|
1,500
|
|
(10)
|
|
|
25.19
|
|
|
7/18/2014
|
|
|
|
|
|
|
|
|
|
||||||
|
|
6,333
|
|
(11)
|
|
|
31.58
|
|
|
7/18/2014
|
|
|
|
|
|
|
|
|
|
||||||
|
|
6,666
|
|
(12)
|
|
|
29.40
|
|
|
7/18/2014
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
J. L. Walsh
|
|
120,000
|
|
(13)
|
|
|
27.25
|
|
|
12/31/2017
|
|
|
|
|
|
28,000
|
|
(28)
|
743,940
|
|
|
||||
|
|
125,000
|
|
(1)
|
|
|
24.42
|
|
|
12/31/2018
|
|
|
|
|
|
26,000
|
|
(29)
|
1,017,380
|
|
|
||||
|
|
125,000
|
|
(2)
|
|
|
24.19
|
|
|
12/31/2019
|
|
|
|
|
|
23,000
|
|
(30)
|
899,990
|
|
|
||||
|
|
83,333
|
|
(3)
|
41,667
|
|
(3)
|
31.58
|
|
|
12/31/2020
|
|
|
|
|
|
21,000
|
|
(31)
|
821,730
|
|
|
|||
|
|
41,666
|
|
(5)
|
83,334
|
|
(5)
|
29.40
|
|
|
12/31/2021
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
119,000
|
|
(7)
|
32.71
|
|
|
12/31/2022
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
86,000
|
|
(14)
|
38.24
|
|
|
3/31/2023
|
|
|
|
|
|
|
|
|
|
||||||
R. P. Grady
|
|
10,000
|
|
(15)
|
20,000
|
|
(15)
|
28.03
|
|
|
1/16/2022
|
|
11,200
|
|
(19)
|
482,384
|
|
(20)
|
4,500
|
|
(27)
|
193,815
|
|
|
|
|
|
|
|
28,000
|
|
(7)
|
32.71
|
|
|
12/31/2022
|
|
1,370
|
|
(18)
|
59,006
|
|
(20)
|
5,200
|
|
(25)
|
223,964
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
S. A. Samuel
|
|
6,500
|
|
(16)
|
|
|
27.28
|
|
|
12/31/2016
|
|
677
|
|
(18)
|
29,158
|
|
(20)
|
2,000
|
|
(21)
|
|
|
|||
|
|
6,000
|
|
(13)
|
|
|
27.25
|
|
|
12/31/2017
|
|
|
|
|
|
1,800
|
|
(23)
|
77,526
|
|
|
||||
|
|
5,000
|
|
(17)
|
|
|
24.89
|
|
|
1/24/2018
|
|
|
|
|
|
1,900
|
|
(25)
|
81,833
|
|
|
||||
|
|
11,000
|
|
(1)
|
|
|
24.42
|
|
|
12/31/2018
|
|
|
|
|
|
|
|
|
|
||||||
|
|
12,000
|
|
(2)
|
|
|
24.19
|
|
|
12/31/2019
|
|
|
|
|
|
|
|
|
|
||||||
|
|
8,000
|
|
(3)
|
4,000
|
|
(3)
|
31.58
|
|
|
12/31/2020
|
|
|
|
|
|
|
|
|
|
|||||
|
|
4,000
|
|
(5)
|
8,000
|
|
(5)
|
29.40
|
|
|
12/31/2021
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
11,000
|
|
(7)
|
32.71
|
|
|
12/31/2022
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
L. R. Greenberg
|
|
200,000
|
|
(13)
|
|
|
27.25
|
|
|
12/31/2017
|
|
|
|
|
|
70,000
|
|
(28)
|
1,859,849
|
|
|
||||
|
|
300,000
|
|
(1)
|
|
|
24.42
|
|
|
12/31/2018
|
|
|
|
|
|
65,000
|
|
(29)
|
2,543,450
|
|
|
||||
|
|
300,000
|
|
(2)
|
|
|
24.19
|
|
|
12/31/2019
|
|
|
|
|
|
65,000
|
|
(30)
|
2,543,450
|
|
|
||||
|
|
200,000
|
|
(3)
|
100,000
|
|
(3)
|
31.58
|
|
|
12/31/2020
|
|
|
|
|
|
|
|
|
|
|||||
|
|
100,000
|
|
(5)
|
200,000
|
|
(5)
|
29.40
|
|
|
12/31/2021
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
300,000
|
|
(7)
|
32.71
|
|
|
12/31/2022
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
W. D. Katz
|
|
4,334
|
|
(1)
|
|
|
24.42
|
|
|
12/31/2018
|
|
|
|
|
|
|
|
|
|
||||||
|
|
8,667
|
|
(2)
|
|
|
24.19
|
|
|
12/31/2019
|
|
|
|
|
|
1,700
|
|
(21)
|
|
|
|||||
|
|
8,000
|
|
(3)
|
4,000
|
|
(3)
|
31.58
|
|
|
12/31/2020
|
|
|
|
|
|
1,000
|
|
(23)(32)
|
43,070
|
|
(29
|
)
|
||
|
|
4,333
|
|
(5)
|
8,667
|
|
(5)
|
29.40
|
|
|
12/31/2021
|
|
|
|
|
|
566
|
|
(25)(33)
|
24,378
|
|
(30
|
)
|
||
|
|
|
|
12,000
|
|
(7)
|
32.71
|
|
|
12/31/2022
|
|
|
|
|
|
|
|
|
|
(1)
|
These options were granted effective January 1, 2009 and were fully vested on January 1, 2012.
|
(2)
|
These options were granted effective January 1, 2010 and were fully vested on January 1, 2013.
|
(3)
|
These options were granted effective January 1, 2011. These options vest 33 1/3 percent on each anniversary of the grant date and will be fully vested on January 1, 2014.
|
(4)
|
These options were granted effective May 9, 2011. These options vest 33 1/3 percent on each anniversary of the grant date and will be fully vested on May 9, 2014.
|
(5)
|
These options were granted effective January 1, 2012. These options vest 33 1/3 percent on each anniversary of the grant date and will be fully vested on January 1, 2015.
|
(6)
|
These options were granted effective March 3, 2012. These options vest 33 1/3 percent on each anniversary of the grant date and will be fully vested on March 3, 2015.
|
(7)
|
These options were granted effective January 1, 2013. These options vest 33 1/3 percent on each anniversary of the grant date and will be fully vested on January 1, 2016.
|
(8)
|
These options were granted effective July 1, 2011. These options vest 33 1/3 percent on each anniversary of the grant date and will be fully vested on July 1, 2014.
|
(9)
|
These options were granted effective May 20, 2013. These options vest 33 1/3 percent on each anniversary of the grant date and will be fully vested on May 20, 2016.
|
(10)
|
These options were granted effective March 1, 2010. These options vest 33 1/3 percent on each anniversary of the grant date and will be fully vested on March 1, 2013.
|
(11)
|
These options were granted effective January 1, 2011. The options reported represent the number of options vested as of Mr. Iannarelli’s termination date of June 18, 2013.
|
(12)
|
These options were granted effective January 1, 2012. The options reported represent the number of options vested as of Mr. Iannarelli’s termination date of June 18, 2013.
|
(13)
|
These options were granted effective January 1, 2008 and were fully vested on January 1, 2011.
|
(14)
|
These options were granted effective April 1, 2013 in connection with Mr. Walsh’s promotion to Chief Executive Officer in 2013. These options vest 33 1/3 percent on each anniversary of the grant date and will be fully vested on April 1, 2016.
|
(15)
|
These options were granted effective January 17, 2012. These options vest 33 1/3 percent on each anniversary of the grant date and will be fully vested on January 17, 2015.
|
(16)
|
These options were granted effective January 1, 2007 and were fully vested on January 1, 2010.
|
(17)
|
These options were granted effective January 25, 2008 and were fully vested on January 25, 2011.
|
(18)
|
Phantom units with distribution equivalents were awarded to Messrs. Sheridan, Grady and Samuel on December 3, 2012 in recognition of their contributions and leadership with respect to the acquisition and integration of Heritage Propane during Fiscal 2012. The awards represent time-restricted AmeriGas Partners common units that will vest on December 3, 2014, subject to continued employment. In the event of termination of employment for any reason, other than retirement, death or disability, the unvested phantom units and dividend equivalents will be forfeited. In the event of retirement, death or disability during the initial year following the grant, one half of the number of units granted would immediately vest and the remained are forfeited.
|
(19)
|
This phantom unit award was granted effective January 17, 2012. This award vested 20% on January 12, 2013 and the remaining 80% will vest on January 12, 2014.
|
(20)
|
The amount shown represents the closing price of AmeriGas Partners common units on September 30, 2013 multiplied by the number of phantom units awarded.
|
(21)
|
The amount shown relates to a target award of AmeriGas Partners restricted units granted effective January 1, 2011. The performance measurement period for these restricted units is January 1, 2011 through December 31, 2013. The value of the number of restricted units that may be earned at the end of the performance period is based on the AmeriGas Partners’ TUR relative to that of each of the master limited partnerships in the Alerian MLP Index as of the first day of the performance measurement period. The actual number of restricted units and accompanying distribution equivalents earned may be higher (up to 200% of the target award) or lower than the amount shown, based on TUR performance through the end of the performance period. The restricted units will be payable, if at all, on January 1, 2014. As of September 30, 2013, the AmeriGas Partners’ TUR ranking qualified for no payout in respect of this award. See “Compensation Discussion & Analysis - Long-Term Compensation - Fiscal 2013 Equity Awards” for more information on the TUR performance goal measurements.
|
(22)
|
These performance units were awarded May 9, 2011. The measurement period and the performance goal is the same as described in footnote 21. The performance units will be payable, if at all, on January 1, 2014.
|
(23)
|
These performance units were awarded January 1, 2012. The measurement period for the performance goal is January 1, 2012 through December 31, 2014. The performance goal is the same as described in footnote 21, but is measured for a different three-year period. The performance units will be payable, if at all, on January 1, 2015.
|
(24)
|
These performance units were awarded March 3, 2012 in connection with Mr. Sheridan’s promotion to Chief Executive Officer in 2012. The measurement period is the same as described in footnote 23 and the performance goal is the same as described in footnote 21. The performance units will be payable, if at all, on January 1, 2015.
|
(25)
|
These performance units were awarded January 1, 2013. The measurement period for the performance goal is January 1, 2013 through December 31, 2015. The performance goal is the same as described in footnote 21, but is measured for a different three-year period. The performance units will be payable, if at all, on January 1, 2016.
|
(26)
|
These performance units were awarded on May 20, 2013 in connection with Mr. Gallagher’s promotion to Chief Financial Officer. The measurement period is the same as described in footnote 25 and the performance goal is the same as described in footnote 21. The performance units will be payable, if at all, on January 1, 2016.
|
(27)
|
These performance units were awarded January 17, 2012. The measurement period is the same as described in footnote 23 and the performance goal is the same as described in footnote 21. The performance units will be payable, if at all, on January 1, 2015.
|
(28)
|
The amount shown relates to a target award of performance units granted effective January 1, 2011. The performance measurement period for these performance units is January 1, 2011 through December 31, 2013. The value of the number of performance units that may be earned at the end of the performance period is based on the Company’s TSR relative to that of each of the companies in the Russell Midcap Utility Index, excluding telecommunications companies, as of the first day of the performance measurement period. The actual number of performance units and accompanying dividend equivalents earned may be higher (up to 200% of the target award) or lower than the amount shown, based on TSR performance through the end of the performance period. The performance units will be payable, if at all, on January 1, 2014. As of September 30, 2013, the Company’s TSR ranking qualified for 67.9% leverage of the target number of performance units originally granted. See Compensation Discussion and Analysis - Long-Term Compensation - Fiscal 2013 Equity Awards for more information on the TSR performance goal measurements.
|
(29)
|
These performance units were awarded January 1, 2012. The measurement period for the performance goal is January 1, 2012 through December 31, 2014. The performance goal is the same as described in footnote 28, but is measured for a different three-year period. The performance units will be payable, if at all, on January 1, 2015.
|
(30)
|
These performance units were awarded January 1, 2013. The measurement period for the performance goal is January 1, 2013 through December 31, 2015. The performance goal is the same as described in footnote 28, but is measured for a different three-year period. The performance units will be payable, if at all, on January 1, 2016.
|
(31)
|
These performance units were awarded April 1, 2013 in connection with Mr. Walsh’s promotion to Chief Executive Officer in 2013. The measurement period for the performance goal is January 1, 2013 through December 31, 2015. The performance goal is the same as described in footnote 28, but is measured for a different three-year period. The performance units will be payable, if at all, on January 1, 2016.
|
(32)
|
Mr. Katz forfeited 500 performance units upon his separation from service.
|
(33)
|
Mr. Katz forfeited 1,134 performance units upon his separation from service.
|
|
|
Option Awards
|
|
Stock/Unit Awards
|
||||||||
|
|
Number of Shares
Acquired on
Exercise
|
|
Value Realized
on Exercise
|
|
Number of Shares/Units
Acquired on
Vesting
|
|
Value Realized
on Vesting
|
||||
Name
|
|
(#)
|
|
($)
|
|
(#)
|
|
($)
|
||||
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
|
(e)
|
||||
J. E. Sheridan
|
|
68,000
|
|
|
1,134,480
|
|
|
0
|
|
|
0
|
|
H. J. Gallagher
|
|
5,000
|
|
|
26,825
|
|
|
0
|
|
|
0
|
|
J. S. Iannarelli
|
|
27,666
|
|
|
238,266
|
|
|
0
|
|
|
0
|
|
J. L. Walsh
|
|
190,000
|
|
|
2,525,750
|
|
|
0
|
|
|
0
|
|
R. P. Grady
|
|
0
|
|
|
0
|
|
|
2,800
|
|
|
109,172
|
|
S. A. Samuel
|
|
14,000
|
|
|
233,460
|
|
|
0
|
|
|
0
|
|
L. R. Greenberg
|
|
845,000
|
|
|
12,557,550
|
|
|
0
|
|
|
0
|
|
W. D. Katz
|
|
28,000
|
|
|
244,858
|
|
|
0
|
|
|
0
|
|
|
|
|
|
Number of
Years Credited
Service
|
|
Present Value of
Accumulated Benefit
|
|
Payments
During Last
Fiscal Year
|
|||
Name
|
|
Plan Name
|
|
(#)
|
|
($)
|
|
($)
|
|||
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
|
(e)
|
|||
J. E. Sheridan(1)
|
|
None
|
|
0
|
|
|
0
|
|
|
0
|
|
H. J. Gallagher(2)
|
|
UGI Utilities Retirement Plan
|
|
11
|
|
|
257,941
|
|
|
0
|
|
|
|
UGI SERP
|
|
11
|
|
|
12,360
|
|
|
0
|
|
J. S. Iannarelli
|
|
UGI Utilities Retirement Plan
|
|
6
|
|
|
36,186
|
|
|
0
|
|
J. L. Walsh
|
|
UGI SERP
|
|
8
|
|
|
2,324,054
|
|
|
0
|
|
|
|
UGI Utilities Retirement Plan
|
|
8
|
|
|
366,055
|
|
|
0
|
|
R. P. Grady(2)
|
|
UGI Utilities Retirement Plan
|
|
5
|
|
|
145,627
|
|
|
0
|
|
S. A. Samuel(2)
|
|
UGI Utilities Retirement Plan
|
|
3
|
|
|
29,003
|
|
|
0
|
|
L. R. Greenberg
|
|
UGI SERP
|
|
33
|
|
|
0
|
|
|
21,019,606
|
|
|
|
UGI Utilities Retirement Plan
|
|
33
|
|
|
1,913,115
|
|
|
60,818
|
|
W. D. Katz
|
|
UGI Utilities Retirement Plan
|
|
1
|
|
|
32,607
|
|
|
0
|
|
(1)
|
Mr. Sheridan does not participate in any defined benefit pension plan.
|
(2)
|
Messrs. Gallagher, Grady and Samuel each have vested annual benefit amounts under the UGI Utilities, Inc. Retirement Plan based on prior credited service of approximately $37,100, $12,695 and $4,281, respectively. Messrs. Gallagher, Grady and Samuel are not currently earning benefits under that plan.
|
|
September 30, 2013
|
September 30, 2012
|
Discount rate for Pension Plan for all purposes and for SERP, for pre-commencement calculations
|
5.20%
|
4.20%
|
SERP lump sum rate
|
3.10% for applicable pre-2004 service; 2.60% for other service
|
2.60%
|
Retirement age:
|
62
|
62
|
Postretirement mortality for Pension Plan
|
RP-2000, combined, healthy table projected to 2020 using Scale AA without collar adjustments
|
RP-2000, combined, healthy table projected to 2019 using Scale AA without collar adjustments
|
Postretirement Mortality for SERP
|
1994 GAR Unisex
|
1994 GAR Unisex
|
Preretirement Mortality
|
none
|
none
|
Termination and disability rates
|
none
|
none
|
Form of payment - qualified plan
|
Single life annuity
|
Single life annuity
|
Form of payment - nonqualified plan
|
Lump sum
|
Lump sum
|
|
|
|
|
Executive
Contributions
in Last Fiscal Year
|
|
Employer
Contributions
in Last Fiscal
Year
|
|
Aggregate
Earnings in Last
Fiscal Year
|
|
Aggregate
Withdrawals/
Distributions
|
|
Aggregate
Balance at Last
Fiscal Year
|
|||||
Name
|
|
|
|
($)
|
|
($)
|
|
($)
|
|
($)
|
|
($)(2)
|
|||||
(a)
|
|
Plan Name
|
|
(b)
|
|
(c)
|
|
(d)
|
|
(e)
|
|
(f)
|
|||||
J. E. Sheridan
|
|
AmeriGas SERP
|
|
0
|
|
|
60,491
|
|
(1)
|
51,101
|
|
|
0
|
|
|
325,210
|
|
H. J. Gallagher
|
|
AmeriGas SERP
|
|
0
|
|
|
6,442
|
|
(1)
|
0
|
|
|
0
|
|
|
0
|
|
J. S. Iannarelli
|
|
AmeriGas SERP
|
|
0
|
|
|
13,680
|
|
(1)
|
7,896
|
|
|
0
|
|
|
117,194
|
|
|
|
AmeriGas Non-Qualified
|
|
7,007
|
|
|
0
|
|
|
4,894
|
|
|
0
|
|
|
73,907
|
|
|
|
Deferred Compensation Plan
|
|
|
|
|
|
|
|
|
|
|
|||||
J. L. Walsh
|
|
UGI Supplemental Savings Plan
|
|
|
|
19,674
|
|
(3)
|
18,677
|
|
|
0
|
|
|
203,638
|
|
|
R. P. Grady
|
|
AmeriGas SERP
|
|
0
|
|
|
43,907
|
|
(1)
|
2,592
|
|
|
0
|
|
|
25,842
|
|
S. A. Samuel
|
|
AmeriGas SERP
|
|
0
|
|
|
19,916
|
|
(1)
|
34,074
|
|
|
0
|
|
|
171,385
|
|
|
|
AmeriGas Non-Qualified
|
|
9,955
|
|
|
0
|
|
|
18,667
|
|
|
0
|
|
|
99,921
|
|
|
|
Deferred Compensation Plan
|
|
|
|
|
|
|
|
|
|
|
|||||
L. R. Greenberg
|
|
UGI Supplemental Savings Plan
|
|
|
|
66,167
|
|
(3)
|
162,256
|
|
|
0
|
|
|
1,902,451
|
|
|
|
|
UGI 2009 Deferral Plan
|
|
|
|
|
|
|
|
|
|
|
|||||
W. D. Katz
|
|
AmeriGas SERP
|
|
0
|
|
|
16,418
|
|
(1)
|
292
|
|
|
0
|
|
|
399,319
|
|
|
|
AmeriGas Non-Qualified
|
|
2,539
|
|
|
0
|
|
|
1,731
|
|
|
0
|
|
|
25,857
|
|
|
|
Deferred Compensation Plan
|
|
|
|
|
|
|
|
|
|
|
(1)
|
This amount represents the employer contribution to the named executive officer under the AmeriGas SERP, which is also reported in the Summary Compensation Table
-
Fiscal 2013 in the “All Other Compensation” column.
|
(2)
|
The aggregate balances include the following aggregate amounts previously reported in the Summary Compensation Table as compensation in prior years: Mr. Sheridan, $256,619; Mr. Gallagher, 6,442; Mr. Iannarelli, $35,789; Mr. Walsh, $178,548; Mr. Grady, $43,907; Mr. Samuel, $29,871; and Mr. Katz, $36,744.
|
(3)
|
This amount represents the employer contribution to the named executive officer under the UGI Supplemental Savings Plan which is also reported in the Summary Compensation Table
-
Fiscal 2013 in the “All Other Compensation” column.
|
•
|
any person (other than certain persons or entities affiliated with UGI), together with all affiliates and associates of such person, acquires securities representing 20 percent or more of either (i) the then outstanding shares of common stock, or (ii) the combined voting power of UGI’s then outstanding voting securities;
|
•
|
individuals, who at the beginning of any 24-month period constitute the UGI Board of Directors (the “Incumbent Board”) and any new Director whose election by the Board of Directors, or nomination for election by UGI’s shareholders, was approved by a vote of at least a majority of the Incumbent Board, cease for any reason to constitute a majority;
|
•
|
UGI is reorganized, merged or consolidated with or into, or sells all or substantially all of its assets to, another corporation in a transaction in which former shareholders of UGI do not own more than 50 percent of, respectively, the outstanding common stock and the combined voting power of the then outstanding voting securities of the surviving or acquiring corporation;
|
•
|
the General Partner, Partnership or Operating Partnership is reorganized, merged or consolidated with or into, or sells all or substantially all of its assets to, another entity in a transaction with respect to which all of the individuals and entities who were owners of the General Partner’s voting securities or of the outstanding units of the Partnership immediately prior to such transaction do not, following such transaction, own more than 50 percent of, respectively, the outstanding
|
•
|
UGI, the General Partner, the Partnership or the Operating Partnership is liquidated or dissolved;
|
•
|
UGI fails to own more than 50 percent of the general partnership interests of the Partnership or the Operating Partnership;
|
•
|
UGI fails to own more than 50 percent of the outstanding shares of common stock of the General Partner; or
|
•
|
AmeriGas Propane, Inc. is removed as the general partner of the Partnership or the Operating Partnership.
|
•
|
any person (other than certain persons or entities affiliated with UGI), together with all affiliates and associates of such person, acquires securities representing 20 percent or more of either (i) the then outstanding shares of common stock, or (ii) the combined voting power of UGI’s then outstanding voting securities;
|
•
|
individuals, who at the beginning of any 24-month period constitute the UGI Board of Directors (the “Incumbent Board”) and any new Director whose election by the Board of Directors, or nomination for election by UGI’s shareholders, was approved by a vote of at least a majority of the Incumbent Board, cease for any reason to constitute a majority;
|
•
|
UGI is reorganized, merged or consolidated with or into, or sells all or substantially all of its assets to, another corporation in a transaction in which former shareholders of UGI do not own more than 50 percent of, respectively, the outstanding common stock and the combined voting power of the then outstanding voting securities of the surviving or acquiring corporation; or
|
•
|
UGI Corporation is liquidated or dissolved.
|
(1)
|
Amounts shown under “Severance Pay” in the case of involuntary termination without cause are calculated under the terms of the UGI Severance Plan for Mr. Walsh, and the AmeriGas Severance Plan for Messrs. Sheridan, Gallagher, Grady and Samuel. We assumed that 100 percent of the target annual bonus was paid.
|
(2)
|
Amounts shown under “Severance Pay” in the case of termination following a change in control are calculated under the officer’s change in control agreement.
|
(3)
|
In calculating the amounts shown under “Equity Awards with Accelerated Vesting,” we assumed (i) the continuation of AmeriGas Partners’ distribution (and UGI’s dividend, as applicable) at the rate in effect on September 30, 2013; and (ii) performance at the greater of actual through September 30, 2013 and target levels with respect to performance units.
|
(4)
|
Amounts shown under “Nonqualified Retirement Benefits” are in addition to amounts shown in the “Pension Benefits Table - Fiscal 2013” and “Non-Qualified Deferred Compensation Table - Fiscal 2013.”
|
(5)
|
Amounts shown under “Welfare and Other Benefits” include estimated payments for (i) medical and dental and life insurance premiums, (ii) outplacement services, (iii) tax preparation services, and (iv) an estimated Code Section 280G tax gross up payment of $6,728,347 for Mr. Walsh and $490,487 for Mr. Samuel in the event of a change in control.
|
(6)
|
In connection with Mr. Iannarelli’s separation of service effective June 18, 2013, Mr. Iannarelli received payments consistent with the AmeriGas Severance Plan.
|
(7)
|
In connection with Mr. Katz’s separation of service, Mr. Katz received payments in accordance with his Separation
|
|
|
Fees Earned
or Paid
in Cash
|
|
Stock
Awards
|
|
Option
Awards
|
|
Non-Equity
Incentive
Plan
Compensation
|
|
Change in
Pension Value
and
Nonqualified
Deferred
Compensation
|
|
All Other
Compensation
|
|
Total
|
|||||||
Name (1)
|
|
($)(2)
|
|
($)(3)
|
|
($)
|
|
($)
|
|
Earnings
|
|
($)
|
|
($)
|
|||||||
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
|
(e)
|
|
(f)
|
|
(g)
|
|
(h)
|
|||||||
S. D. Ban
|
|
20,594
|
|
|
43,010
|
|
|
41,336
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
61,973
|
|
L. R. Greenberg
|
|
100,000
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
100,000
|
|
W. J. Marrazzo
|
|
87,083
|
|
|
43,010
|
|
|
41,336
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
128,462
|
|
A. Pol
|
|
44,627
|
|
|
43,010
|
|
|
41,336
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
86,006
|
|
G. A. Pratt
|
|
52,500
|
|
|
43,010
|
|
|
41,336
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
93,879
|
|
M. O. Schlanger
|
|
87,500
|
|
|
43,010
|
|
|
41,336
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
128,879
|
|
H. B. Stoeckel
|
|
92,500
|
|
|
43,010
|
|
|
41,336
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
133,879
|
|
K. R. Turner
|
|
78,752
|
|
|
43,010
|
|
|
41,336
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
120,131
|
|
(1)
|
Mr. Ford was elected to the General Partner’s Board of Directors on November 1, 2013, and as such received no compensation during Fiscal 2013. He is a member of the Audit Committee and the Corporate Governance Committee.
|
(2)
|
In Fiscal 2013, the General Partner paid its non-management directors an annual retainer of $65,000 for Board service. It paid an additional annual retainer of $20,000 to members of the Audit Committee, other than the chairperson. The chairperson of the Audit Committee was paid an additional annual retainer of $25,000. The General Partner pays no meeting attendance fees to its directors. Mrs. Pol received a pro-rated retainer fee for partial year service in Fiscal 2013. The General Partner also paid an additional retainer of $7,500 for the chairperson of the Compensation and Management Development and the Corporate Governance Committees. The General Partner also paid its Presiding Director a retainer of $15,000 in Fiscal 2013. Mr. Greenberg’s amount reflects a pro-rated retainer for the number of months he served as Non-Executive Chairman of the General Partner’s Board of Directors during Fiscal 2013. Mr. Greenberg will not receive any equity compensation for his service as Non-Executive Chairman.
|
(3)
|
All non-employee Directors, excluding Mr. Greenberg, received 1,100 Phantom Units in Fiscal 2013 as part of their annual compensation. The Phantom Units were awarded under the AmeriGas Propane, Inc. 2010 Long-Term Incentive Plan on behalf of AmeriGas Partners, L.P. (the “2010 Plan”) approved by the Partnership’s Common Unitholders on July 30, 2010. Each Phantom Unit represents the right to receive an AmeriGas Partners Common Unit and distribution equivalents when the Director ends his service on the Board. Phantom Units earn distribution equivalents on each record date for the payment of a distribution by the Partnership on its Common Units. Accrued distribution equivalents are converted to additional Phantom Units annually, on the last date of the calendar year, based on the closing price for the Partnership’s Common Units on the last trading day of the year. All Phantom Units and distribution equivalents are fully vested when credited to the Director’s account. Account balances become payable 65 percent in AmeriGas Partners Common Units and 35 percent in cash, based on the value of a Common Unit, upon retirement or termination of service unless otherwise deferred. In the case of a change in control of the Partnership, the Phantom Units and distribution equivalents will be paid in cash based on the fair market value of the Partnership’s Common Units on the date of the change in control. The amounts shown in column (c) above represent the grant date fair value of the awards of Phantom Units. The assumptions used in the calculation of the amounts shown are included in Note 2 and Note 11 to our audited consolidated financial statements for Fiscal 2013. For the number of Phantom Units credited to each Director’s account
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SECURITY HOLDER MATTERS
|
Title of Class
|
|
Name and Address (1) of Beneficial Owner
|
|
Amount and
Nature of
Beneficial
Ownership of Partnership Units
|
Percent of Class
|
Common Units
|
|
UGI Corporation
|
|
23,756,882
(2)
|
26%
|
|
|
AmeriGas, Inc.
|
|
23,756,882
(3)
|
26%
|
|
|
AmeriGas Propane, Inc.
|
|
23,756,882
(4)
|
26%
|
|
|
Petrolane Incorporated
|
|
6,905,584
(4)
|
7%
|
|
|
Energy Transfer Partners, L.P.
|
|
22,067,362
|
24%
|
(1)
|
The address of each of UGI and the General Partner is 460 North Gulph Road, King of Prussia, PA 19406. The address of each of AmeriGas, Inc. and Petrolane Incorporated (“Petrolane”) is 2525 N. 12th Street, Suite 360, Reading, PA 19612. The address of Energy Transfer Partners, L.P. is 3738 Oak Lawn Avenue, Dallas, Texas 75219.
|
(2)
|
Based on the number of units held by its indirect, wholly-owned subsidiaries, AmeriGas Propane, Inc. and Petrolane.
|
(3)
|
Based on the number of units held by its direct and indirect, wholly-owned subsidiaries, AmeriGas Propane, Inc. and Petrolane.
|
(4)
|
AmeriGas Propane, Inc.’s beneficial ownership includes 6,905,584 Common Units held by its subsidiary, Petrolane. Beneficial ownership of those Common Units is shared with UGI and AmeriGas, Inc.
|
Name of Beneficial Owner
|
|
Amount and Nature of
Beneficial Ownership of Partnership Common Units (1)
|
|
Number of AmeriGas Partners Phantom Units (13)
|
||
J. E. Sheridan
|
|
26,244
|
|
(2)
|
1,821
|
|
H. J. Gallagher
|
|
400
|
|
|
0
|
|
J. S. Iannarelli
|
|
5,027
|
|
|
0
|
|
J. L. Walsh
|
|
7,000
|
|
(3)
|
0
|
|
R. P. Grady
|
|
4,924
|
|
(4)
|
1,370
|
|
S. A. Samuel
|
|
5,721
|
|
(5)
|
677
|
|
L. R. Greenberg
|
|
15,000
|
|
(6)
|
0
|
|
W. D. Katz
|
|
18,610
|
|
(7)
|
0
|
|
B. R. Ford
|
|
1,550
|
|
(8)
|
0
|
|
W. J. Marrazzo
|
|
1,000
|
|
(9)
|
2,807
|
|
A. Pol
|
|
0
|
|
|
1,100
|
|
M. O. Schlanger
|
|
1,000
|
|
(10)
|
2,807
|
|
H. B. Stoeckel
|
|
13,000
|
|
(11)
|
2,807
|
|
K. R. Turner
|
|
3,000
|
|
(12)
|
1,697
|
|
Directors and executive officers as a group (19 persons)
|
|
96,787
|
|
|
17,354
|
|
(1)
|
Sole voting and investment power unless otherwise specified.
|
(2)
|
Mr. Sheridan’s Units are held jointly with his spouse.
|
(3)
|
Mr. Walsh’s Units are held jointly with his spouse.
|
(4)
|
Mr. Grady’s Units are held jointly with his spouse.
|
(5)
|
Mr. Samuel’s Units are held jointly with his spouse.
|
(6)
|
Mr. Greenberg’s Units are held jointly with his spouse.
|
(7)
|
Mr. Katz jointly holds 1,000 Units with his spouse.
|
(8)
|
Mr. Ford’s Units are held in the following manner: (i) 1,200 Units are held jointly with his spouse; (ii) 50 Units are held jointly with Colleen Ford; (iii) 50 Units are held jointly with Kevin Ford; (iv) 50 Units are held jointly with Brandon Ford; and (v) 200 Units are held jointly with Brian Ford, Jr.
|
(9)
|
Mr. Marrazzo’s Units are held jointly with his spouse.
|
(10)
|
The Units shown are owned by Mr. Schlanger’s spouse. Mr. Schlanger disclaims beneficial ownership of his spouse’s Units.
|
(11)
|
Mr. Stoeckel’s Units are held jointly with his spouse.
|
(12)
|
The Turner Family Partnership holds 1,000 of Mr. Turner’s Units and Mr. Turner disclaims beneficial ownership of these Units, except to the extent of his interest as the general partner of the Turner Family Partnership.
|
(13)
|
The 2010 Plan provides that Phantom Units will be converted to AmeriGas Partners Common Units and paid out to Directors upon termination of service.
|
Name of Beneficial Owner
|
|
Number of UGI Shares
and Stock Units and Nature
of Beneficial Ownership
Excluding UGI Stock Options (1)(9)
|
|
Number of
Exercisable UGI Stock Options
|
||
J. E. Sheridan
|
|
1,275
|
|
(2)
|
85,220
|
|
H. J. Gallagher
|
|
3,369
|
|
(3)
|
7,749
|
|
J. S. Iannarelli
|
|
1,208
|
|
|
14,499
|
|
J. L. Walsh
|
|
184,790
|
|
(4)
|
494,999
|
|
R. P. Grady
|
|
4,788
|
|
(5)
|
10,000
|
|
S. A. Samuel
|
|
11,204
|
|
(2)
|
52,500
|
|
L. R. Greenberg
|
|
382,063
|
|
(6)
|
1,100,000
|
|
W. D. Katz
|
|
12,373
|
|
|
25,334
|
|
B. R. Ford
|
|
900
|
|
(7)
|
0
|
|
W. J. Marrazzo
|
|
0
|
|
|
0
|
|
A. Pol
|
|
78,018
|
|
|
76,500
|
|
M. O. Schlanger
|
|
78,574
|
|
(8)
|
76,500
|
|
H. B. Stoeckel
|
|
0
|
|
|
0
|
|
K. R. Turner
|
|
0
|
|
|
0
|
|
Directors and executive officers as a group (19 persons)
|
|
758,826
|
|
|
2,020,633
|
|
(1)
|
Sole voting and investment power unless otherwise specified.
|
(2)
|
Messrs. Sheridan and Samuel each hold these shares in their respective 401(k) Savings Plan.
|
(3)
|
Mr. Gallagher holds 494 shares jointly with his spouse.
|
(4)
|
Mr. Walsh holds these shares jointly with his spouse.
|
(5)
|
Mr. Grady holds these shares jointly with his spouse.
|
(6)
|
Mr. Greenberg holds 248,415 shares jointly with his spouse and 116,977 shares in a charitable trust for which Mr. Greenberg and his spouse are co-trustees.
|
(7)
|
Mr. Ford’s shares are held in the following manner: (i) 300 shares are held jointly with Kevin Ford; (ii) 300 shares are held jointly with Brandon Ford; and (iii) 300 shares are held jointly with Brian Ford, Jr.
|
(8)
|
Includes 2,000 shares owned by Mr. Schlanger’s spouse. Mr. Schlanger disclaims beneficial ownership of his spouse’s
|
(9)
|
Included in the number of shares shown are Stock Units (“Units”) under the 2004 Plan. Each Unit will be paid out to the director upon retirement or termination of service from the UGI Board of Directors in the form of shares of UGI Common Stock (65 percent) and cash (35 percent). The number of Units included for the directors is as follows: Mr. Schlanger - 62,350 and Mrs. Pol - 74,761.
|
Plan category
|
|
(a)
Number of securities to
be issued upon exercise
of outstanding options, warrants and rights
|
|
(b)
Weighted average
exercise price of
outstanding options, warrants and rights
|
|
(c)
Number of securities
remaining available
for future issuance
under equity
compensation plans
(excluding securities reflected in column (a))
|
|||
Equity compensation plans approved by security holders (1)(2)
|
|
224,168
|
|
|
0
|
|
|
2,484,839
(1)
|
|
Equity compensation plans not approved by security holders
|
|
0
|
|
|
0
|
|
|
0
|
|
Total
|
|
224,168
|
|
|
0
|
|
|
|
|
(1)
|
The AmeriGas Propane, Inc. 2000 Long-Term Incentive Plan and the AmeriGas Propane, Inc. Discretionary Long-Term Incentive Plan for Non-Executive Key Employees were approved pursuant to Section 6.4 of the Partnership Agreement.
|
(2)
|
The sole plan with securities remaining for future issuance is the AmeriGas Propane, Inc. 2010 Long-Term Incentive Plan on behalf of AmeriGas Partners, L.P. (“2010 Plan”). The 2010 Plan was approved by security holders on July 30, 2010.
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES
|
|
2013
|
2012
|
||||
Audit Fees(1)
|
$
|
1,327,000
|
|
$
|
1,942,500
|
|
Audit-Related Fees
|
0
|
|
35,000
|
|
||
Tax Fees(2)
|
581,000
|
|
625,000
|
|
||
All Other Fees
|
0
|
|
0
|
|
||
Total Fees for Services Provided
|
$
|
1,908,000
|
|
$
|
2,602,500
|
|
(1)
|
Audit Fees were for audit services, including (i) the annual audit of the consolidated financial statements of the Partnership, (ii) subsidiary audits, (iii) review of the interim financial statements included in the Quarterly Reports on Form 10-Q of the Partnership, and (iv) services that only the independent registered public accounting firm can reasonably be expected to provide, such as services associated with SEC registration statements, and documents issued in connection with securities offerings. The year-over-year decrease in audit fees is primarily attributable to audit efficiencies associated with the integration of Heritage Propane.
|
(2)
|
Tax Fees were for the preparation of Substitute Schedule K-1 forms for unitholders of the Partnership.
|
ITEM 15.
|
EXHIBITS, FINANCIAL STATEMENT SCHEDULES
|
Incorporation by Reference
|
||||
Exhibit No.
|
Exhibit
|
Registrant
|
Filing
|
Exhibit
|
2.1
|
Merger and Contribution Agreement among AmeriGas Partners, L.P., AmeriGas Propane, L.P., New AmeriGas Propane, Inc., AmeriGas Propane, Inc., AmeriGas Propane-2, Inc., Cal Gas Corporation of America, Propane Transport, Inc. and NORCO Transportation Company.
|
AmeriGas Partners, L.P.
|
Registration Statement on Form S-4 (No. 33-92734)
|
10.21
|
2.2
|
Conveyance and Contribution Agreement among AmeriGas Partners, L.P., AmeriGas Propane, L.P. and Petrolane Incorporated.
|
AmeriGas Partners, L.P.
|
Registration Statement on Form S-4 (No. 33-92734)
|
10.22
|
2.3
|
Contribution and Redemption Agreement, dated October 15, 2011, by and among AmeriGas Partners, L.P., Energy Transfer Partners, L.P., Energy Transfer Partners GP, L.P. and Heritage ETC, L.P.
|
AmeriGas Partners, L.P.
|
Form 8-K (10/15/11)
|
2.1
|
2.4
|
Amendment No. 1, dated as of December 1, 2011, to the Contribution and Redemption Agreement, dated as of October 15, 2011, by and among Energy Transfer Partners, L.P., Energy Transfer Partners GP, L.P., Heritage ETC, L.P. and AmeriGas Partners, L.P.
|
AmeriGas Partners, L.P.
|
Form 8-K
(12/1/11)
|
2.1
|
Incorporation by Reference
|
||||
Exhibit No.
|
Exhibit
|
Registrant
|
Filing
|
Exhibit
|
2.5
|
Amendment No. 2, dated as of January 11, 2012, to the Contribution and Redemption Agreement, dated as of October 15, 2012, by and among Energy Transfer Partners, L.P., Energy Transfer Partners GP, L.P., Heritage ETC, L.P. and AmeriGas Partners, L.P.
|
AmeriGas Partners, L.P.
|
Form 8-K
(1/11/12)
|
2.1
|
2.6
|
Letter Agreement, dated as of January 11, 2012, by and among Energy Transfer Partners, L.P., Energy Transfer Partners GP, L.P., Heritage ETC, L.P. and AmeriGas Partners, L.P.
|
AmeriGas
Partners, L.P.
|
Form 8-K
(1/11/12)
|
2.1
|
2.7
|
Amendment to Contribution and Redemption Agreement, dated as of October 15, 2011, by an among Energy Transfer Partners, L.P., Energy Transfer Partners GP, L.P., Heritage ETC, L.P. and AmeriGas Partners, L.P., dated as of March 20, 2013.
|
AmeriGas
Partners, L.P.
|
Form 10-Q (3/31/13)
|
2.1
|
3.1
|
Fourth Amended and Restated Agreement of Limited Partnership of AmeriGas Partners, L.P. dated as of July 27, 2009.
|
AmeriGas Partners, L.P.
|
Form 10-Q (6/30/09)
|
3.1
|
3.2
|
Amendment No. 1 to Fourth Amended and Restated Agreement of Limited Partnership of AmeriGas Partners, L.P. dated as of March 13, 2012.
|
AmeriGas
Partners, L.P.
|
Form 8-K
(3/14/12)
|
3.1
|
3.3
|
Second Amended and Restated Agreement of Limited Partnership of AmeriGas Propane, L.P. dated as of December 1, 2004.
|
AmeriGas Partners, L.P.
|
Form 10-K (9/30/04)
|
3.1(a)
|
4.1
|
Instruments defining the rights of security holders, including indentures. (The Partnership agrees to furnish to the Commission upon request a copy of any instrument defining the rights of holders of long-term debt not required to be filed pursuant to Item 601(b)(4) of Regulation S-K).
|
|
|
|
4.2
|
Indenture, dated as of January 20, 2011, by and among AmeriGas Partners, L.P., AmeriGas Finance Corp. and U.S. Bank National Association, as trustee.
|
AmeriGas Partners, L.P.
|
Form 10-Q (12/31/10)
|
4.1
|
4.3
|
First Supplemental Indenture, dated as of January 20, 2011, to Indenture dated as of January 20, 2011, by and among AmeriGas Partners, L.P., AmeriGas Finance Corp. and U.S. Bank National Association, as trustee.
|
AmeriGas Partners, L.P.
|
Form 8-K (1/19/11)
|
4.1
|
4.4
|
Second Supplemental Indenture, dated as of August 10, 2011, to Indenture dated as of January 20, 2011, by and among AmeriGas Partners, L.P., AmeriGas Finance Corp. and U.S. Bank National Association, as trustee.
|
AmeriGas Partners, L.P.
|
Form 8-K (8/10/11)
|
4.1
|
4.5
|
Indenture, dated as of January 12, 2012, among AmeriGas Finance Corp., AmeriGas Finance LLC, AmeriGas Partners, L.P., as guarantor, and U.S. Bank National Association, as trustee.
|
AmeriGas
Partners, L.P.
|
Form 8-K
(1/12/12)
|
4.1
|
4.6
|
First Supplemental Indenture, dated as of January 12, 2012, among AmeriGas Finance Corp., AmeriGas Finance LLC, AmeriGas Partners, L.P., as guarantor, and U.S. Bank National Association, as trustee.
|
AmeriGas Partners, L.P.
|
Form 8-K
(1/12/12)
|
4.2
|
10.1**
|
UGI Corporation 2004 Omnibus Equity Compensation Plan Amended and Restated as of December 5, 2006.
|
UGI
|
Form 8-K (2/27/07)
|
10.1
|
10.2**
|
UGI Corporation 2004 Omnibus Equity Compensation Plan Amended and Restated as of December 5, 2006 - Terms and Conditions as amended and restated effective November, 2012.
|
UGI
|
Form 10-K (9/30/13)
|
10.2
|
Incorporation by Reference
|
||||
Exhibit No.
|
Exhibit
|
Registrant
|
Filing
|
Exhibit
|
10.3**
|
UGI Corporation 2009 Deferral Plan As Amended and Restated Effective June 1, 2010.
|
UGI
|
Form 10-Q (6/30/10)
|
10.1
|
10.4**
|
UGI Corporation Senior Executive Employee Severance Plan, as amended and restated as of November 16, 2012.
|
UGI
|
Form 10-Q (6/30/13)
|
10.1
|
10.5**
|
UGI Corporation Executive Employee Severance Plan, as amended and restated as of November 16, 2012.
|
UGI
|
Form 10-Q (6/30/13)
|
10.2
|
10.6**
|
UGI Corporation Supplemental Executive Retirement Plan and Supplemental Savings Plan, as Amended and Restated effective January 1, 2009.
|
UGI
|
Form 10-K (9/30/09)
|
10.11
|
10.7**
|
Amendment 2009-1 to the UGI Corporation Supplemental Executive Retirement Plan and Supplemental Savings Plan as Amended and Restated effective January 1, 2009.
|
UGI
|
Form 10-Q (12/31/09)
|
10.1
|
10.8**
|
UGI Corporation 2009 Supplemental Executive Retirement Plan For New Employees as Amended and Restated as of October 1, 2010.
|
UGI
|
Form 10-Q (12/31/09)
|
10.2
|
10.9**
|
UGI Corporation Executive Annual Bonus Plan effective as of October 1, 2006, as amended November 16, 2012.
|
UGI
|
Form 10-Q (3/31/13)
|
10.14
|
10.10**
|
AmeriGas Propane, Inc. 2010 Long-Term Incentive Plan on Behalf of AmeriGas Partners, L.P. effective July 30, 2010.
|
AmeriGas Partners, L.P.
|
Form 8-K (7/30/10)
|
10.2
|
10.11**
|
AmeriGas Propane, Inc. 2010 Long-Term Incentive Plan on Behalf of AmeriGas Partners, L.P. effective July 30, 2010 - Terms and Conditions.
|
AmeriGas Partners, L.P.
|
Form 10-K (9/30/10)
|
10.10
|
10.12**
|
AmeriGas Propane, Inc. Non-Qualified Deferred Compensation Plan, as Amended and Restated effective January 1, 2012.
|
AmeriGas Partners, L.P.
|
Form 10-Q
(3/31/12)
|
10.5
|
10.13**
|
AmeriGas Propane, Inc. Senior Executive Employee Severance Plan, as amended and restated as of November 15, 2012.
|
AmeriGas Partners, L.P.
|
Form 10-Q (6/30/13)
|
10.1
|
10.14**
|
AmeriGas Propane, Inc. Executive Employee Severance Plan, as amended and restated as of November 15, 2012.
|
AmeriGas Partners, L.P.
|
Form 10-Q (6/30/13)
|
10.2
|
10.15**
|
AmeriGas Propane, Inc. Supplemental Executive Retirement Plan, as Amended and Restated effective January 1, 2009.
|
AmeriGas Partners, L.P.
|
Form 10-Q (12/31/09)
|
10.1
|
10.16**
|
AmeriGas Propane, Inc. Executive Annual Bonus Plan, effective as of October 1, 2006, as amended November 15, 2012.
|
AmeriGas Partners, L.P.
|
Form 10-Q (3/31/13)
|
10.9
|
10.17**
|
UGI Corporation 2013 Omnibus Incentive Compensation Plan.
|
UGI
|
Registration Statement on Form S-8 (No. 333-186178)
|
99.1
|
10.18**
|
UGI Corporation 2004 Omnibus Equity Compensation Plan Nonqualified Stock Option Grant Letter for Mr. Grady dated January 17, 2012.
|
AmeriGas Partners, L.P.
|
Form 10-Q
(3/31/12)
|
10.9
|
10.19**
|
AmeriGas Propane, Inc. 2010 Long-Term Incentive Plan on Behalf of AmeriGas Partners, L.P., Phantom Unit Grant Letter for Mr. Grady dated as of January 17, 2012.
|
AmeriGas Partners, L.P.
|
Form 10-Q
(3/31/12)
|
10.7
|
10.20**
|
AmeriGas Propane, Inc. 2010 Long-Term Incentive Plan on Behalf of AmeriGas Partners, L.P., Performance Unit Grant Letter for Mr. Grady dated January 17, 2012.
|
AmeriGas Partners, L.P.
|
Form 10-Q
(3/31/12)
|
10.8
|
10.21**
|
AmeriGas Propane, Inc. 2010 Long-Term Incentive Plan on Behalf of AmeriGas Partners, L.P. Performance Unit Grant Letter for Employees dated January 1, 2013.
|
AmeriGas Partners, L.P.
|
Form 10-Q
(3/31/13)
|
10.8
|
Incorporation by Reference
|
||||
Exhibit No.
|
Exhibit
|
Registrant
|
Filing
|
Exhibit
|
*10.22**
|
AmeriGas Propane, Inc. 2010 Long-Term Incentive Plan on Behalf of AmeriGas Partners, L.P., Performance Unit Grant Letter for Mr. Gallagher dated May 1, 2013.
|
|
|
|
10.23**
|
AmeriGas Propane, Inc. 2010 Long-Term Incentive Plan on Behalf of AmeriGas Partners, L.P., Phantom Unit Grant Letter for Non Employee Directors, dated January 8, 2013.
|
AmeriGas Partners, L.P.
|
Form 10-Q (3/31/13)
|
10.7
|
10.24**
|
AmeriGas Propane, Inc. 2010 Long-Term Incentive Plan on Behalf of AmeriGas Partners, L.P., Phantom Unit Grant Letter for Employees, dated December 3, 2012.
|
AmeriGas Partners, L.P.
|
Form 10-Q (12/31/12)
|
10.1
|
10.25**
|
UGI Corporation 2004 Omnibus Equity Compensation Plan Stock Unit Grant Letter for Non Employee Directors, dated January 8, 2013.
|
UGI
|
Form 10-Q (3/31/13)
|
10.6
|
10.26**
|
UGI Corporation 2004 Omnibus Equity Compensation Plan Nonqualified Stock Option Grant Letter for Non Employee Directors, dated January 8, 2013.
|
UGI
|
Form 10-Q (3/31/13)
|
10.7
|
10.27**
|
UGI Corporation 2004 Omnibus Equity Compensation Plan Nonqualified Stock Option Grant Letter for UGI Employees, dated January 1, 2013.
|
UGI
|
Form 10-Q (3/31/13)
|
10.8
|
10.28**
|
UGI Corporation 2004 Omnibus Equity Compensation Plan Nonqualified Stock Option Grant Letter for AmeriGas Employees, dated January 1, 2013.
|
UGI
|
Form 10-Q (3/31/13)
|
10.9
|
10.29**
|
UGI Corporation 2013 Omnibus Incentive Compensation Plan, Performance Unit Grant Letter for Employees, dated January 24, 2013.
|
UGI
|
Form 10-Q (3/31/13)
|
10.4
|
10.30**
|
UGI Corporation 2013 Omnibus Incentive Compensation Plan Nonqualified Stock Option Grant Letter for Mr. John L. Walsh dated April 1, 2013.
|
UGI
|
Form 10-K (9/30/13)
|
10.33
|
10.31**
|
UGI Corporation 2013 Omnibus Incentive Compensation Plan Performance Unit Grant Letter for Mr. John L. Walsh dated April 1, 2013.
|
UGI
|
Form 10-K (9/30/13)
|
10.34
|
*10.32**
|
UGI Corporation 2013 Omnibus Incentive Compensation Plan Nonqualified Stock Option Grant Letter for Mr. Hugh J. Gallagher dated May 20, 2013.
|
|
|
|
10.33**
|
Description of oral compensation arrangement for Mr. Walsh.
|
UGI
|
Form 10-K (9/30/13)
|
10.36
|
*10.34**
|
Description of oral compensation arrangement for Messrs. Jerry E. Sheridan, Hugh J. Gallagher, R. Paul Grady, and Steven A. Samuel.
|
|
|
|
*10.35**
|
Summary of Director Compensation of AmeriGas Propane, Inc. dated October 1, 2013.
|
|
|
|
10.36**
|
Form of Change in Control Agreement Amended and Restated as of May 12, 2008 for Mr. Walsh.
|
UGI
|
Form 10-Q (6/30/08)
|
10.3
|
10.37*
|
Change in Control Agreement for Mr. Sheridan Amended and Restated as of March 3, 2012.
|
AmeriGas Partners, L.P.
|
Form 10-Q (3/31/12)
|
10.6
|
10.38**
|
Change in Control Agreement for R. Paul Grady dated as of January 12, 2012.
|
AmeriGas Partners, L.P.
|
Form 10-Q
(6/30/12)
|
10.1
|
*10.39**
|
Form of Change in Control Agreement for Messrs. Gallagher and Samuel.
|
|
|
|
10.40**
|
Form of Confidentiality and Post-Employment Activities Agreement with AmeriGas Propane, Inc. for Messrs. Gallagher, Grady, Samuel, and Sheridan.
|
AmeriGas Partners, L.P.
|
Form 10-K (9/30/09)
|
10.29
|
Incorporation by Reference
|
||||
Exhibit No.
|
Exhibit
|
Registrant
|
Filing
|
Exhibit
|
*10.41**
|
Separation Agreement and General Release by and between AmeriGas Propane, Inc. and William D. Katz, dated as of July 15, 2013.
|
|
|
|
10.42
|
Trademark License Agreement dated April 19, 1995 among UGI Corporation, AmeriGas, Inc., AmeriGas Propane, Inc., AmeriGas Partners, L.P. and AmeriGas Propane, L.P.
|
UGI
|
Form 10-K (9/30/10)
|
10.37
|
10.43
|
Trademark License Agreement, dated April 19, 1995 among AmeriGas Propane, Inc., AmeriGas Partners, L.P. and AmeriGas Propane, L.P.
|
AmeriGas Partners, L.P.
|
Form 10-Q (12/31/10)
|
10.1
|
10.44
|
Credit Agreement dated as of June 21, 2011, as amended through and including Amendment No. 4 thereto dated April 18, 2012, by and among AmeriGas Propane, L.P., as Borrower, AmeriGas Propane, Inc., as a Guarantor, Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and Issuing Lender (“Agent”), Wells Fargo Securities, LLC, as Sole Lead Arranger and Sole Book Manager and the financial institutions from time to time party thereto.
|
AmeriGas Partners, L.P.
|
Form 10-K (9/30/12)
|
10.39
|
10.45
|
Release of Liens and Termination of Security Documents dated as of November 6, 2006 by and among AmeriGas Propane, Inc., Petrolane Incorporated, AmeriGas Propane, L.P., AmeriGas Propane Parts & Service, Inc. and Wachovia Bank, National Association, as Collateral Agent for the Secured Creditors, pursuant to the Intercreditor and Agency Agreement dated as of April 19, 1995.
|
AmeriGas Partners, L.P.
|
Form 10-K (9/30/06)
|
10.3
|
10.46
|
Contingent Residential Support Agreement dated as of January 12, 2012, among Energy Transfer Partners, L.P., AmeriGas Finance LLC, AmeriGas Finance Corp., AmeriGas Partners, L.P., and for certain limited purposes only, UGI Corporation.
|
AmeriGas Partners, L.P.
|
Form 8-K
(1/11/12)
|
10.1
|
10.47
|
Amendment to Contingent Residual Support Agreement dated as of January 12, 2012, among Energy Transfer Partners, L.P., AmeriGas Finance LLC, AmeriGas Finance Corp., AmeriGas Partners, L.P., and for certain limited purposes only, UGI Corporation, dated as of March 20, 2013.
|
AmeriGas Partners, L.P.
|
Form 10-Q (3/31/13)
|
10.1
|
10.48
|
Unitholder Agreement, dated as of January 12, 2012, by and among Heritage ETC, L.P., AmeriGas Partners, L.P., and, for limited purposes, Energy Transfer Partners, L.P., Energy Transfer Partners GP, L.P., and Energy Transfer Equity, L.P.
|
AmeriGas Partners, L.P.
|
Form 8-K
(1/11/12)
|
10.2
|
14
|
Code of Ethics for principal executive, financial and accounting officers.
|
UGI
|
Form 10-K (9/30/03)
|
14
|
*21
|
Subsidiaries of the Registrant.
|
|
|
|
*23
|
Consent of PricewaterhouseCoopers LLP.
|
|
|
|
*31.1
|
Certification by the Chief Executive Officer relating to the Registrant’s Report on Form 10-K for the fiscal year ended September 30, 2013 pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
*31.2
|
Certification by the Chief Financial Officer relating to the Registrant’s Report on Form 10-K for the fiscal year ended September 30, 2013 pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
Incorporation by Reference
|
||||
Exhibit No.
|
Exhibit
|
Registrant
|
Filing
|
Exhibit
|
*32
|
Certification by the Chief Executive Officer and the Chief Financial Officer relating to the Registrant’s Report on Form 10-K for the fiscal year ended September 30, 2013, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
*99.1
|
UGI Corporation Equity-Based Compensation Information.
|
|
|
|
*99.2
|
Reconciliation of EBITDA and Adjusted EBITDA.
|
|
|
|
*101.INS
|
XBRL.Instance
|
|
|
|
*101.SCH
|
XBRL Taxonomy Extension Schema
|
|
|
|
*101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
*101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
|
*101.LAB
|
XBRL Taxonomy Extension Labels Linkbase
|
|
|
|
*101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
|
|
|
AMERIGAS PARTNERS, L.P.
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
AmeriGas Propane, Inc.,
|
|
|
|
|
|
Its General Partner
|
|
|
|
|
|
|
|
|
Date:
|
November 29, 2013
|
By:
|
/s/ Hugh J. Gallagher
|
|
|
|
|
|
Hugh J. Gallagher
|
|
|
|
|
|
Vice President — Finance and Chief Financial Officer
|
|
|
Signature
|
|
Title
|
|
|
|
/s/ Jerry E. Sheridan
|
|
President and Chief Executive Officer
|
Jerry E. Sheridan
|
|
(Principal Executive Officer) and Director
|
|
|
|
/s/ Lon R. Greenberg
|
|
Chairman and Director
|
Lon R. Greenberg
|
|
|
|
|
|
/s/ John L. Walsh
|
|
Vice Chairman and Director
|
John L. Walsh
|
|
|
|
|
|
/s/ Hugh J. Gallagher
|
|
Vice President — Finance and Chief Financial Officer
|
Hugh J. Gallagher
|
|
(Principal Financial Officer)
|
|
|
|
/s/ Robert J. Cane
|
|
Controller and Chief Accounting Officer
|
Robert J. Cane
|
|
(Principal Accounting Officer)
|
|
|
|
/s/ R. Paul Grady
|
|
Vice President and Chief Operating Officer
|
R. Paul Grady
|
|
|
|
|
|
/s/ Brian R. Ford
|
|
Director
|
Brian R. Ford
|
|
|
|
|
|
/s/ William J. Marrazzo
|
|
Director
|
William J. Marrazzo
|
|
|
|
|
|
/s/ Anne Pol
|
|
Director
|
Anne Pol
|
|
|
|
|
|
/s/ Marvin O. Schlanger
|
|
Director
|
Marvin O. Schlanger
|
|
|
|
|
|
/s/ Howard B. Stoeckel
|
|
Director
|
Howard B. Stoeckel
|
|
|
|
|
|
/s/ K. Richard Turner
|
|
Director
|
K. Richard Turner
|
|
|
Pages
|
|
|
Financial Statements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements Schedules:
|
|
|
|
For the years ended September 30, 2013, 2012 and 2011:
|
|
|
|
|
|
|
September 30,
|
||||||
|
2013
|
|
2012
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
12,635
|
|
|
$
|
60,102
|
|
Accounts receivable (less allowances for doubtful accounts of $18,552 and $17,217, respectively)
|
290,701
|
|
|
266,677
|
|
||
Accounts receivable — related parties
|
1,509
|
|
|
970
|
|
||
Inventories
|
158,928
|
|
|
163,746
|
|
||
Derivative financial instruments
|
18,036
|
|
|
1,478
|
|
||
Prepaid expenses and other current assets
|
18,883
|
|
|
30,395
|
|
||
Total current assets
|
500,692
|
|
|
523,368
|
|
||
Property, plant and equipment (less accumulated depreciation and amortization of $1,231,688 and $1,075,528, respectively)
|
1,437,514
|
|
|
1,499,225
|
|
||
Goodwill
|
1,936,608
|
|
|
1,914,808
|
|
||
Intangible assets
|
493,649
|
|
|
535,996
|
|
||
Other assets
|
41,383
|
|
|
43,934
|
|
||
Total assets
|
$
|
4,409,846
|
|
|
$
|
4,517,331
|
|
LIABILITIES AND PARTNERS’ CAPITAL
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
12,014
|
|
|
$
|
30,706
|
|
Bank loans
|
116,900
|
|
|
49,900
|
|
||
Accounts payable — trade
|
170,705
|
|
|
170,424
|
|
||
Accounts payable — related parties
|
1,071
|
|
|
2,012
|
|
||
Employee compensation and benefits accrued
|
44,671
|
|
|
48,894
|
|
||
Interest accrued
|
49,013
|
|
|
49,714
|
|
||
Customer deposits and advances
|
128,122
|
|
|
167,614
|
|
||
Derivative financial instruments
|
135
|
|
|
42,347
|
|
||
Other current liabilities
|
94,343
|
|
|
109,234
|
|
||
Total current liabilities
|
616,974
|
|
|
670,845
|
|
||
Long-term debt
|
2,288,097
|
|
|
2,297,363
|
|
||
Other noncurrent liabilities
|
80,638
|
|
|
80,563
|
|
||
Total liabilities
|
2,985,709
|
|
|
3,048,771
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
||||
Partners’ capital:
|
|
|
|
||||
AmeriGas Partners, L.P. partners’ capital:
|
|
|
|
||||
Common unitholders (units issued — 92,824,539 and 92,801,347, respectively)
|
1,354,187
|
|
|
1,455,702
|
|
||
General partner
|
15,930
|
|
|
16,975
|
|
||
Accumulated other comprehensive income (loss)
|
14,986
|
|
|
(43,569
|
)
|
||
Total AmeriGas Partners, L.P. partners’ capital
|
1,385,103
|
|
|
1,429,108
|
|
||
Noncontrolling interest
|
39,034
|
|
|
39,452
|
|
||
Total partners’ capital
|
1,424,137
|
|
|
1,468,560
|
|
||
Total liabilities and partners’ capital
|
$
|
4,409,846
|
|
|
$
|
4,517,331
|
|
|
Year Ended
|
||||||||||
|
September 30,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Propane
|
$
|
2,884,766
|
|
|
$
|
2,677,631
|
|
|
$
|
2,360,439
|
|
Other
|
281,777
|
|
|
243,985
|
|
|
177,520
|
|
|||
|
3,166,543
|
|
|
2,921,616
|
|
|
2,537,959
|
|
|||
Costs and expenses:
|
|
|
|
|
|
||||||
Cost of sales — propane (excluding depreciation shown below)
|
1,571,574
|
|
|
1,642,658
|
|
|
1,546,161
|
|
|||
Cost of sales — other (excluding depreciation shown below)
|
88,479
|
|
|
77,071
|
|
|
59,126
|
|
|||
Operating and administrative expenses
|
943,928
|
|
|
888,693
|
|
|
620,576
|
|
|||
Depreciation
|
159,306
|
|
|
134,225
|
|
|
82,977
|
|
|||
Amortization
|
43,565
|
|
|
34,898
|
|
|
11,733
|
|
|||
Other income, net
|
(32,503
|
)
|
|
(26,521
|
)
|
|
(25,563
|
)
|
|||
|
2,774,349
|
|
|
2,751,024
|
|
|
2,295,010
|
|
|||
Operating income
|
392,194
|
|
|
170,592
|
|
|
242,949
|
|
|||
Loss on extinguishments of debt
|
—
|
|
|
(13,349
|
)
|
|
(38,117
|
)
|
|||
Interest expense
|
(165,432
|
)
|
|
(142,641
|
)
|
|
(63,518
|
)
|
|||
Income before income taxes
|
226,762
|
|
|
14,602
|
|
|
141,314
|
|
|||
Income tax expense
|
(1,671
|
)
|
|
(1,931
|
)
|
|
(390
|
)
|
|||
Net income
|
225,091
|
|
|
12,671
|
|
|
140,924
|
|
|||
Less: net income attributable to noncontrolling interest
|
(3,869
|
)
|
|
(1,646
|
)
|
|
(2,401
|
)
|
|||
Net income attributable to AmeriGas Partners, L.P.
|
$
|
221,222
|
|
|
$
|
11,025
|
|
|
$
|
138,523
|
|
General partner’s interest in net income attributable to AmeriGas Partners, L.P.
|
$
|
21,498
|
|
|
$
|
13,119
|
|
|
$
|
6,422
|
|
Limited partners’ interest in net income attributable to AmeriGas Partners, L.P.
|
$
|
199,724
|
|
|
$
|
(2,094
|
)
|
|
$
|
132,101
|
|
Income (loss) per limited partner unit — basic (Note 2)
|
$
|
2.14
|
|
|
$
|
(0.11
|
)
|
|
$
|
2.30
|
|
Income (loss) per limited partner unit — diluted (Note 2)
|
$
|
2.14
|
|
|
$
|
(0.11
|
)
|
|
$
|
2.30
|
|
Average limited partner units outstanding (thousands):
|
|
|
|
|
|
||||||
Basic
|
92,832
|
|
|
81,433
|
|
|
57,119
|
|
|||
Diluted
|
92,910
|
|
|
81,433
|
|
|
57,170
|
|
|
Year Ended September 30,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
Net income
|
$
|
225,091
|
|
|
$
|
12,671
|
|
|
$
|
140,924
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Net gains (losses) on derivative instruments
|
6,647
|
|
|
(86,573
|
)
|
|
22,275
|
|
|||
Reclassifications of net losses (gains) on derivative instruments
|
52,503
|
|
|
47,569
|
|
|
(32,243
|
)
|
|||
Other comprehensive income (loss)
|
59,150
|
|
|
(39,004
|
)
|
|
(9,968
|
)
|
|||
Total comprehensive income (loss)
|
284,241
|
|
|
(26,333
|
)
|
|
130,956
|
|
|||
Less: comprehensive income attributable to noncontrolling interest
|
(4,464
|
)
|
|
(1,251
|
)
|
|
(2,270
|
)
|
|||
Comprehensive income (loss) attributable to AmeriGas Partners, L.P.
|
$
|
279,777
|
|
|
$
|
(27,584
|
)
|
|
$
|
128,686
|
|
|
Year Ended
|
||||||||||
|
September 30,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
225,091
|
|
|
$
|
12,671
|
|
|
$
|
140,924
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
202,871
|
|
|
169,123
|
|
|
94,710
|
|
|||
Provision for uncollectible accounts
|
16,477
|
|
|
15,088
|
|
|
12,807
|
|
|||
Loss on extinguishments of debt
|
—
|
|
|
13,349
|
|
|
38,117
|
|
|||
Other, net
|
(5,100
|
)
|
|
1,019
|
|
|
(2,812
|
)
|
|||
Net change in:
|
|
|
|
|
|
||||||
Accounts receivable
|
(43,378
|
)
|
|
78,703
|
|
|
(65,578
|
)
|
|||
Inventories
|
5,403
|
|
|
53,061
|
|
|
(20,532
|
)
|
|||
Accounts payable
|
(661
|
)
|
|
(34,577
|
)
|
|
25,690
|
|
|||
Other current assets
|
(2,305
|
)
|
|
11,863
|
|
|
2,912
|
|
|||
Other current liabilities
|
(42,795
|
)
|
|
24,129
|
|
|
(37,387
|
)
|
|||
Net cash provided by operating activities
|
355,603
|
|
|
344,429
|
|
|
188,851
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Expenditures for property, plant and equipment
|
(111,058
|
)
|
|
(103,140
|
)
|
|
(77,228
|
)
|
|||
Proceeds from disposals of assets
|
22,113
|
|
|
8,082
|
|
|
5,131
|
|
|||
Acquisitions of businesses, net of cash acquired
|
(19,946
|
)
|
|
(1,425,002
|
)
|
|
(34,032
|
)
|
|||
Net cash used by investing activities
|
(108,891
|
)
|
|
(1,520,060
|
)
|
|
(106,129
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Distributions
|
(327,000
|
)
|
|
(271,839
|
)
|
|
(171,821
|
)
|
|||
Proceeds from issuance of Common Units
|
—
|
|
|
276,562
|
|
|
—
|
|
|||
Noncontrolling interest activity
|
(4,882
|
)
|
|
(2,979
|
)
|
|
(1,485
|
)
|
|||
Increase (decrease) in bank loans
|
67,000
|
|
|
(45,600
|
)
|
|
4,500
|
|
|||
Issuance of long-term debt
|
—
|
|
|
1,524,174
|
|
|
904,332
|
|
|||
Repayment of long-term debt
|
(30,531
|
)
|
|
(256,992
|
)
|
|
(817,976
|
)
|
|||
Proceeds associated with equity based compensation plans, net of tax withheld
|
1,221
|
|
|
951
|
|
|
616
|
|
|||
Capital contributions from General Partner
|
13
|
|
|
2,824
|
|
|
18
|
|
|||
Net cash (used) provided by financing activities
|
(294,179
|
)
|
|
1,227,101
|
|
|
(81,816
|
)
|
|||
Cash and cash equivalents (decrease) increase
|
$
|
(47,467
|
)
|
|
$
|
51,470
|
|
|
$
|
906
|
|
CASH AND CASH EQUIVALENTS:
|
|
|
|
|
|
||||||
End of year
|
$
|
12,635
|
|
|
$
|
60,102
|
|
|
$
|
8,632
|
|
Beginning of year
|
60,102
|
|
|
8,632
|
|
|
7,726
|
|
|||
(Decrease) increase
|
$
|
(47,467
|
)
|
|
$
|
51,470
|
|
|
$
|
906
|
|
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
|
|
||||||
Cash paid for interest
|
$
|
161,562
|
|
|
$
|
104,248
|
|
|
$
|
66,269
|
|
|
Number of
Common Units
|
|
Common unitholders
|
|
General
partner
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Total
AmeriGas
Partners, L.P.
partners’ capital
|
|
Noncontrolling
Interest
|
|
Total
partners’
capital
|
|||||||||||||
Balance September 30, 2010
|
57,088,509
|
|
|
$
|
372,220
|
|
|
$
|
3,751
|
|
|
$
|
4,877
|
|
|
$
|
380,848
|
|
|
$
|
12,038
|
|
|
$
|
392,886
|
|
Net income
|
|
|
132,101
|
|
|
6,422
|
|
|
|
|
138,523
|
|
|
2,401
|
|
|
140,924
|
|
||||||||
Net gains on derivative instruments
|
|
|
|
|
|
|
22,050
|
|
|
22,050
|
|
|
225
|
|
|
22,275
|
|
|||||||||
Reclassification of net gains on derivative instruments
|
|
|
|
|
|
|
(31,887
|
)
|
|
(31,887
|
)
|
|
(356
|
)
|
|
(32,243
|
)
|
|||||||||
Distributions
|
|
|
(165,066
|
)
|
|
(6,755
|
)
|
|
|
|
(171,821
|
)
|
|
(2,272
|
)
|
|
(174,093
|
)
|
||||||||
Unit-based compensation expense
|
|
|
1,497
|
|
|
|
|
|
|
1,497
|
|
|
|
|
1,497
|
|
||||||||||
General Partner contribution to AmeriGas Propane, L.P.
|
|
|
|
|
|
|
|
|
|
|
787
|
|
|
787
|
|
|||||||||||
Common Units issued in connection with employee plans, net of tax withheld
|
35,787
|
|
|
(572
|
)
|
|
18
|
|
|
|
|
(554
|
)
|
|
|
|
(554
|
)
|
||||||||
Balance September 30, 2011
|
57,124,296
|
|
|
340,180
|
|
|
3,436
|
|
|
(4,960
|
)
|
|
338,656
|
|
|
12,823
|
|
|
351,479
|
|
||||||
Net income
|
|
|
(2,094
|
)
|
|
13,119
|
|
|
|
|
11,025
|
|
|
1,646
|
|
|
12,671
|
|
||||||||
Net losses on derivative instruments
|
|
|
|
|
|
|
(85,699
|
)
|
|
(85,699
|
)
|
|
(874
|
)
|
|
(86,573
|
)
|
|||||||||
Reclassification of net losses on derivative instruments
|
|
|
|
|
|
|
47,090
|
|
|
47,090
|
|
|
479
|
|
|
47,569
|
|
|||||||||
Distributions
|
|
|
(256,112
|
)
|
|
(15,727
|
)
|
|
|
|
(271,839
|
)
|
|
(3,992
|
)
|
|
(275,831
|
)
|
||||||||
Unit-based compensation expense
|
|
|
6,832
|
|
|
|
|
|
|
6,832
|
|
|
|
|
6,832
|
|
||||||||||
Common Units issued in connection with the Heritage Acquisition
|
29,567,362
|
|
|
1,132,628
|
|
|
|
|
|
|
1,132,628
|
|
|
|
|
1,132,628
|
|
|||||||||
General Partner contribution of Common Units to AmeriGas OLP in connection with the Heritage Acquisition
|
(635,667
|
)
|
|
(28,357
|
)
|
|
|
|
|
|
(28,357
|
)
|
|
28,357
|
|
|
—
|
|
||||||||
General Partner contribution of Common Units to AmeriGas Partners, L.P. in connection with the Heritage Acquisition
|
(298,660
|
)
|
|
(13,323
|
)
|
|
13,323
|
|
|
|
|
—
|
|
|
|
|
—
|
|
||||||||
Common Units issued in connection with public offering
|
7,000,000
|
|
|
276,562
|
|
|
2,800
|
|
|
|
|
279,362
|
|
|
|
|
279,362
|
|
||||||||
General Partner contribution to AmeriGas Propane, L.P.
|
|
|
|
|
|
|
|
|
|
|
|
1,013
|
|
|
1,013
|
|
||||||||||
Common Units issued in connection with employee plans, net of tax withheld
|
44,016
|
|
|
(614
|
)
|
|
24
|
|
|
|
|
(590
|
)
|
|
—
|
|
|
(590
|
)
|
|||||||
Balance September 30, 2012
|
92,801,347
|
|
|
1,455,702
|
|
|
16,975
|
|
|
(43,569
|
)
|
|
1,429,108
|
|
|
39,452
|
|
|
1,468,560
|
|
||||||
Net income
|
|
|
199,724
|
|
|
21,498
|
|
|
|
|
221,222
|
|
|
3,869
|
|
|
225,091
|
|
||||||||
Net gains on derivative instruments
|
|
|
|
|
|
|
6,583
|
|
|
6,583
|
|
|
64
|
|
|
6,647
|
|
|||||||||
Reclassification of net losses on derivative instruments
|
|
|
|
|
|
|
51,972
|
|
|
51,972
|
|
|
531
|
|
|
52,503
|
|
|||||||||
Distributions
|
|
|
(304,444
|
)
|
|
(22,556
|
)
|
|
|
|
(327,000
|
)
|
|
(4,882
|
)
|
|
(331,882
|
)
|
||||||||
Unit-based compensation expense
|
|
|
3,472
|
|
|
|
|
|
|
3,472
|
|
|
|
|
3,472
|
|
||||||||||
Common Units issued in connection with employee and director plans, net of tax withheld
|
23,192
|
|
|
(267
|
)
|
|
13
|
|
|
|
|
(254
|
)
|
|
|
|
(254
|
)
|
||||||||
Balance September 30, 2013
|
92,824,539
|
|
|
$
|
1,354,187
|
|
|
$
|
15,930
|
|
|
$
|
14,986
|
|
|
$
|
1,385,103
|
|
|
$
|
39,034
|
|
|
$
|
1,424,137
|
|
•
|
Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date. We did not have any derivative financial instruments categorized as Level 1 at
September 30, 2013
or
2012
.
|
•
|
Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 include non-exchange traded derivatives such as over-the-counter commodity price swap and option contracts and interest rate protection agreements.
|
•
|
Level 3 — Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. We did not have any derivative financial instruments categorized as Level 3 at
September 30, 2013
or
2012
.
|
|
2013
|
|
2012 (a)
|
|
2011
|
||||||
Common Unitholders’ interest in net income attributable to AmeriGas
|
|
|
|
|
|
||||||
Partners under the two-class method for MLPs
|
$
|
198,583
|
|
|
$
|
(9,156
|
)
|
|
$
|
131,482
|
|
Weighted average Common Units outstanding — basic (thousands)
|
92,832
|
|
|
81,433
|
|
|
57,119
|
|
|||
Potentially dilutive Common Units (thousands)
|
78
|
|
|
—
|
|
|
51
|
|
|||
Weighted average Common Units outstanding — diluted (thousands)
|
92,910
|
|
|
81,433
|
|
|
57,170
|
|
|
|
||
Assets acquired:
|
|
||
Current assets
|
$
|
301,372
|
|
Property, plant & equipment
|
890,215
|
|
|
Customer relationships (estimated useful life of 15 years)
|
418,900
|
|
|
Trademarks and tradenames (a)
|
91,100
|
|
|
Goodwill (a)
|
1,217,717
|
|
|
Other assets
|
9,947
|
|
|
Total assets acquired
|
$
|
2,929,251
|
|
Liabilities assumed:
|
|
||
Current liabilities
|
$
|
(238,016
|
)
|
Long-term debt
|
(62,927
|
)
|
|
Other noncurrent liabilities
|
(23,481
|
)
|
|
Total liabilities assumed
|
$
|
(324,424
|
)
|
Total
|
$
|
2,604,827
|
|
|
2012
|
|
2011
|
||||
Revenues
|
$
|
3,413,331
|
|
|
$
|
3,968,695
|
|
Net income attributable to AmeriGas Partners
|
$
|
30,977
|
|
|
$
|
149,743
|
|
Income per limited partner unit:
|
|
|
|
||||
Basic
|
$
|
0.17
|
|
|
$
|
1.07
|
|
Diluted
|
$
|
0.17
|
|
|
$
|
1.07
|
|
|
2013
|
|
2012
|
|
2011
|
||||||
Net current assets
|
$
|
691
|
|
|
$
|
1,590
|
|
|
$
|
2,462
|
|
Property, plant and equipment
|
5,167
|
|
|
6,175
|
|
|
15,998
|
|
|||
Goodwill
|
12,481
|
|
|
5,363
|
|
|
13,053
|
|
|||
Customer relationships and noncompete agreements (estimated useful life of 10 and 5 years, respectively)
|
5,576
|
|
|
5,234
|
|
|
12,006
|
|
|||
Total
|
$
|
23,915
|
|
|
$
|
18,362
|
|
|
$
|
43,519
|
|
|
2013
|
|
2012
|
|
2011
|
||||||
1st Quarter
|
$
|
0.80
|
|
|
$
|
0.7400
|
|
|
$
|
0.705
|
|
2nd Quarter
|
0.80
|
|
|
0.7625
|
|
|
0.705
|
|
|||
3rd Quarter
|
0.84
|
|
|
0.8000
|
|
|
0.740
|
|
|||
4th Quarter
|
0.84
|
|
|
0.8000
|
|
|
0.740
|
|
|
2013
|
|
2012
|
||||
AmeriGas Partners Senior Notes:
|
|
|
|
||||
7.00%, due May 2022
|
$
|
980,844
|
|
|
$
|
980,844
|
|
6.75%, due May 2020
|
550,000
|
|
|
550,000
|
|
||
6.50%, due May 2021
|
270,001
|
|
|
270,001
|
|
||
6.25%, due August 2019
|
450,000
|
|
|
450,000
|
|
||
HOLP Senior Secured Notes
|
32,001
|
|
|
55,587
|
|
||
Other
|
17,265
|
|
|
21,637
|
|
||
Total long-term debt
|
2,300,111
|
|
|
2,328,069
|
|
||
Less: current maturities
|
(12,014
|
)
|
|
(30,706
|
)
|
||
Total long-term debt due after one year
|
$
|
2,288,097
|
|
|
$
|
2,297,363
|
|
|
2013
|
|
2012
|
||||
Propane gas
|
$
|
130,410
|
|
|
$
|
131,990
|
|
Materials, supplies and other
|
22,860
|
|
|
24,259
|
|
||
Appliances for sale
|
5,658
|
|
|
7,497
|
|
||
Total inventories
|
$
|
158,928
|
|
|
$
|
163,746
|
|
|
2013
|
|
2012
|
||||
Land
|
$
|
147,405
|
|
|
$
|
148,068
|
|
Buildings and improvements
|
176,638
|
|
|
168,250
|
|
||
Transportation equipment
|
227,242
|
|
|
213,762
|
|
||
Storage facilities
|
240,251
|
|
|
230,181
|
|
||
Equipment, primarily cylinders and tanks
|
1,844,423
|
|
|
1,778,690
|
|
||
Other, including construction in process
|
33,243
|
|
|
35,802
|
|
||
Gross property, plant and equipment
|
2,669,202
|
|
|
2,574,753
|
|
||
Less accumulated depreciation and amortization
|
(1,231,688
|
)
|
|
(1,075,528
|
)
|
||
Net property, plant and equipment
|
$
|
1,437,514
|
|
|
$
|
1,499,225
|
|
|
2013
|
|
2012
|
||||
Goodwill (not subject to amortization)
|
$
|
1,936,608
|
|
|
$
|
1,914,808
|
|
Intangible assets:
|
|
|
|
||||
Customer relationships and noncompete agreements
|
$
|
511,130
|
|
|
$
|
505,367
|
|
Trademarks and tradenames (not subject to amortization)
|
81,800
|
|
|
91,100
|
|
||
Gross carrying amount
|
592,930
|
|
|
596,467
|
|
||
Accumulated amortization
|
(99,281
|
)
|
|
(60,471
|
)
|
||
Intangible assets, net
|
$
|
493,649
|
|
|
$
|
535,996
|
|
Balance September 30, 2011
|
$
|
691,910
|
|
Acquisitions
|
1,223,080
|
|
|
Purchase accounting adjustments
|
(182
|
)
|
|
Balance September 30, 2012
|
1,914,808
|
|
|
Acquisitions
|
12,481
|
|
|
Purchase accounting adjustments
|
19
|
|
|
Correcting adjustment
|
$
|
9,300
|
|
Balance September 30, 2013
|
$
|
1,936,608
|
|
|
Total
|
|
Vested
|
|
Non-Vested
|
|||||||||||||||
|
Number of
Common
Units
Subject to
Award
|
|
Weighted
Average
Grant Date
Fair Value
(per Unit)
|
|
Number of
Common
Units Subject
to Award
|
|
Weighted
Average
Grant Date
Fair Value
(per Unit)
|
|
Number of
Common
Units
Subject to
Award
|
|
Weighted
Average
Grant Date
Fair Value
(per Unit)
|
|||||||||
September 30, 2012
|
263,967
|
|
|
$
|
44.70
|
|
|
65,651
|
|
|
$
|
45.42
|
|
|
198,316
|
|
|
$
|
44.47
|
|
AmeriGas Performance Units:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Granted
|
44,800
|
|
|
$
|
42.36
|
|
|
1,332
|
|
|
$
|
41.64
|
|
|
43,468
|
|
|
$
|
42.38
|
|
Forfeited
|
(14,869
|
)
|
|
$
|
47.04
|
|
|
—
|
|
|
$
|
—
|
|
|
(14,869
|
)
|
|
$
|
47.04
|
|
Vested
|
—
|
|
|
$
|
—
|
|
|
20,115
|
|
|
$
|
43.68
|
|
|
(20,115
|
)
|
|
$
|
43.68
|
|
Performance criteria not met
|
(43,350
|
)
|
|
$
|
42.10
|
|
|
(43,350
|
)
|
|
$
|
42.10
|
|
|
—
|
|
|
$
|
—
|
|
AmeriGas Stock Units:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Granted
|
20,336
|
|
|
$
|
43.06
|
|
|
8,442
|
|
|
$
|
39.07
|
|
|
11,894
|
|
|
$
|
45.90
|
|
Forfeited
|
(11,333
|
)
|
|
$
|
48.79
|
|
|
—
|
|
|
$
|
—
|
|
|
(11,333
|
)
|
|
$
|
48.79
|
|
Vested
|
—
|
|
|
$
|
—
|
|
|
30,909
|
|
|
$
|
48.92
|
|
|
(30,909
|
)
|
|
$
|
48.92
|
|
Awards paid
|
(35,384
|
)
|
|
$
|
47.04
|
|
|
(35,384
|
)
|
|
$
|
47.04
|
|
|
—
|
|
|
$
|
—
|
|
September 30, 2013
|
224,167
|
|
|
$
|
47.88
|
|
|
47,715
|
|
|
$
|
47.92
|
|
|
176,452
|
|
|
$
|
47.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 (a)
|
|
2012 (a)
|
|
2011
|
||||||
Number of Common Units subject to original Awards granted
|
54,750
|
|
|
60,200
|
|
|
41,064
|
|
|||
Fiscal year granted
|
2010
|
|
|
2009
|
|
|
2008
|
|
|||
Payment of Awards:
|
|
|
|
|
|
||||||
AmeriGas Partners Common Units issued
|
3,850
|
|
|
3,500
|
|
|
35,787
|
|
|||
Cash paid
|
$
|
96
|
|
|
$
|
87
|
|
|
$
|
1,196
|
|
Year Ending September 30,
|
|
||
2014
|
$
|
51,027
|
|
2015
|
41,367
|
|
|
2016
|
33,713
|
|
|
2017
|
26,613
|
|
|
2018
|
21,667
|
|
|
Thereafter
|
55,819
|
|
|
Total minimum operating lease payments
|
$
|
230,206
|
|
|
2013
|
|
2012
|
||||
Litigation, property and casualty liabilities
|
$
|
29,948
|
|
|
$
|
38,581
|
|
Taxes other than income taxes
|
9,922
|
|
|
16,737
|
|
||
Propane exchange liabilities
|
16,654
|
|
|
13,404
|
|
||
Deferred tank fee revenue
|
22,044
|
|
|
24,296
|
|
||
Other
|
15,775
|
|
|
16,216
|
|
||
Total other current liabilities
|
$
|
94,343
|
|
|
$
|
109,234
|
|
|
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
|
||||||||
September 30, 2013:
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
—
|
|
|
$
|
18,252
|
|
|
$
|
—
|
|
|
$
|
18,252
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
—
|
|
|
$
|
(135
|
)
|
|
$
|
—
|
|
|
$
|
(135
|
)
|
|
|
|
|
|
|
|
|
||||||||
September 30, 2012:
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
—
|
|
|
$
|
2,089
|
|
|
$
|
—
|
|
|
$
|
2,089
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
—
|
|
|
$
|
(42,598
|
)
|
|
$
|
—
|
|
|
$
|
(42,598
|
)
|
|
Derivative Assets
|
|
Derivative (Liabilities)
|
||||||||||||||||
|
Balance Sheet
|
|
Fair Value
September 30,
|
|
Balance Sheet
|
|
Fair Value
September 30,
|
||||||||||||
|
Location
|
|
2013
|
|
2012
|
|
Location
|
|
2013
|
|
2012
|
||||||||
Derivatives Designated as
Hedging Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Propane contracts
|
Derivative financial instruments
and Other assets
|
|
$
|
14,981
|
|
|
$
|
2,089
|
|
|
Derivative financial
instruments and Other noncurrent liabilities
|
|
$
|
(135
|
)
|
|
$
|
(42,598
|
)
|
Derivatives Not Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Propane contracts
|
Derivative financial instruments and Other assets
|
|
3,271
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
||||
Total Derivatives
|
|
|
$
|
18,252
|
|
|
$
|
2,089
|
|
|
|
|
(135
|
)
|
|
(42,598
|
)
|
|
|
Gain (Loss) Recognized in
AOCI and Noncontrolling
Interest
|
|
Gain (Loss) Reclassified from
AOCI and Noncontrolling
Interest into Income
|
|
Location of Gain (Loss)
Reclassified from
AOCI and Noncontrolling
Interest into Income
|
||||||||||||||||||||
|
|
2013
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
|
2011
|
|
|||||||||||||
Cash Flow Hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Propane contracts
|
|
$
|
6,647
|
|
|
$
|
(86,573
|
)
|
|
$
|
22,275
|
|
|
$
|
(52,503
|
)
|
|
$
|
(47,569
|
)
|
|
$
|
35,292
|
|
|
Cost of sales
|
Interest rate contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,049
|
)
|
|
Interest expense/loss on extinguishments of debt
|
||||||
Total
|
|
$
|
6,647
|
|
|
$
|
(86,573
|
)
|
|
$
|
22,275
|
|
|
$
|
(52,503
|
)
|
|
$
|
(47,569
|
)
|
|
$
|
32,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Gain (Loss)
|
|
Location of Gain (Loss)
Recognized in Income
|
|
|
|
|
||||||||||||||||||
|
|
Recognized in Income
|
|
|
|
|
||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments:
|
|
2013
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
||||||||||||
Propane contracts
|
|
$
|
1,848
|
|
|
$
|
(14,883
|
)
|
|
$
|
—
|
|
|
Cost of sales
|
|
|
|
|
|
2013
|
|
2012
|
|
2011
|
||||||
Gains on sales of fixed assets
|
$
|
4,115
|
|
|
$
|
3,169
|
|
|
$
|
2,222
|
|
Finance charges
|
21,390
|
|
|
18,841
|
|
|
15,111
|
|
|||
Other
|
6,998
|
|
|
4,511
|
|
|
8,230
|
|
|||
Total other income, net
|
$
|
32,503
|
|
|
$
|
26,521
|
|
|
$
|
25,563
|
|
|
December 31,
|
|
March 31,
|
|
June 30,
|
|
September 30,
|
||||||||||||||||||||||||
|
2012
|
|
2011
|
|
2013 (a)
|
|
2012 (b)
|
|
2013 (a)
|
|
2012
|
|
2013
|
|
2012
|
||||||||||||||||
Revenues
|
$
|
876,647
|
|
|
$
|
683,812
|
|
|
$
|
1,176,207
|
|
|
$
|
1,155,574
|
|
|
$
|
581,719
|
|
|
$
|
571,945
|
|
|
$
|
531,970
|
|
|
$
|
510,285
|
|
Operating income (loss)
|
$
|
139,866
|
|
|
$
|
60,096
|
|
|
$
|
257,505
|
|
|
$
|
195,047
|
|
|
$
|
6,639
|
|
|
$
|
(48,288
|
)
|
|
$
|
(11,816
|
)
|
|
$
|
(36,263
|
)
|
(Loss) gain on extinguishments of debt
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(13,379
|
)
|
|
$
|
—
|
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income (loss)
|
$
|
98,043
|
|
|
$
|
43,113
|
|
|
$
|
215,781
|
|
|
$
|
135,859
|
|
|
$
|
(34,549
|
)
|
|
$
|
(89,903
|
)
|
|
$
|
(54,184
|
)
|
|
$
|
(76,398
|
)
|
Net income (loss) attributable to AmeriGas Partners, L.P.
|
$
|
96,665
|
|
|
$
|
42,525
|
|
|
$
|
213,208
|
|
|
$
|
133,885
|
|
|
$
|
(34,595
|
)
|
|
$
|
(89,382
|
)
|
|
$
|
(54,056
|
)
|
|
$
|
(76,003
|
)
|
Income (loss) per limited partner unit (c):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
$
|
0.93
|
|
|
$
|
0.55
|
|
|
$
|
1.56
|
|
|
$
|
1.26
|
|
|
$
|
(0.43
|
)
|
|
$
|
(1.00
|
)
|
|
$
|
(0.63
|
)
|
|
$
|
(0.86
|
)
|
Diluted
|
$
|
0.93
|
|
|
$
|
0.55
|
|
|
$
|
1.56
|
|
|
$
|
1.26
|
|
|
$
|
(0.43
|
)
|
|
$
|
(1.00
|
)
|
|
$
|
(0.63
|
)
|
|
$
|
(0.86
|
)
|
(a)
|
The Partnership recorded the cumulative effect of an error in accounting for certain customer credits as of January 1, 2013, which decreased revenues and operating income by
$7,038
, and decreased net income attributable to AmeriGas Partners, L.P. by
$6,967
, for the three months ended March 31, 2013. The correction of the error in accounting for customer credits increased propane revenues and operating income by
$3,600
, and decreased net loss attributable to AmeriGas Partners, L.P. by
$3,564
, for the three months ended June 30, 2013 (see Note 2).
|
(b)
|
Includes loss on extinguishment of debt which decreased net income and net income attributable to AmeriGas Partners, L.P. by
$13,379
(see Note 6).
|
(c)
|
Theoretical distributions of net income (loss) attributable to AmeriGas Partners, L.P. in accordance with accounting guidance regarding the application of the two-class method for determining earnings per share (see Note 2) resulted in a different allocation of net income attributable to AmeriGas Partners, L.P. to the General Partner and the limited partners in the computation of income per limited partner unit which had the effect of decreasing quarterly earnings per limited partner unit for the quarters ended December 31 and March 31 as follows:
|
|
|
December 31,
|
|
March 31,
|
||||||||||||
Quarter ended:
|
|
2012
|
|
2011
|
|
2013
|
|
2012
|
||||||||
Decrease in income per limited partner unit
|
|
$
|
(0.06
|
)
|
|
$
|
(0.16
|
)
|
|
$
|
(0.66
|
)
|
|
$
|
(0.30
|
)
|
|
September 30,
|
||||||
|
2013
|
|
2012
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash
|
$
|
262
|
|
|
$
|
708
|
|
Accounts receivable — related party
|
6,479
|
|
|
3,108
|
|
||
Prepaids and other current assets
|
1,155
|
|
|
1,154
|
|
||
Total current assets
|
7,896
|
|
|
4,970
|
|
||
Investment in AmeriGas Propane, L.P.
|
3,648,909
|
|
|
3,693,018
|
|
||
Other assets
|
27,300
|
|
|
31,198
|
|
||
Total assets
|
$
|
3,684,105
|
|
|
$
|
3,729,186
|
|
|
|
|
|
||||
LIABILITIES AND PARTNERS’ CAPITAL
|
|
|
|
||||
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
—
|
|
|
$
|
—
|
|
Accounts payable and other liabilities
|
495
|
|
|
503
|
|
||
Accrued interest
|
47,662
|
|
|
48,730
|
|
||
Total current liabilities
|
48,157
|
|
|
49,233
|
|
||
Long-term debt
|
2,250,845
|
|
|
2,250,845
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Partners’ capital:
|
|
|
|
||||
Common unitholders
|
1,354,187
|
|
|
1,455,702
|
|
||
General partner
|
15,930
|
|
|
16,975
|
|
||
Accumulated other comprehensive income (loss)
|
14,986
|
|
|
(43,569
|
)
|
||
Total partners’ capital
|
1,385,103
|
|
|
1,429,108
|
|
||
Total liabilities and partners’ capital
|
$
|
3,684,105
|
|
|
$
|
3,729,186
|
|
|
Year Ended
September 30,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
Operating (expenses) income, net
|
$
|
(289
|
)
|
|
$
|
(3,568
|
)
|
|
$
|
75
|
|
Loss on extinguishments of debt
|
—
|
|
|
(13,349
|
)
|
|
(38,117
|
)
|
|||
Interest expense
|
(154,593
|
)
|
|
(133,372
|
)
|
|
(58,701
|
)
|
|||
Loss before income taxes
|
(154,882
|
)
|
|
(150,289
|
)
|
|
(96,743
|
)
|
|||
Income tax expense
|
1
|
|
|
3
|
|
|
7
|
|
|||
Loss before equity in income of AmeriGas Propane, L.P.
|
(154,883
|
)
|
|
(150,292
|
)
|
|
(96,750
|
)
|
|||
Equity in income of AmeriGas Propane, L.P.
|
376,105
|
|
|
161,317
|
|
|
235,273
|
|
|||
Net income
|
$
|
221,222
|
|
|
$
|
11,025
|
|
|
$
|
138,523
|
|
General partner’s interest in net income
|
$
|
21,498
|
|
|
$
|
13,119
|
|
|
$
|
6,422
|
|
Limited partners’ interest in net income
|
$
|
199,724
|
|
|
$
|
(2,094
|
)
|
|
$
|
132,101
|
|
Income (loss) per limited partner unit — basic and diluted:
|
$
|
2.14
|
|
|
$
|
(0.11
|
)
|
|
$
|
2.30
|
|
Average limited partner units outstanding — basic (thousands)
|
92,832
|
|
|
81,433
|
|
|
57,119
|
|
|||
Average limited partner units outstanding — diluted (thousands)
|
92,910
|
|
|
81,433
|
|
|
57,170
|
|
|
Year
Ended
September 30,
|
||||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES (a)
|
$
|
325,320
|
|
|
$
|
170,598
|
|
|
$
|
156,523
|
|
|
|
|
|
|
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|||||
Acquisitions of businesses, net of cash acquired
|
—
|
|
|
(1,411,451
|
)
|
|
—
|
|
|||
Contributions to AmeriGas Propane, L.P.
|
—
|
|
|
(60,748
|
)
|
|
(77,135
|
)
|
|||
Net cash used by investing activities
|
—
|
|
|
(1,472,199
|
)
|
|
(77,135
|
)
|
|||
|
|
|
|
|
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Distributions
|
(327,000
|
)
|
|
(271,839
|
)
|
|
(171,821
|
)
|
|||
Issuance of long-term debt
|
—
|
|
|
1,524,174
|
|
|
904,210
|
|
|||
Repayments of long-term debt
|
—
|
|
|
(232,844
|
)
|
|
(810,232
|
)
|
|||
Proceeds from issuance of Common Units in public unit offering
|
—
|
|
|
276,562
|
|
|
—
|
|
|||
Proceeds associated with equity based compensation plans, net of tax withheld
|
1,221
|
|
|
951
|
|
|
616
|
|
|||
Capital contribution from General Partner
|
13
|
|
|
2,824
|
|
|
18
|
|
|||
Net cash (used) provided by financing activities
|
(325,766
|
)
|
|
1,299,828
|
|
|
(77,209
|
)
|
|||
(Decrease) increase in cash and cash equivalents
|
$
|
(446
|
)
|
|
$
|
(1,773
|
)
|
|
$
|
2,179
|
|
CASH AND CASH EQUIVALENTS:
|
|
|
|
|
|
||||||
End of year
|
$
|
262
|
|
|
$
|
708
|
|
|
$
|
2,481
|
|
Beginning of year
|
708
|
|
|
2,481
|
|
|
302
|
|
|||
(Decrease) increase
|
$
|
(446
|
)
|
|
$
|
(1,773
|
)
|
|
$
|
2,179
|
|
(a)
|
Includes cash distributions received from AmeriGas Propane, L.P. of
$478,458
,
$334,527
and
$222,635
for the years ended
September 30, 2013
,
2012
and
2011
, respectively.
|
|
Balance at
beginning
of year
|
|
Charged
(credited)
to costs and
expenses
|
|
Other
|
|
Balance at
end of
year
|
|
||||||||
Year Ended September 30, 2013
|
|
|
|
|
|
|
|
|
||||||||
Reserves deducted from assets in the consolidated balance sheet:
|
|
|
|
|
|
|
|
|
||||||||
Allowance for doubtful accounts
|
$
|
17,217
|
|
|
$
|
16,477
|
|
|
$
|
(15,142
|
)
|
(1)
|
$
|
18,552
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year Ended September 30, 2012
|
|
|
|
|
|
|
|
|
||||||||
Reserves deducted from assets in the consolidated balance sheet:
|
|
|
|
|
|
|
|
|
||||||||
Allowance for doubtful accounts
|
$
|
17,181
|
|
|
$
|
15,088
|
|
|
$
|
(15,052
|
)
|
(1)
|
$
|
17,217
|
|
|
Year Ended September 30, 2011
|
|
|
|
|
|
|
|
|
|
||||||||
Reserves deducted from assets in the consolidated balance sheet:
|
|
|
|
|
|
|
|
|
|
||||||||
Allowance for doubtful accounts
|
|
$
|
15,290
|
|
|
$
|
12,807
|
|
|
$
|
(10,916
|
)
|
(1)
|
$
|
17,181
|
|
|
(1)
|
Uncollectible accounts written off, net of recoveries.
|
Exhibit No.
|
|
Description
|
10.22
|
|
AmeriGas Propane, Inc. 2010 Long-Term Incentive Plan on Behalf of AmeriGas Partners, L.P., Performance Unit Grant Letter for Mr. Gallagher dated May 1, 2013.
|
|
|
|
10.32
|
|
UGI Corporation 2013 Omnibus Incentive Compensation Plan Nonqualified Stock Option Grant Letter for Mr. Hugh J. Gallagher dated May 20, 2013.
|
|
|
|
10.34
|
|
Description of oral compensation arrangement for Messrs. Jerry E. Sheridan, Hugh J. Gallagher, R. Paul Grady, and Steven A. Samuel.
|
|
|
|
10.35
|
|
Summary of Director Compensation of AmeriGas Propane, Inc. dated October 1, 2013.
|
|
|
|
|
|
|
10.39
|
|
Form of Change in Control Agreement for Messrs. Gallagher and Samuel.
|
|
|
|
10.41
|
|
Separation Agreement and General Release by and between AmeriGas Propane, Inc. and William D. Katz, dated as of July 15, 2013.
|
|
|
|
21
|
|
Subsidiaries of the Registrant.
|
|
|
|
23
|
|
Consent of PricewaterhouseCoopers LLP.
|
|
|
|
31.1
|
|
Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act.
|
|
|
|
31.2
|
|
Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act.
|
|
|
|
32
|
|
Certification by the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act.
|
|
|
|
99.1
|
|
UGI Corporation Equity-Based Compensation Information.
|
|
|
|
99.2
|
|
Reconciliation of EBITDA and Adjusted EBITDA.
|
|
|
|
101.INS
|
|
XBRL.Instance
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
1.
|
is entitled to an annual base salary, which for fiscal year 2013 was $475,020;
|
2.
|
participates in AmeriGas Propane, Inc.’s annual bonus plan, with bonus payable based on the achievement of pre-approved financial and/or business performance objectives that support business plans and strategic goals;
|
3.
|
participates in AmeriGas Propane, Inc.’s long-term compensation plan,
the 2010 Long-Term Incentive Plan, with annual awards as determined by the Compensation/Pension Committee, and UGI Corporation’s 2004 Omnibus Equity Compensation Plan, as amended, and 2013 UGI Corporation Omnibus Incentive Compensation Plan, with annual awards as determined by the UGI Corporation Compensation and Management Development Committee;
|
4.
|
will receive cash benefits upon termination of his employment without cause following a change in control of AmeriGas Propane, Inc., AmeriGas Partners, L.P. or UGI Corporation; and
|
5.
|
participates in AmeriGas Propane, Inc.’s benefit plans, including the AmeriGas Propane, Inc. Senior Executive Employee Severance Plan and the AmeriGas Propane, Inc. Supplemental Executive Retirement Plan.
|
1.
|
is entitled to an annual base salary, which for fiscal year 2013 was $220,012, prorated based on his commencement of employment with AmeriGas Propane, Inc. on May 20, 2013;
|
2.
|
participates in AmeriGas Propane, Inc.’s annual bonus plan, with bonus payable based on the achievement of pre-approved financial and/or business performance objectives that support business plans and strategic goals;
|
3.
|
participates in AmeriGas Propane, Inc.’s long-term compensation plan,
the 2010 Long-Term Incentive Plan, with annual awards as determined by the Compensation/Pension Committee, and UGI Corporation’s 2004 Omnibus Equity Compensation Plan, as amended, and 2013 UGI Corporation Omnibus Incentive Compensation Plan, with annual awards as determined by the UGI Corporation Compensation and Management Development Committee;
|
4.
|
will receive cash benefits upon termination of his employment without cause following a change in control of AmeriGas Propane, Inc., AmeriGas Partners, L.P. or UGI Corporation; and
|
5.
|
participates in AmeriGas Propane, Inc.’s benefit plans, including the AmeriGas Propane, Inc. Senior Executive Employee Severance Plan and the AmeriGas Propane, Inc. Supplemental Executive Retirement Plan.
|
1.
|
is entitled to an annual base salary, which for fiscal year 2013 was $412,022;
|
2.
|
participates in AmeriGas Propane, Inc.’s annual bonus plan, with bonus payable based on the achievement of pre-approved financial and/or business performance objectives that support business plans and strategic goals;
|
3.
|
participates in AmeriGas Propane, Inc.’s long-term compensation plan,
the 2010 Long-Term Incentive Plan, with annual awards as determined by the Compensation/Pension Committee, and UGI Corporation’s 2004 Omnibus Equity Compensation Plan, as amended, and 2013 UGI Corporation Omnibus Incentive Compensation Plan, with annual awards as determined by the UGI Corporation Compensation and Management Development Committee;
|
4.
|
will receive cash benefits upon termination of his employment without cause following a change in control of AmeriGas Propane, Inc., AmeriGas Partners, L.P. or UGI Corporation; and
|
5.
|
participates in AmeriGas Propane, Inc.’s benefit plans, including the AmeriGas Propane, Inc. Senior Executive Employee Severance Plan and the AmeriGas Propane, Inc. Supplemental Executive Retirement Plan.
|
1.
|
is entitled to an annual base salary, which for fiscal year 2013 was $249,002;
|
2.
|
participates in AmeriGas Propane, Inc.’s annual bonus plan, with bonus payable based on the achievement of pre-approved financial and/or business performance objectives that support business plans and strategic goals;
|
3.
|
participates in AmeriGas Propane, Inc.’s long-term compensation plan,
the 2010 Long-Term Incentive Plan, with annual awards as determined by the Compensation/Pension Committee, and UGI Corporation’s 2004 Omnibus Equity Compensation Plan, as amended, and 2013 UGI Corporation Omnibus Incentive Compensation Plan, with annual awards as determined by the UGI Corporation Compensation and Management Development Committee;
|
4.
|
will receive cash benefits upon termination of his employment without cause following a change in control of AmeriGas Propane, Inc., AmeriGas Partners, L.P. or UGI Corporation; and
|
5.
|
participates in AmeriGas Propane, Inc.’s benefit plans, including the AmeriGas Propane, Inc. Senior Executive Employee Severance Plan and the AmeriGas Propane, Inc. Supplemental Executive Retirement Plan.
|
Annual Retainer
|
$65,000 1,100 Phantom Units
|
(1)
|
Mr. Greenberg will not receive any equity compensation for his services as Non-Executive Chairman.
|
Grant Number
|
Grant Date
|
Exercise Price
|
Outstanding
|
Expiration Date
|
2004 OECP OP
|
01/01/2009
|
$24.42
|
4,334
|
12/31/2018
|
2004 OECP OP
|
01/01/2010
|
$24.19
|
8,667
|
12/31/2019
|
2004 OECP OP Jan11
|
01/01/2011
|
$31.58
|
12,000
|
12/31/2020
|
2004 OECP OP Jan12
|
01/01/2012
|
$29.40
|
13,000
|
12/31/2021
|
2004 OECP OP Jan13
|
01/01/2013
|
$32.71
|
12,000
|
12/31/2022
|
Performance Period
|
Target Amount
|
2011-2013
|
1,700
|
2012-2014
|
1,000*
|
2013-2015
|
566*
|
SUBSIDIARY
|
OWNERSHIP
|
STATE OF
INCORPORATION
|
AmeriGas Finance Corp.
|
100%
|
DE
|
AmeriGas Eagle Finance Corp.
|
100%
|
DE
|
AP Eagle Finance Corp.
|
100%
|
DE
|
AmeriGas Finance LLC
|
100%
|
DE
|
AmeriGas Propane, L.P.
|
(1)
|
DE
|
AmeriGas Propane Parts & Service, Inc.
|
100%
|
PA
|
Heritage Energy Resources, L.L.C.
|
100%
|
OK
|
M-P Oils Ltd.
|
100%
|
CANADA
|
902 Gilbert Street, LLC
|
100%
|
NC
|
Metro Lawn, LLC
|
100%
|
DE
|
AmeriGas Eagle Holdings, Inc. (CP Holdings, Inc.)
|
100%
|
DE
|
AmerE Holdings, Inc.
|
100%
|
DE
|
Active Propane of Wisconsin, LLC
|
100%
|
DE
|
(1)
|
1.0101% owned by AmeriGas Propane, Inc. the General Partner; and 98.9899% owned by AmeriGas Partners, L.P., the Limited Partner.
|
(2)
|
99.999% owned by AmeriGas Propane, L.P. and .001% owned by Heritage Operating GP, LLC.
|
1.
|
I have reviewed this annual report on Form 10-K of AmeriGas Partners, L.P.;
|
2.
|
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;
|
3.
|
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;
|
4.
|
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:
|
(a)
|
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;
|
(b)
|
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;
|
(c)
|
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
|
(d)
|
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
|
5.
|
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):
|
(a)
|
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
|
(b)
|
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.
|
|
/s/ Jerry E. Sheridan
|
|
|
Jerry E. Sheridan
|
|
|
President and Chief Executive Officer of AmeriGas Propane, Inc.
|
|
1.
|
I have reviewed this annual report on Form 10-K of AmeriGas Partners, L.P.;
|
2.
|
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;
|
3.
|
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;
|
4.
|
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:
|
(a)
|
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;
|
(b)
|
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;
|
(c)
|
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
|
(d)
|
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
|
5.
|
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):
|
(a)
|
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
|
(b)
|
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.
|
|
/s/ Hugh J. Gallagher
|
|
|
Hugh J. Gallagher
|
|
|
Vice President — Finance and Chief Financial Officer of AmeriGas Propane, Inc.
|
|
(1)
|
The Company’s annual report on Form 10-K for the period ended
September 30, 2013
(the “Form 10-K”) fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934, as amended; and
|
(2)
|
The information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
CHIEF EXECUTIVE OFFICER
|
|
CHIEF FINANCIAL OFFICER
|
||
|
|
|
|
|
/s/ Jerry E. Sheridan
|
|
/s/ Hugh J. Gallagher
|
||
Jerry E. Sheridan
|
|
Hugh J. Gallagher
|
||
|
|
|
|
|
Date:
|
November 29, 2013
|
|
Date:
|
November 29, 2013
|
|
Shares
|
|
Weighted
Average
Option Price
|
|
Total
Intrinsic
Value
|
|
Weighted
Average
Contract Term
(Years)
|
||||||
Shares under option — September 30, 2010
|
7,557,045
|
|
|
|
$
|
23.81
|
|
|
$
|
36.2
|
|
|
6.5
|
Granted
|
1,443,558
|
|
|
|
$
|
31.55
|
|
|
|
|
|
||
Cancelled
|
(235,437)
|
|
|
|
$
|
27.79
|
|
|
|
|
|
||
Exercised
|
(1,091,987)
|
|
|
|
$
|
20.95
|
|
|
$
|
11.4
|
|
|
|
Shares under option — September 30, 2011
|
7,673,179
|
|
|
|
$
|
25.55
|
|
|
$
|
15.1
|
|
|
6.2
|
Granted
|
1,508,050
|
|
|
|
$
|
29.26
|
|
|
|
|
|
||
Cancelled
|
(321,600)
|
|
|
|
$
|
27.74
|
|
|
|
|
|
||
Exercised
|
(801,857)
|
|
|
|
$
|
20.93
|
|
|
$
|
7.2
|
|
|
|
Shares under option — September 30, 2012
|
8,057,772
|
|
|
|
$
|
26.62
|
|
|
$
|
41.4
|
|
|
6.1
|
Granted
|
1,516,900
|
|
|
|
$
|
33.57
|
|
|
|
|
|
||
Cancelled
|
(89,836
|
)
|
|
|
$
|
30.51
|
|
|
|
|
|
||
Exercised
|
(2,688,868
|
)
|
|
|
$
|
24.58
|
|
|
$
|
35.4
|
|
|
|
Shares under option — September 30, 2013
|
6,795,968
|
|
|
|
$
|
28.92
|
|
|
$
|
69.6
|
|
|
6.8
|
Options exercisable — September 30, 2011
|
4,879,784
|
|
|
|
$
|
24.15
|
|
|
|
|
|
||
Options exercisable — September 30, 2012
|
5,317,698
|
|
|
|
$
|
25.32
|
|
|
|
|
|
||
Options exercisable — September 30, 2013
|
3,914,061
|
|
|
|
$
|
26.93
|
|
|
$
|
47.8
|
|
|
5.6
|
Options not exercisable — September 30, 2013
|
2,881,907
|
|
|
|
$
|
31.63
|
|
|
$
|
21.8
|
|
|
8.5
|
|
Range of exercise prices
|
||||||||||||||||||
|
Under
$25.00
|
|
$25.01 -
$30.00
|
|
$30.01 -
$35.00
|
|
Over
$35.00
|
||||||||||||
Options outstanding at September 30, 2013:
|
|
|
|
|
|
|
|
||||||||||||
Number of options
|
1,778,435
|
|
|
|
2,265,255
|
|
|
|
2,559,678
|
|
|
|
192,600
|
|
|
||||
Weighted average remaining contractual life (in years)
|
5.2
|
|
|
|
6.5
|
|
|
|
8.1
|
|
|
|
9.6
|
|
|
||||
Weighted average exercise price
|
$
|
23.92
|
|
|
|
$
|
28.34
|
|
|
|
$
|
32.12
|
|
|
|
$
|
39.45
|
|
|
Options exercisable at September 30, 2013:
|
|
|
|
|
|
|
|
||||||||||||
Number of options
|
1,718,735
|
|
|
|
1,358,454
|
|
|
|
836,872
|
|
|
|
—
|
|
|
||||
Weighted average exercise price
|
$
|
23.91
|
|
|
|
$
|
27.80
|
|
|
|
$
|
31.70
|
|
|
|
$
|
—
|
|
|
|
2013
|
|
2012
|
|
2011
|
Expected life of option
|
5.75 years
|
|
5.75 years
|
|
5.75 years
|
Weighted average volatility
|
24.9%
|
|
24.7%
|
|
24.3%
|
Weighted average dividend yield
|
3.6%
|
|
3.5%
|
|
3.4%
|
Expected volatility
|
24.4% - 24.9%
|
|
24.7%
|
|
23.8% - 24.3%
|
Expected dividend yield
|
3.2% - 3.7%
|
|
3.3% - 3.7%
|
|
3.1% - 3.4%
|
Risk free rate
|
0.8% - 1.7%
|
|
0.8% - 1.1%
|
|
1.2% - 2.4%
|
|
Grants Awarded in Fiscal
|
|
|||||||||
|
2013
|
|
2012
|
|
2011
|
||||||
Risk free rate
|
0.4
|
%
|
|
|
0.4
|
%
|
|
|
1.0
|
%
|
|
Expected life
|
3 years
|
|
|
|
3 years
|
|
|
|
3 years
|
|
|
Expected volatility
|
21.1
|
%
|
|
|
22.2
|
%
|
|
|
27.6
|
%
|
|
Dividend yield
|
3.3
|
%
|
|
|
3.5
|
%
|
|
|
3.2
|
%
|
|
|
Total
|
|
Vested
|
|
Non-Vested
|
|||||||||||||||||||||
|
Number of
UGI
Units
|
|
Weighted
Average
Grant Date
Fair Value
(per Unit)
|
|
Number of
UGI
Units
|
|
Weighted
Average
Grant Date
Fair Value
(per Unit)
|
|
Number of
UGI
Units
|
|
Weighted
Average
Grant Date
Fair Value
(per Unit)
|
|||||||||||||||
September 30, 2012
|
885,338
|
|
|
|
$
|
24.09
|
|
|
|
580,122
|
|
|
|
$
|
21.72
|
|
|
|
305,216
|
|
|
|
$
|
28.59
|
|
|
UGI Performance Units:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Granted
|
220,575
|
|
|
|
$
|
37.97
|
|
|
|
26,818
|
|
|
|
$
|
38.13
|
|
|
|
193,757
|
|
|
|
$
|
37.94
|
|
|
Forfeited
|
(9,319
|
)
|
|
|
$
|
33.78
|
|
|
|
—
|
|
|
|
$
|
—
|
|
|
|
(9,319
|
)
|
|
|
$
|
33.78
|
|
|
Vested
|
—
|
|
|
|
$
|
—
|
|
|
|
117,703
|
|
|
|
$
|
26.69
|
|
|
|
(117,703
|
)
|
|
|
$
|
26.69
|
|
|
Unit awards paid
|
(103,759
|
)
|
|
|
$
|
22.22
|
|
|
|
(103,759
|
)
|
|
|
$
|
22.22
|
|
|
|
—
|
|
|
|
$
|
—
|
|
|
Performance criteria not met
|
(70,079
|
)
|
|
|
$
|
22.22
|
|
|
|
(70,079
|
)
|
|
|
$
|
22.22
|
|
|
|
—
|
|
|
|
$
|
—
|
|
|
UGI Stock Units:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Granted (a)
|
34,025
|
|
|
|
$
|
33.05
|
|
|
|
34,025
|
|
|
|
$
|
33.05
|
|
|
|
—
|
|
|
|
$
|
—
|
|
|
Unit awards paid
|
(36,180
|
)
|
|
|
$
|
36.37
|
|
|
|
(36,180
|
)
|
|
|
$
|
36.37
|
|
|
|
—
|
|
|
|
$
|
—
|
|
|
September 30, 2013
|
920,601
|
|
|
|
$
|
27.52
|
|
|
|
548,650
|
|
|
|
$
|
23.18
|
|
|
|
371,951
|
|
|
|
$
|
33.93
|
|
|
(a)
|
Generally, shares granted under UGI Stock Unit awards are paid approximately 70% in shares. UGI Stock Unit awards granted in Fiscal 2012 and Fiscal 2011 were 42,445 and 61,945, respectively.
|
|
2013
|
|
2012
|
|
2011
|
|||||||||
UGI Performance Unit awards:
|
|
|
|
|
|
|||||||||
Number of original awards granted
|
218,683
|
|
|
|
210,750
|
|
|
|
197,917
|
|
|
|||
Fiscal year granted
|
|
2010
|
|
|
|
|
2009
|
|
|
|
|
2,008
|
|
|
Payment of awards:
|
|
|
|
|
|
|||||||||
Shares of UGI Common Stock issued
|
65,081
|
|
|
|
—
|
|
|
|
142,494
|
|
|
|||
Cash paid
|
$
|
1.6
|
|
|
|
$
|
—
|
|
|
|
$
|
7.5
|
|
|
|
|
|
|
|
|
|||||||||
UGI Stock Unit awards:
|
|
|
|
|
|
|||||||||
Number of original awards granted
|
36,179
|
|
|
|
32,898
|
|
|
|
22,400
|
|
|
|||
Payment of awards:
|
|
|
|
|
|
|||||||||
Shares of UGI Common Stock issued
|
23,516
|
|
|
|
21,757
|
|
|
|
17,545
|
|
|
|||
Cash paid
|
$
|
0.5
|
|
|
|
$
|
0.2
|
|
|
|
$
|
0.2
|
|
|
|
|
Twelve Months Ended
|
|||
|
|
September 30,
|
|||
|
|
2013 (in millions)
|
|||
Net (loss) income attributable to AmeriGas Partners, L.P.
|
$
|
221.2
|
|
||
Income tax expense
|
1.7
|
|
|||
Interest expense
|
165.4
|
|
|||
Depreciation
|
159.3
|
|
|||
Amortization
|
43.6
|
|
|||
EBITDA (1)
|
$
|
591.2
|
|
||
Heritage Propane acquisition and transition expense
|
26.5
|
|
|||
Loss on extinguishments of debt
|
-
|
|
|||
Adjusted EBITDA (2)
|
$
|
617.7
|
|