Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'UGI CORP /PA/ | ' |
Entity Central Index Key | '0000884614 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 115,080,001 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (unaudited) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $493.60 | $389.30 | $446.30 |
Restricted cash | 4.4 | 8.3 | 2.8 |
Accounts receivable (less allowances for doubtful accounts of $57.9, $39.5 and $47.1, respectively) | 1,323.30 | 745.6 | 1,124.80 |
Accrued utility revenues | 49.7 | 18.9 | 48.9 |
Inventories | 324.4 | 365.5 | 292.4 |
Deferred income taxes | 10.8 | 10.6 | 14.9 |
Utility regulatory assets | 4.2 | 8.2 | 1.1 |
Derivative financial instruments | 22.2 | 23.8 | 17.3 |
Prepaid expenses and other current assets | 48.5 | 57.1 | 53.5 |
Total current assets | 2,281.10 | 1,627.30 | 2,002 |
Property, plant and equipment, at cost (less accumulated depreciation and amortization of $2,637.8, $2,560.3 and $2,419.4, respectively) | 4,519.10 | 4,480.20 | 4,285.40 |
Goodwill | 2,886 | 2,871 | 2,813.80 |
Intangible assets, net | 608.2 | 610.6 | 629.9 |
Other assets | 426.1 | 419.7 | 484.3 |
Total assets | 10,720.50 | 10,008.80 | 10,215.40 |
Current liabilities: | ' | ' | ' |
Current maturities of long-term debt | 65 | 67.2 | 162.4 |
Bank loans | 260.1 | 227.9 | 177.7 |
Accounts payable | 634.1 | 472.3 | 583.4 |
Derivative financial instruments | 27.5 | 30 | 51 |
Other current liabilities | 668.6 | 627.5 | 642.8 |
Total current liabilities | 1,655.30 | 1,424.90 | 1,617.30 |
Long-term debt | 3,548.60 | 3,542.20 | 3,340.50 |
Deferred income taxes | 984.4 | 962.3 | 918.7 |
Deferred investment tax credits | 4.1 | 4.3 | 4.4 |
Other noncurrent liabilities | 526 | 527.2 | 615.7 |
Total liabilities | 6,718.40 | 6,460.90 | 6,496.60 |
Commitments and contingencies (Note 10) | ' | ' | ' |
UGI Corporation stockholders’ equity: | ' | ' | ' |
UGI Common Stock, without par value (authorized—300,000,000 shares; issued — 115,819,694, 115,783,794 and 115,683,494 shares, respectively) | 1,215.60 | 1,208.10 | 1,185.90 |
Retained earnings | 1,579.90 | 1,308.30 | 1,378 |
Accumulated other comprehensive income (loss) | 24.3 | 8.4 | -46.5 |
Treasury stock, at cost | -24.6 | -32.3 | -29.7 |
Total UGI Corporation stockholders’ equity | 2,795.20 | 2,492.50 | 2,487.70 |
Noncontrolling interests, principally in AmeriGas Partners | 1,206.90 | 1,055.40 | 1,231.10 |
Total equity | 4,002.10 | 3,547.90 | 3,718.80 |
Total liabilities and equity | $10,720.50 | $10,008.80 | $10,215.40 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, except Share data, unless otherwise specified | |||
Statement of Financial Position [Abstract] | ' | ' | ' |
Accounts receivable, allowances for doubtful accounts | $57.90 | $39.50 | $47.10 |
Property, plant and equipment, accumulated depreciation and amortization | $2,637.80 | $2,560.30 | $2,419.40 |
UGI Common Stock, without par value (in dollars per share) | ' | ' | ' |
UGI Common Stock, without par value, shares authorized (in shares) | 300,000,000 | 300,000,000 | 300,000,000 |
UGI Common Stock, without par value, shares issued (in shares) | 115,819,694 | 115,783,794 | 115,683,494 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $3,163.30 | $2,542.70 | $5,479.20 | $4,561.40 |
Costs and expenses: | ' | ' | ' | ' |
Cost of sales (excluding depreciation shown below) | 2,001.30 | 1,486.70 | 3,431.20 | 2,702.20 |
Operating and administrative expenses | 492 | 461.5 | 923.5 | 888.4 |
Utility taxes other than income taxes | 4.8 | 4.7 | 9 | 9 |
Depreciation | 76.8 | 74 | 155.4 | 146.5 |
Amortization | 10.9 | 15.6 | 26.3 | 30.9 |
Other income, net | -11.1 | -7.5 | -18.5 | -17.5 |
Total costs and expenses | 2,574.70 | 2,035 | 4,526.90 | 3,759.50 |
Operating income | 588.6 | 507.7 | 952.3 | 801.9 |
Income from equity investees | 0 | 0.1 | 0 | 0.1 |
Interest expense | -59.5 | -60.1 | -118.8 | -121.6 |
Income before income taxes | 529.1 | 447.7 | 833.5 | 680.4 |
Income tax expense | -141.3 | -106 | -228.2 | -170.9 |
Net income | 387.8 | 341.7 | 605.3 | 509.5 |
Deduct net income attributable to noncontrolling interests, principally in AmeriGas Partners | -173.4 | -161 | -268.9 | -226.3 |
Net income attributable to UGI Corporation | $214.40 | $180.70 | $336.40 | $283.20 |
Earnings per common share attributable to UGI Corporation stockholders: | ' | ' | ' | ' |
Basic (in dollars per share) | $1.86 | $1.59 | $2.93 | $2.50 |
Diluted (in dollars per share) | $1.84 | $1.57 | $2.89 | $2.47 |
Average common shares outstanding (thousands): | ' | ' | ' | ' |
Basic (in shares) | 115,173 | 113,709 | 114,996 | 113,416 |
Diluted (in shares) | 116,747 | 115,199 | 116,526 | 114,829 |
Dividends declared per common share (in dollars per share) | $0.28 | $0.27 | $0.56 | $0.54 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $387.80 | $341.70 | $605.30 | $509.50 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net gains on derivative instruments (net of tax of $0.4, $(4.4), $(7.1) and $(3.0), respectively) | 6.3 | 5.7 | 46.8 | 0.4 |
Reclassifications of net (gains) losses on derivative instruments (net of tax of $3.3, $(4.2), $5.3 and $(7.7), respectively) | -31.4 | 25.2 | -45.2 | 42.6 |
Foreign currency adjustments (net of tax of $0.6, $8.2, $(3.1) and $4.2, respectively) | -0.6 | -23.6 | 11.7 | -7.5 |
Benefit plans (net of tax of $(0.1), $(0.3), $0.0 and $(0.5), respectively) | 0.2 | 0.5 | 0.6 | 0.8 |
Other comprehensive (loss) income | -25.5 | 7.8 | 13.9 | 36.3 |
Comprehensive income | 362.3 | 349.5 | 619.2 | 545.8 |
Deduct comprehensive income attributable to noncontrolling interests, principally in AmeriGas Partners | -155.8 | -178 | -266.9 | -253.9 |
Comprehensive income attributable to UGI Corporation | $206.50 | $171.50 | $352.30 | $291.90 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Tax on (loss) gain on derivative instruments | $0.40 | ($4.40) | ($7.10) | ($3) |
Tax on reclassifications on derivative instruments | 3.3 | -4.2 | 5.3 | -7.7 |
Tax on foreign currency adjustments | 0.6 | 8.2 | -3.1 | 4.2 |
Tax on benefit plans | ($0.10) | ($0.30) | $0 | ($0.50) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | $605.30 | $509.50 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 181.7 | 177.4 |
Deferred income taxes, net | 13 | 19.4 |
Provision for uncollectible accounts | 31.4 | 17.8 |
Unrealized losses (gains) on derivative instruments | 8 | -5.8 |
Other, net | -6.8 | 11.5 |
Net change in: | ' | ' |
Accounts receivable and accrued utility revenues | -632.5 | -555.2 |
Inventories | 43 | 61.7 |
Utility deferred fuel and power costs, net of changes in unsettled derivatives | -10.2 | 33.3 |
Accounts payable | 194.1 | 176.4 |
Other current assets | 3.6 | 35.5 |
Other current liabilities | 52.4 | -0.7 |
Net cash provided by operating activities | 483 | 480.8 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Expenditures for property, plant and equipment | -224.4 | -184.8 |
Acquisitions of businesses, net of cash acquired | -21.3 | -23.5 |
Decrease in restricted cash | 3.9 | 0.2 |
Other, net | 4.5 | 2.2 |
Net cash used by investing activities | -237.3 | -205.9 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Dividends on UGI Common Stock | -64.8 | -61.2 |
Distributions on AmeriGas Partners Common Units | -116.1 | -110.5 |
Issuances of debt | 175.1 | 0 |
Repayments of debt | -182.8 | -9.5 |
Increase in bank loans | 51.5 | 1.6 |
Receivables Facility net (repayments) borrowings | -19.5 | 11 |
Issuances of UGI Common Stock | 10.3 | 19.1 |
Repurchases of UGI Common Stock | -4.5 | 0 |
Other | 5.4 | 4.5 |
Net cash used by financing activities | -145.4 | -145 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 4 | -3.5 |
Cash and cash equivalents increase | 104.3 | 126.4 |
Cash and cash equivalents: | ' | ' |
End of period | 493.6 | 446.3 |
Beginning of period | 389.3 | 319.9 |
Increase | $104.30 | $126.40 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Changes in Equity (unaudited) (USD $) | Total | Parent | Common stock, without par value | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Noncontrolling interests |
In Millions, unless otherwise specified | |||||||
Balance, beginning of period at Sep. 30, 2012 | ' | ' | $1,157.70 | $1,156 | ($55.20) | ($28.70) | $1,085.60 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Common Stock issued in connection with employee and director plans (including gains (losses) on treasury stock transactions), net of tax withheld | ' | ' | 15.5 | ' | ' | 17.2 | ' |
Dividend reinvestment plan | ' | ' | 1 | ' | ' | 0.5 | ' |
Excess tax benefits realized on equity-based compensation | ' | ' | 4.7 | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | 7 | ' | ' | ' | ' |
Net income attributable to UGI Corporation | 283.2 | ' | ' | 283.2 | ' | ' | ' |
Cash dividends on Common Stock | ' | ' | ' | -61.2 | ' | ' | ' |
Net gains on derivative instruments, net of tax | 0.4 | ' | ' | ' | 4 | ' | ' |
Reclassification of net (gains) losses on derivative instruments, net of tax | 42.6 | ' | ' | ' | 11.4 | ' | ' |
Benefit plans, net of tax | -0.8 | ' | ' | ' | 0.8 | ' | ' |
Foreign currency, net of tax | -7.5 | ' | ' | ' | -7.5 | ' | ' |
Repurchases of common stock | ' | ' | ' | ' | ' | 0 | ' |
Reacquired common stock - employee and director plans | ' | ' | ' | ' | ' | -18.7 | ' |
Net income attributable to noncontrolling interests, principally in AmeriGas Partners | 226.3 | ' | ' | ' | ' | ' | 226.3 |
Net gains (losses) on derivative instruments | ' | ' | ' | ' | ' | ' | -3.6 |
Reclassification of net (gains) losses on derivative instruments | ' | ' | ' | ' | ' | ' | 31.2 |
Dividends and distributions | ' | ' | ' | ' | ' | ' | -110.7 |
Other | ' | ' | ' | ' | ' | ' | 2.3 |
Balance, end of period at Mar. 31, 2013 | 3,718.80 | 2,487.70 | 1,185.90 | 1,378 | -46.5 | -29.7 | 1,231.10 |
Balance, beginning of period at Sep. 30, 2013 | 3,547.90 | ' | 1,208.10 | 1,308.30 | 8.4 | -32.3 | 1,055.40 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Common Stock issued in connection with employee and director plans (including gains (losses) on treasury stock transactions), net of tax withheld | ' | ' | -5.2 | ' | ' | 29.9 | ' |
Dividend reinvestment plan | ' | ' | 0 | ' | ' | 0 | ' |
Excess tax benefits realized on equity-based compensation | ' | ' | 5.9 | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | 6.8 | ' | ' | ' | ' |
Net income attributable to UGI Corporation | 336.4 | ' | ' | 336.4 | ' | ' | ' |
Cash dividends on Common Stock | ' | ' | ' | -64.8 | ' | ' | ' |
Net gains on derivative instruments, net of tax | 46.8 | ' | ' | ' | 13.5 | ' | ' |
Reclassification of net (gains) losses on derivative instruments, net of tax | -45.2 | ' | ' | ' | -9.9 | ' | ' |
Benefit plans, net of tax | -0.6 | ' | ' | ' | 0.6 | ' | ' |
Foreign currency, net of tax | 11.7 | ' | ' | ' | 11.7 | ' | ' |
Repurchases of common stock | ' | ' | ' | ' | ' | -4.5 | ' |
Reacquired common stock - employee and director plans | ' | ' | ' | ' | ' | -17.7 | ' |
Net income attributable to noncontrolling interests, principally in AmeriGas Partners | 268.9 | ' | ' | ' | ' | ' | 268.9 |
Net gains (losses) on derivative instruments | ' | ' | ' | ' | ' | ' | 33.3 |
Reclassification of net (gains) losses on derivative instruments | ' | ' | ' | ' | ' | ' | -35.3 |
Dividends and distributions | ' | ' | ' | ' | ' | ' | -116.1 |
Other | ' | ' | ' | ' | ' | ' | 0.7 |
Balance, end of period at Mar. 31, 2014 | $4,002.10 | $2,795.20 | $1,215.60 | $1,579.90 | $24.30 | ($24.60) | $1,206.90 |
Nature_of_Operations
Nature of Operations | 6 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations | |
UGI Corporation (“UGI”) is a holding company that, through subsidiaries and affiliates, distributes and markets energy products and related services. In the United States, we (1) are the general partner and own limited partner interests in a retail propane marketing and distribution business; (2) own and operate natural gas and electric distribution utilities; (3) own all or a portion of electricity generation facilities; and (4) own and operate an energy marketing, midstream infrastructure, storage, natural gas gathering and energy services business. Internationally, we market and distribute propane and other liquefied petroleum gases (“LPG”) in Europe and China. We refer to UGI and its consolidated subsidiaries collectively as the “Company” or “we.” | |
We conduct a domestic retail propane marketing and distribution business through AmeriGas Partners, L.P. (“AmeriGas Partners”). AmeriGas Partners is a publicly traded limited partnership that conducts a national propane distribution business through its principal operating subsidiary AmeriGas Propane, L.P. (“AmeriGas OLP”) and, prior to its merger with AmeriGas OLP on July 1, 2013 (the “Merger”), AmeriGas OLP’s principal operating subsidiary Heritage Operating, L.P. (“HOLP”). AmeriGas OLP after the Merger, and AmeriGas OLP and HOLP prior to the Merger, are collectively referred to herein as the “Operating Partnership.” AmeriGas Partners and AmeriGas OLP are Delaware limited partnerships. UGI’s wholly owned second-tier subsidiary, AmeriGas Propane, Inc. (the “General Partner”), serves as the general partner of AmeriGas Partners and AmeriGas OLP. We refer to AmeriGas Partners and its subsidiaries together as the “Partnership” and the General Partner and its subsidiaries, including the Partnership, as “AmeriGas Propane.” At March 31, 2014, the General Partner held a 1% general partner interest and 25.3% limited partner interest in AmeriGas Partners and an effective 27.1% ownership interest in AmeriGas OLP. Our limited partnership interest in AmeriGas Partners comprises 23,756,882 AmeriGas Partners Common Units (“Common Units”). The remaining 73.7% interest in AmeriGas Partners at March 31, 2014, comprises 69,109,914 publicly held Common Units of which 12,867,362 Common Units are held by a subsidiary of Energy Transfer Partners, L.P. (“ETP”) as a result of the January 12, 2012, acquisition of substantially all of ETP’s propane operations (“Heritage Propane”). In January 2014, ETP sold 9,200,000 of the Common Units it held in an underwritten public offering, pursuant to its registration rights in its unitholder agreement. AmeriGas Partners did not receive any proceeds from the sale of the Common Units by ETP. | |
Our wholly owned subsidiary, UGI Enterprises, Inc. (“Enterprises”), through subsidiaries conducts (1) an LPG distribution business in France, Belgium, the Netherlands and Luxembourg (“Antargaz”); (2) an LPG distribution business in central, northern and eastern Europe (“Flaga”); (3) an LPG distribution business in the United Kingdom (“AvantiGas”); and (4) an LPG distribution business in the Nantong region of China. We refer to our foreign LPG operations collectively as “UGI International.” | |
Enterprises, through UGI Energy Services, LLC (which was formerly known as UGI Energy Services, Inc. prior to its merger with and into UGI Energy Services, LLC effective October 1, 2013) and its subsidiaries conduct an energy marketing, midstream infrastructure, storage, natural gas gathering, natural gas production and energy services business primarily in the Mid-Atlantic region of the United States. In addition, UGI Energy Services, LLC’s wholly owned subsidiary, UGI Development Company (“UGID”), owns all or a portion of electricity generation facilities principally located in Pennsylvania. These businesses are referred to herein collectively as “Midstream & Marketing.” UGI Energy Services, LLC subsequent to the merger and UGI Energy Services, Inc. prior to the merger are referred to herein as “Energy Services.” Enterprises also conducts heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses in the Mid-Atlantic region through first-tier subsidiaries. | |
Our natural gas and electric distribution utility businesses are conducted through our wholly owned subsidiary, UGI Utilities, Inc. (“UGI Utilities”), and its subsidiaries UGI Penn Natural Gas, Inc. (“PNG”) and UGI Central Penn Gas, Inc. (“CPG”). UGI Utilities, PNG and CPG own and operate natural gas distribution utilities in eastern, northeastern and central Pennsylvania and in a portion of one Maryland county. UGI Utilities also owns and operates an electric distribution utility in northeastern Pennsylvania (“Electric Utility”). UGI Utilities’ natural gas distribution utility is referred to as “UGI Gas.” UGI Gas, PNG and CPG are collectively referred to as “Gas Utility.” Gas Utility is subject to regulation by the Pennsylvania Public Utility Commission (“PUC”) and, with respect to a small service territory in one Maryland county, the Maryland Public Service Commission, and Electric Utility is subject to regulation by the PUC. Gas Utility and Electric Utility are collectively referred to as “Utilities.” |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Significant Accounting Policies | ' | |||||||||||||||
Significant Accounting Policies | ||||||||||||||||
Our condensed consolidated financial statements include the accounts of UGI and its controlled subsidiary companies which, except for the Partnership, are majority owned. We report the public’s and ETP’s limited partner interests in the Partnership, and outside ownership interests in other consolidated but less than 100%-owned subsidiaries, as noncontrolling interests. We eliminate all significant intercompany accounts and transactions when we consolidate. Entities in which we do not have control but have significant influence over operating and financial policies are accounted for by the equity method. Investments in business entities that are not publicly traded and in which we hold less than 20% of voting rights are accounted for using the cost method. Undivided interests in natural gas production assets and an electricity generation facility are consolidated on a proportionate basis. | ||||||||||||||||
The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). They include all adjustments that we consider necessary for a fair statement of the results for the interim periods presented. Such adjustments consisted only of normal recurring items unless otherwise disclosed. The September 30, 2013, condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). | ||||||||||||||||
These financial statements should be read in conjunction with the financial statements and related notes included in our Annual Report on Form 10-K for the year ended September 30, 2013 (“Company’s 2013 Annual Financial Statements and Notes”). Due to the seasonal nature of our businesses, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. | ||||||||||||||||
Restricted Cash. Restricted cash principally represents those cash balances in our commodity futures brokerage accounts that are restricted from withdrawal. | ||||||||||||||||
Earnings Per Common Share. Basic earnings per share attributable to UGI Corporation shareholders reflect the weighted-average number of common shares outstanding. Diluted earnings per share attributable to UGI Corporation include the effects of dilutive stock options and common stock awards. | ||||||||||||||||
Shares used in computing basic and diluted earnings per share are as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Denominator (thousands of shares): | ||||||||||||||||
Average common shares outstanding for basic computation | 115,173 | 113,709 | 114,996 | 113,416 | ||||||||||||
Incremental shares issuable for stock options and awards | 1,574 | 1,490 | 1,530 | 1,413 | ||||||||||||
Average common shares outstanding for diluted computation | 116,747 | 115,199 | 116,526 | 114,829 | ||||||||||||
Comprehensive Income. Comprehensive income comprises net income and other comprehensive income. Other comprehensive income principally comprises (1) gains and losses on derivative instruments qualifying as cash flow hedges, net of reclassifications to net income; (2) actuarial gains and losses on postretirement benefit plans, net of associated amortization; and (3) foreign currency translation and intracompany transaction adjustments. | ||||||||||||||||
Changes in accumulated other comprehensive income (“AOCI”) during the three and six months ended March 31, 2014, are as follows: | ||||||||||||||||
Three Months Ended March 31, 2014: | Postretirement | Derivative | Foreign | |||||||||||||
Benefit Plans | Instruments | Currency | Total | |||||||||||||
Balance, December 31, 2013 | $ | (16.0 | ) | $ | (15.8 | ) | $ | 64 | $ | 32.2 | ||||||
Other comprehensive income (loss) before reclassification adjustments (after-tax) | — | 6.3 | (0.6 | ) | 5.7 | |||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | ||||||||||||||||
Reclassification adjustments (pre-tax) | 0.3 | (34.7 | ) | — | (34.4 | ) | ||||||||||
Reclassification adjustments tax (expense) benefit | (0.1 | ) | 3.3 | — | 3.2 | |||||||||||
Reclassification adjustments (after-tax) | 0.2 | (31.4 | ) | — | (31.2 | ) | ||||||||||
Other comprehensive income (loss) | 0.2 | (25.1 | ) | (0.6 | ) | (25.5 | ) | |||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 17.6 | — | 17.6 | ||||||||||||
Other comprehensive income (loss) attributable to UGI | 0.2 | (7.5 | ) | (0.6 | ) | (7.9 | ) | |||||||||
Balance, March 31, 2014 | $ | (15.8 | ) | $ | (23.3 | ) | $ | 63.4 | $ | 24.3 | ||||||
Six Months Ended March 31, 2014: | Postretirement | Derivative | Foreign | |||||||||||||
Benefit Plans | Instruments | Currency | Total | |||||||||||||
Balance, September 30, 2013 | $ | (16.4 | ) | $ | (26.9 | ) | $ | 51.7 | $ | 8.4 | ||||||
Other comprehensive income before reclassification adjustments (after-tax) | — | 46.8 | 11.7 | 58.5 | ||||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | ||||||||||||||||
Reclassification adjustments (pre-tax) | 0.6 | (50.5 | ) | — | (49.9 | ) | ||||||||||
Reclassification adjustments tax (expense) benefit | — | 5.3 | — | 5.3 | ||||||||||||
Reclassification adjustments (after-tax) | 0.6 | (45.2 | ) | — | (44.6 | ) | ||||||||||
Other comprehensive income | 0.6 | 1.6 | 11.7 | 13.9 | ||||||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 2 | — | 2 | ||||||||||||
Other comprehensive income attributable to UGI | 0.6 | 3.6 | 11.7 | 15.9 | ||||||||||||
Balance, March 31, 2014 | $ | (15.8 | ) | $ | (23.3 | ) | $ | 63.4 | $ | 24.3 | ||||||
For additional information on amounts reclassified from AOCI relating to derivative instruments see Note 12 to condensed consolidated financial statements. | ||||||||||||||||
Income Taxes. In December 2013, the French Parliament approved the Finance Bill for 2014 and amended the Finance Bill for 2013 (collectively, the “Finance Bills”). Among other things, the Finance Bills limit Antargaz’ ability to deduct interest expense for income tax purposes on certain intercompany debt and temporarily increases the corporate surtax rate for a period of two years. Based upon our review of the Finance Bills and interpretive guidance currently available, provisions of the Finance Bills associated with the deductibility of interest expense on certain intercompany debt at Antargaz applies retroactively to such interest expense incurred during Fiscal 2013. In December 2013, the Company recorded additional income taxes of $5.7 to reflect the effects of the retroactive provisions of the Finance Bills associated with the deductibility of interest expense on certain intercompany debt. | ||||||||||||||||
Reclassifications. Certain prior period amounts have been reclassified to conform to current period presentation. | ||||||||||||||||
Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions. |
Restatements_of_Condensed_Cons
Restatements of Condensed Consolidated Financial Statements | 6 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Revisions of Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||||||
Restatements of Condensed Consolidated Financial Statements | ' | |||||||||||||||||||
Restatements of Condensed Consolidated Financial Statements | ||||||||||||||||||||
During the preparation of the Fiscal 2013 consolidated financial statements, management concluded that it had incorrectly accounted for certain commodity derivative instruments as cash flow hedges. Management had incorrectly applied the hedge accounting criteria when designating certain commodity derivative instruments at its Midstream & Marketing businesses as cash flow hedges. Management has discontinued the use of hedge accounting for Midstream & Marketing’s commodity derivative instruments and reports changes in the fair values of unsettled commodity derivative instruments, and gains and losses on settled commodity derivatives for which the associated forecasted transaction has not yet occurred, in net income. | ||||||||||||||||||||
The Company had previously determined that the impact of the error was material to the Company’s historical condensed consolidated statements of income for the three months ended March 31, 2013. Accordingly, the accompanying condensed consolidated financial statements as of March 31, 2013, and for the three and six months ended March 31, 2013, have been restated to report changes in the fair values of unsettled commodity derivative instruments and gains and losses on settled commodity derivative instruments for which the associated forecasted transactions have not yet occurred in cost of sales or revenues in the Condensed Consolidated Statement of Income rather than in other comprehensive income. | ||||||||||||||||||||
The following tables set forth the effects of the restatement on the affected line items within the Company’s previously reported condensed consolidated financial statements as of and for the three and six months ended March 31, 2013. Also included in the adjustment columns in the tables below are certain other immaterial corrections that the Company made, including, but not limited to, adjustments to correct the Partnership’s accounting for certain customer credits and to correct the classification of deferred income tax assets, as well as certain other minor adjustments related principally to the timing of certain expense and income accruals. | ||||||||||||||||||||
Condensed Consolidated Balance Sheet | ||||||||||||||||||||
31-Mar-13 | ||||||||||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||||||||||
Assets: | ||||||||||||||||||||
Deferred income taxes | $ | 35.9 | $ | (21.0 | ) | $ | 14.9 | |||||||||||||
Prepaid expenses and other current assets | $ | 52.1 | $ | 1.4 | $ | 53.5 | ||||||||||||||
Property, plant and equipment | $ | 4,286.70 | $ | (1.3 | ) | $ | 4,285.40 | |||||||||||||
Liabilities and equity: | ||||||||||||||||||||
Other current liabilities | $ | 644.2 | $ | (1.4 | ) | $ | 642.8 | |||||||||||||
Deferred income taxes | $ | 941.4 | $ | (22.7 | ) | $ | 918.7 | |||||||||||||
Other noncurrent liabilities | $ | 614 | $ | 1.7 | $ | 615.7 | ||||||||||||||
Retained earnings | $ | 1,379.40 | $ | (1.4 | ) | $ | 1,378.00 | |||||||||||||
Accumulated other comprehensive loss | $ | (45.6 | ) | $ | (0.9 | ) | $ | (46.5 | ) | |||||||||||
Noncontrolling interests | $ | 1,227.30 | $ | 3.8 | $ | 1,231.10 | ||||||||||||||
Condensed Consolidated Statement of Income | ||||||||||||||||||||
For the three months ended March 31, 2013 | For the six months ended March 31, 2013 | |||||||||||||||||||
As Previously Reported | Adjustment | As Restated | As Previously Reported | Adjustment | As Restated | |||||||||||||||
Revenues | $ | 2,537.10 | $ | 5.6 | $ | 2,542.70 | $ | 4,560.30 | $ | 1.1 | $ | 4,561.40 | ||||||||
Cost of sales | $ | 1,500.60 | $ | (13.9 | ) | $ | 1,486.70 | $ | 2,719.40 | $ | (17.2 | ) | $ | 2,702.20 | ||||||
Operating and administrative expenses | $ | 465.8 | $ | (4.3 | ) | $ | 461.5 | $ | 892.7 | $ | (4.3 | ) | $ | 888.4 | ||||||
Depreciation | $ | 71.7 | $ | 2.3 | $ | 74 | $ | 143.5 | $ | 3 | $ | 146.5 | ||||||||
Operating income | $ | 486.2 | $ | 21.5 | $ | 507.7 | $ | 782.3 | $ | 19.6 | $ | 801.9 | ||||||||
Interest expense | $ | (60.1 | ) | $ | — | $ | (60.1 | ) | $ | (120.4 | ) | $ | (1.2 | ) | $ | (121.6 | ) | |||
Income before income taxes | $ | 426.2 | $ | 21.5 | $ | 447.7 | $ | 662 | $ | 18.4 | $ | 680.4 | ||||||||
Income taxes | $ | (100.0 | ) | $ | (6.0 | ) | $ | (106.0 | ) | $ | (165.1 | ) | $ | (5.8 | ) | $ | (170.9 | ) | ||
Net income | $ | 326.2 | $ | 15.5 | $ | 341.7 | $ | 496.9 | $ | 12.6 | $ | 509.5 | ||||||||
Deduct net income attributable to noncontrolling interests | $ | (154.3 | ) | $ | (6.7 | ) | $ | (161.0 | ) | $ | (222.4 | ) | $ | (3.9 | ) | $ | (226.3 | ) | ||
Net income attributable to UGI Corporation | $ | 171.9 | $ | 8.8 | $ | 180.7 | $ | 274.5 | $ | 8.7 | $ | 283.2 | ||||||||
Basic earnings per common share | $ | 1.51 | $ | 1.59 | $ | 2.42 | $ | 2.5 | ||||||||||||
Diluted earnings per common share | $ | 1.49 | $ | 1.57 | $ | 2.39 | $ | 2.47 | ||||||||||||
Condensed Consolidated Statement of Comprehensive Income | ||||||||||||||||||||
For the three months ended March 31, 2013 | For the six months ended March 31, 2013 | |||||||||||||||||||
As Previously Reported | Adjustment | As Restated | As Previously Reported | Adjustment | As Restated | |||||||||||||||
Net income | $ | 326.2 | $ | 15.5 | $ | 341.7 | $ | 496.9 | $ | 12.6 | $ | 509.5 | ||||||||
Net gains (losses) on derivative instruments | $ | 9.2 | $ | (3.5 | ) | $ | 5.7 | $ | (0.1 | ) | $ | 0.5 | $ | 0.4 | ||||||
Reclassifications of net losses on derivative instruments | $ | 29 | $ | (3.8 | ) | $ | 25.2 | $ | 50.8 | $ | (8.2 | ) | $ | 42.6 | ||||||
Other comprehensive income | $ | 15.1 | $ | (7.3 | ) | $ | 7.8 | $ | 44 | $ | (7.7 | ) | $ | 36.3 | ||||||
Comprehensive income | $ | 341.3 | $ | 8.2 | $ | 349.5 | $ | 540.9 | $ | 4.9 | $ | 545.8 | ||||||||
Deduct comprehensive income attributable to noncontrolling interests | $ | (171.3 | ) | $ | (6.7 | ) | $ | (178.0 | ) | $ | (250.0 | ) | $ | (3.9 | ) | $ | (253.9 | ) | ||
Comprehensive income attributable to UGI Corporation | $ | 170 | $ | 1.5 | $ | 171.5 | $ | 290.9 | $ | 1 | $ | 291.9 | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||
For the six months ended March 31, 2013 | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | As Previously Reported | Adjustment | As Restated | |||||||||||||||||
Net income | $ | 496.9 | $ | 12.6 | $ | 509.5 | ||||||||||||||
Depreciation and amortization | $ | 174.4 | $ | 3 | $ | 177.4 | ||||||||||||||
Deferred income taxes, net | $ | 18.8 | $ | 0.6 | $ | 19.4 | ||||||||||||||
Net change in realized gains and losses deferred as cash flow hedges | $ | 8.3 | $ | (8.3 | ) | $ | — | |||||||||||||
Unrealized gains on derivative instruments | $ | — | $ | (5.8 | ) | $ | (5.8 | ) | ||||||||||||
Other, net | $ | 7.1 | $ | 4.4 | $ | 11.5 | ||||||||||||||
Net change in: | ||||||||||||||||||||
Accounts receivable and accrued utility revenues | $ | (550.1 | ) | $ | (5.1 | ) | $ | (555.2 | ) | |||||||||||
Inventories | $ | 64.5 | $ | (2.8 | ) | $ | 61.7 | |||||||||||||
Accounts payable | $ | 175 | $ | 1.4 | $ | 176.4 | ||||||||||||||
Condensed Consolidated Statements of Changes in Equity | ||||||||||||||||||||
For the six months ended March 31, 2013 | ||||||||||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||||||||||
Retained earnings | $ | 1,379.40 | $ | (1.4 | ) | $ | 1,378.00 | |||||||||||||
Accumulated other comprehensive loss | $ | (45.6 | ) | $ | (0.9 | ) | $ | (46.5 | ) | |||||||||||
Noncontrolling interests | $ | 1,227.30 | $ | 3.8 | $ | 1,231.10 | ||||||||||||||
Accounting_Changes
Accounting Changes | 6 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Accounting Changes | ' |
Accounting Changes | |
Adoption of New Accounting Standards | |
Disclosures about Reclassifications Out of Accumulated Other Comprehensive Income. In Fiscal 2014, the Company adopted new accounting guidance regarding disclosures for items reclassified out of AOCI. The disclosures required by the new accounting guidance are included in Note 2 and Note 12 to the condensed consolidated financial statements. The new disclosures are applied prospectively. As this guidance only affects disclosure requirements, the adoption of this guidance did not impact our results of operations, cash flows or financial position. | |
Disclosures about Offsetting Assets and Liabilities. Effective October 1, 2013, the Company adopted new accounting guidance requiring entities to disclose both gross and net information about recognized derivative instruments that are offset on the balance sheet as a result of an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset on the balance sheet. The new disclosures are applied retroactively to all periods presented. The required disclosures are included in Note 11 to the condensed consolidated financial statements. As this guidance only affects disclosure requirements, the adoption of this guidance did not impact our results of operations, cash flows or financial position. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||
Goodwill and Intangible Assets | |||||||||||||
Goodwill and intangible assets comprise the following: | |||||||||||||
March 31, | September 30, | March 31, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Goodwill (not subject to amortization) | $ | 2,886.00 | $ | 2,871.00 | $ | 2,813.80 | |||||||
Intangible assets: | |||||||||||||
Customer relationships, noncompete agreements and other | $ | 727.5 | $ | 706.4 | $ | 690 | |||||||
Trademarks and tradenames (not subject to amortization) | 132.3 | 131.3 | 137 | ||||||||||
Gross carrying amount | 859.8 | 837.7 | 827 | ||||||||||
Accumulated amortization | (251.6 | ) | (227.1 | ) | (197.1 | ) | |||||||
Intangible assets, net | $ | 608.2 | $ | 610.6 | $ | 629.9 | |||||||
We amortize customer relationship and noncompete agreement intangible assets over their estimated periods of benefit which do not exceed 15 years. Amortization expense of intangible assets was $8.9 and $22.2 in the three and six months ended March 31, 2014, respectively. Amortization expense of intangible assets was $13.6 and $26.9 in the three and six months ended March 31, 2013, respectively. No amortization is included in cost of sales in the Condensed Consolidated Statements of Income. As of March 31, 2014, our expected aggregate amortization expense of intangible assets for the remainder of Fiscal 2014 and for the next four fiscal years is as follows: remainder of Fiscal 2014 — $26.3; Fiscal 2015 — $49.9; Fiscal 2016 — $43.5; Fiscal 2017 — $36.9; Fiscal 2018 — $35.6. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||||||||||||
Our operations comprise six reportable segments generally based upon products sold, geographic location and regulatory environment. Our reportable segments comprise: (1) AmeriGas Propane; (2) an international LPG segment comprising Antargaz; (3) an international LPG segment principally comprising Flaga and AvantiGas; (4) Gas Utility; (5) Energy Services; and (6) Electric Generation. We refer to both international segments together as “UGI International” and Energy Services and Electric Generation together as “Midstream & Marketing.” | ||||||||||||||||||||||||||||||||||||||
The accounting policies of our reportable segments are the same as those described in Note 2, “Significant Accounting Policies” in the Company’s 2013 Annual Financial Statements and Notes. We evaluate AmeriGas Propane’s performance principally based upon the Partnership’s earnings before interest expense, income taxes, depreciation and amortization (“Partnership EBITDA”). Although we use Partnership EBITDA to evaluate AmeriGas Propane’s profitability, it should not be considered as an alternative to net income (as an indicator of operating performance) or as an alternative to cash flow (as a measure of liquidity or ability to service debt obligations) and is not a measure of performance or financial condition under GAAP. Our definition of Partnership EBITDA may be different from that used by other companies. We evaluate the performance of our other reportable segments principally based upon their income before income taxes. | ||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014: | ||||||||||||||||||||||||||||||||||||||
Midstream & Marketing | UGI International | |||||||||||||||||||||||||||||||||||||
Total | Eliminations | AmeriGas | Gas | Energy Services | Electric Generation | Antargaz | Flaga & | Corporate | ||||||||||||||||||||||||||||||
Propane | Utility | Other | & Other (b) | |||||||||||||||||||||||||||||||||||
Revenues | $ | 3,163.30 | $ | (164.7 | ) | (c) | $ | 1,493.70 | $ | 480.1 | $ | 588.9 | $ | 25.1 | $ | 412 | $ | 277.2 | $ | 51 | ||||||||||||||||||
Cost of sales | $ | 2,001.30 | $ | (164.0 | ) | (c) | $ | 885.5 | $ | 278.8 | $ | 457.9 | $ | 9.4 | $ | 266.7 | $ | 222.7 | $ | 44.3 | ||||||||||||||||||
Segment profit: | ||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 588.6 | $ | 0.2 | $ | 284.8 | $ | 134.5 | $ | 111.5 | $ | 9.9 | $ | 52.9 | $ | 10.9 | $ | (16.1 | ) | |||||||||||||||||||
Income from equity investees | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Interest expense | (59.5 | ) | — | (42.0 | ) | (8.4 | ) | (1.0 | ) | — | (6.4 | ) | (1.1 | ) | (0.6 | ) | ||||||||||||||||||||||
Income (loss) before income taxes | $ | 529.1 | $ | 0.2 | $ | 242.8 | $ | 126.1 | $ | 110.5 | $ | 9.9 | $ | 46.5 | $ | 9.8 | $ | (16.7 | ) | |||||||||||||||||||
Partnership EBITDA (a) | $ | 331.3 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 173.4 | $ | — | $ | 173.2 | $ | — | $ | — | $ | — | $ | 0.2 | $ | — | $ | — | ||||||||||||||||||||
Depreciation and amortization | $ | 87.7 | $ | (0.1 | ) | $ | 49.2 | $ | 13.6 | $ | 3.2 | $ | 2.7 | $ | 10.3 | $ | 7.2 | $ | 1.6 | |||||||||||||||||||
Capital expenditures | $ | 85.3 | $ | — | $ | 27.7 | $ | 30 | $ | 8.4 | $ | 1.8 | $ | 11.3 | $ | 4.2 | $ | 1.9 | ||||||||||||||||||||
Total assets (at period end) | $ | 10,720.50 | $ | (116.3 | ) | $ | 4,692.30 | $ | 2,195.40 | $ | 643.2 | $ | 283.9 | $ | 1,923.20 | $ | 660.4 | $ | 438.4 | |||||||||||||||||||
Bank loans (at period end) | $ | 260.1 | $ | — | $ | 198 | $ | 6.5 | $ | 51.5 | $ | — | $ | — | $ | 4.1 | $ | — | ||||||||||||||||||||
Goodwill (at period end) | $ | 2,886.00 | $ | — | $ | 1,939.00 | $ | 182.1 | $ | 2.8 | $ | — | $ | 655.3 | $ | 99.8 | $ | 7 | ||||||||||||||||||||
Three Months Ended March 31, 2013: | ||||||||||||||||||||||||||||||||||||||
Midstream & Marketing | UGI International | |||||||||||||||||||||||||||||||||||||
Total | Eliminations | AmeriGas | Gas | Energy Services | Electric Generation | Antargaz | Flaga & | Corporate | ||||||||||||||||||||||||||||||
Propane | Utility | Other | & Other (b) | |||||||||||||||||||||||||||||||||||
Revenues | $ | 2,542.70 | $ | (61.1 | ) | (c) | $ | 1,183.30 | $ | 368.6 | $ | 304 | $ | 17.4 | $ | 452.6 | $ | 230.9 | $ | 47 | ||||||||||||||||||
Cost of sales | $ | 1,486.70 | $ | (58.8 | ) | (c) | $ | 612.4 | $ | 196.7 | $ | 246.1 | $ | 10.9 | $ | 285.8 | $ | 177.4 | $ | 16.2 | ||||||||||||||||||
Segment profit: | ||||||||||||||||||||||||||||||||||||||
Operating income | $ | 507.7 | $ | (0.9 | ) | $ | 266.4 | $ | 105.7 | $ | 44.4 | $ | 0.6 | $ | 67.8 | $ | 13.8 | $ | 9.9 | |||||||||||||||||||
Income from equity investees | 0.1 | — | — | — | — | — | 0.1 | — | — | |||||||||||||||||||||||||||||
Interest expense | (60.1 | ) | — | (41.8 | ) | (9.3 | ) | (0.8 | ) | — | (6.3 | ) | (1.3 | ) | (0.6 | ) | ||||||||||||||||||||||
Income before income taxes | $ | 447.7 | $ | (0.9 | ) | $ | 224.6 | $ | 96.4 | $ | 43.6 | $ | 0.6 | $ | 61.6 | $ | 12.5 | $ | 9.3 | |||||||||||||||||||
Partnership EBITDA (a) | $ | 314.9 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 161 | $ | — | $ | 160.7 | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | — | ||||||||||||||||||||
Depreciation and amortization | $ | 89.6 | $ | — | $ | 50.9 | $ | 12.7 | $ | 1.9 | $ | 2.4 | $ | 14.2 | $ | 5.8 | $ | 1.7 | ||||||||||||||||||||
Capital expenditures | $ | 93.6 | $ | (1.0 | ) | $ | 27.9 | $ | 24.4 | $ | 19.3 | $ | 4.2 | $ | 13.2 | $ | 4.1 | $ | 1.5 | |||||||||||||||||||
Total assets (at period end) | $ | 10,215.40 | $ | (110.8 | ) | $ | 4,682.60 | $ | 2,184.80 | $ | 450.4 | $ | 261.7 | $ | 1,847.70 | $ | 551.3 | $ | 347.7 | |||||||||||||||||||
Bank loans (at period end) | $ | 177.7 | $ | — | $ | 115.9 | $ | — | $ | 47 | $ | — | $ | — | $ | 14.8 | $ | — | ||||||||||||||||||||
Goodwill (at period end) | $ | 2,813.80 | $ | — | $ | 1,919.20 | $ | 182.1 | $ | 2.8 | $ | — | $ | 610 | $ | 92.7 | $ | 7 | ||||||||||||||||||||
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Partnership EBITDA | $ | 331.3 | $ | 314.9 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | (49.2 | ) | (50.9 | ) | ||||||||||||||||||||||||||||||||||
Noncontrolling interests (i) | 2.7 | 2.4 | ||||||||||||||||||||||||||||||||||||
Operating income | $ | 284.8 | $ | 266.4 | ||||||||||||||||||||||||||||||||||
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. | |||||||||||||||||||||||||||||||||||||
(b) | Corporate & Other results principally comprise (1) Electric Utility, (2) Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC”), (3) changes in the fair values of Midstream & Marketing’s unsettled commodity derivative instruments and gains and losses on settled commodity derivative instruments not associated with current period transactions, (4) net expenses of UGI’s captive general liability insurance company, and (5) UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. | |||||||||||||||||||||||||||||||||||||
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. | |||||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2014: | ||||||||||||||||||||||||||||||||||||||
Midstream & Marketing | UGI International | |||||||||||||||||||||||||||||||||||||
Total | Elim- | AmeriGas | Gas | Energy Services | Electric Generation | Antargaz | Flaga & | Corporate & | ||||||||||||||||||||||||||||||
inations | Propane | Utility | Other | Other (b) | ||||||||||||||||||||||||||||||||||
Revenues | $ | 5,479.20 | $ | (230.2 | ) | (c) | $ | 2,539.50 | $ | 751.7 | $ | 861.6 | $ | 45.9 | $ | 837.3 | $ | 570.5 | $ | 102.9 | ||||||||||||||||||
Cost of sales | $ | 3,431.20 | $ | (228.4 | ) | (c) | $ | 1,468.20 | $ | 414.3 | $ | 685 | $ | 20 | $ | 549.2 | $ | 454.4 | $ | 68.5 | ||||||||||||||||||
Segment profit: | ||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 952.3 | $ | 0.1 | $ | 464.5 | $ | 216.6 | $ | 143.3 | $ | 14.3 | $ | 96.1 | $ | 24.6 | $ | (7.2 | ) | |||||||||||||||||||
Income from equity investees | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Interest expense | (118.8 | ) | — | (83.6 | ) | (16.8 | ) | (2.0 | ) | — | (12.8 | ) | (2.4 | ) | (1.2 | ) | ||||||||||||||||||||||
Income (loss) before income taxes | $ | 833.5 | $ | 0.1 | $ | 380.9 | $ | 199.8 | $ | 141.3 | $ | 14.3 | $ | 83.3 | $ | 22.2 | $ | (8.4 | ) | |||||||||||||||||||
Partnership EBITDA (a) | $ | 561.5 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 268.9 | $ | — | $ | 268.6 | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | — | ||||||||||||||||||||
Depreciation and amortization | $ | 181.7 | $ | (0.1 | ) | $ | 101.5 | $ | 27 | $ | 5.8 | $ | 5.3 | $ | 25.3 | $ | 13.8 | $ | 3.1 | |||||||||||||||||||
Capital expenditures | $ | 188.1 | $ | (1.2 | ) | $ | 51 | $ | 62.9 | $ | 30.1 | $ | 11.1 | $ | 21.1 | $ | 8.8 | $ | 4.3 | |||||||||||||||||||
Total assets (at period end) | $ | 10,720.50 | $ | (116.3 | ) | $ | 4,692.30 | $ | 2,195.40 | $ | 643.2 | $ | 283.9 | $ | 1,923.20 | $ | 660.4 | $ | 438.4 | |||||||||||||||||||
Bank loans (at period end) | $ | 260.1 | $ | — | $ | 198 | $ | 6.5 | $ | 51.5 | $ | — | $ | — | $ | 4.1 | $ | — | ||||||||||||||||||||
Goodwill (at period end) | $ | 2,886.00 | $ | — | $ | 1,939.00 | $ | 182.1 | $ | 2.8 | $ | — | $ | 655.3 | $ | 99.8 | $ | 7 | ||||||||||||||||||||
Six Months Ended March 31, 2013: | ||||||||||||||||||||||||||||||||||||||
Midstream & Marketing | UGI International | |||||||||||||||||||||||||||||||||||||
Total | Elim- | AmeriGas | Gas | Energy Services | Electric Generation | Antargaz | Flaga & | Corporate & | ||||||||||||||||||||||||||||||
inations | Propane | Utility | Other | Other (b) | ||||||||||||||||||||||||||||||||||
Revenues | $ | 4,561.40 | $ | (119.6 | ) | (c) | $ | 2,055.20 | $ | 616.9 | $ | 531.8 | $ | 32.4 | $ | 871.9 | $ | 476.5 | $ | 96.3 | ||||||||||||||||||
Cost of sales | $ | 2,702.20 | $ | (116.1 | ) | (c) | $ | 1,061.70 | $ | 320.3 | $ | 435.6 | $ | 20.5 | $ | 565.7 | $ | 372.3 | $ | 42.2 | ||||||||||||||||||
Segment profit: | ||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 801.9 | $ | (0.9 | ) | $ | 403.7 | $ | 175.5 | $ | 70.1 | $ | 0.8 | $ | 115.3 | $ | 24.1 | $ | 13.3 | |||||||||||||||||||
Income (loss) from equity investees | 0.1 | — | — | — | — | — | 0.1 | — | — | |||||||||||||||||||||||||||||
Interest expense | (121.6 | ) | — | (84.2 | ) | (18.9 | ) | (1.8 | ) | — | (12.8 | ) | (2.6 | ) | (1.3 | ) | ||||||||||||||||||||||
Income (loss) before income taxes | $ | 680.4 | $ | (0.9 | ) | $ | 319.5 | $ | 156.6 | $ | 68.3 | $ | 0.8 | $ | 102.6 | $ | 21.5 | $ | 12 | |||||||||||||||||||
Partnership EBITDA (a) | $ | 500.8 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 226.3 | $ | — | $ | 225.9 | $ | — | $ | — | $ | — | $ | 0.4 | $ | — | $ | — | ||||||||||||||||||||
Depreciation and amortization | $ | 177.4 | $ | — | $ | 101 | $ | 25.3 | $ | 3.5 | $ | 4.9 | $ | 28.3 | $ | 11.3 | $ | 3.1 | ||||||||||||||||||||
Capital expenditures | $ | 184.8 | $ | (1.1 | ) | $ | 54.4 | $ | 52.9 | $ | 32.8 | $ | 11 | $ | 25.4 | $ | 6.3 | $ | 3.1 | |||||||||||||||||||
Total assets (at period end) | $ | 10,215.40 | $ | (110.8 | ) | $ | 4,682.60 | $ | 2,184.80 | $ | 450.4 | $ | 261.7 | $ | 1,847.70 | $ | 551.3 | $ | 347.7 | |||||||||||||||||||
Bank loans (at period end) | $ | 177.7 | $ | — | $ | 115.9 | $ | — | $ | 47 | $ | — | $ | — | $ | 14.8 | $ | — | ||||||||||||||||||||
Goodwill (at period end) | $ | 2,813.80 | $ | — | $ | 1,919.20 | $ | 182.1 | $ | 2.8 | $ | — | $ | 610 | $ | 92.7 | $ | 7 | ||||||||||||||||||||
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: | |||||||||||||||||||||||||||||||||||||
Six Months Ended March 31, | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Partnership EBITDA | $ | 561.5 | $ | 500.8 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | (101.5 | ) | (101.0 | ) | ||||||||||||||||||||||||||||||||||
Noncontrolling interests (i) | 4.5 | 3.9 | ||||||||||||||||||||||||||||||||||||
Operating income | $ | 464.5 | $ | 403.7 | ||||||||||||||||||||||||||||||||||
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. | |||||||||||||||||||||||||||||||||||||
(b) | Corporate & Other results principally comprise (1) Electric Utility, (2) HVAC, (3) changes in the fair values of Midstream & Marketing’s unsettled commodity derivative instruments and gains and losses on settled commodity derivative instruments not associated with current period transactions, (4) net expenses of UGI’s captive general liability insurance company, and (5) UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. | |||||||||||||||||||||||||||||||||||||
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
Energy_Services_Accounts_Recei
Energy Services Accounts Receivable Securitization Facility | 6 Months Ended |
Mar. 31, 2014 | |
Transfers and Servicing of Financial Assets [Abstract] | ' |
Energy Services Accounts Receivable Securitization Facility | ' |
Energy Services Accounts Receivable Securitization Facility | |
Energy Services has a receivables purchase facility (“Receivables Facility”) with an issuer of receivables-backed commercial paper that is currently scheduled to expire in October 2014. The Receivables Facility provides Energy Services with the ability to borrow up to $150 of eligible receivables during the period November 1, 2013 to May 31, 2014, and up to $75 of eligible receivables during the period June 1, 2014 to October 31, 2014. | |
Under the Receivables Facility, Energy Services transfers, on an ongoing basis and without recourse, its trade accounts receivable to its wholly owned, special purpose subsidiary, Energy Services Funding Corporation (“ESFC”), which is consolidated for financial statement purposes. ESFC, in turn, has sold, and subject to certain conditions, may from time to time sell, an undivided interest in some or all of the receivables to a major bank and, prior to October 1, 2013, a commercial paper conduit of a major bank. ESFC was created and has been structured to isolate its assets from creditors of Energy Services and its affiliates, including UGI. Trade receivables sold to the bank or, prior to October 1, 2013, the commercial paper conduit, remain on the Company’s balance sheet and the Company reflects a liability equal to the amount advanced by the bank or the commercial paper conduit. The Company records interest expense on amounts owed to the bank or, prior to October 1, 2013, the commercial paper conduit. Energy Services continues to service, administer and collect trade receivables on behalf of the bank or commercial paper issuer, as applicable. | |
During the six months ended March 31, 2014 and 2013, Energy Services transferred trade receivables to ESFC totaling $551.8 and $524.3, respectively. During the six months ended March 31, 2014 and 2013, ESFC sold an aggregate $251.0 and $179.0, respectively, of undivided interests in its trade receivables to the bank or commercial paper conduit, as applicable. At March 31, 2014, the outstanding balance of ESFC receivables was $124.1 and there was $10.5 sold to the bank. At March 31, 2013, the outstanding balance of ESFC receivables was $82.6 and there was $11.0 sold to the commercial paper conduit. |
Utility_Regulatory_Assets_and_
Utility Regulatory Assets and Liabilities and Regulatory Matters | 6 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Regulated Operations [Abstract] | ' | ||||||||||||
Utility Regulatory Assets and Liabilities and Regulatory Matters | ' | ||||||||||||
Utility Regulatory Assets and Liabilities and Regulatory Matters | |||||||||||||
For a description of the Company’s regulatory assets and liabilities other than those described below, see Note 8 to the Company’s 2013 Annual Financial Statements and Notes. UGI Utilities does not recover a rate of return on its regulatory assets. The following regulatory assets and liabilities associated with Gas Utility and Electric Utility are included in our accompanying Condensed Consolidated Balance Sheets: | |||||||||||||
March 31, | September 30, | March 31, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Regulatory assets: | |||||||||||||
Income taxes recoverable | $ | 106.8 | $ | 106.1 | $ | 104.2 | |||||||
Underfunded pension and postretirement plans | 91 | 94.5 | 181.3 | ||||||||||
Environmental costs | 14.5 | 17.1 | 16.8 | ||||||||||
Deferred fuel and power costs | 4.3 | 8.3 | 2.1 | ||||||||||
Removal costs, net | 14.4 | 13.3 | 11.9 | ||||||||||
Other | 4.9 | 5.6 | 6 | ||||||||||
Total regulatory assets | $ | 235.9 | $ | 244.9 | $ | 322.3 | |||||||
Regulatory liabilities: | |||||||||||||
Postretirement benefits | $ | 17.2 | $ | 16.5 | $ | 13.9 | |||||||
Environmental overcollections | 1.9 | 2.6 | 3 | ||||||||||
Deferred fuel and power refunds | 3.2 | 8.3 | 31.2 | ||||||||||
State tax benefits—distribution system repairs | 9 | 8.4 | 7.9 | ||||||||||
Other | 1.8 | 1.5 | 0.7 | ||||||||||
Total regulatory liabilities | $ | 33.1 | $ | 37.3 | $ | 56.7 | |||||||
Deferred fuel and power—costs and refunds. Gas Utility’s tariffs and Electric Utility’s tariffs contain clauses which permit recovery of all prudently incurred purchased gas and power costs through the application of purchased gas cost (“PGC”) rates in the case of Gas Utility and default service (“DS”) rates in the case of Electric Utility. The clauses provide for periodic adjustments to PGC and DS rates for differences between the total amount of purchased gas and electric generation supply costs collected from customers and recoverable costs incurred. Net undercollected costs are classified as a regulatory asset and net overcollected costs are classified as a regulatory liability. | |||||||||||||
Gas Utility uses derivative financial instruments to reduce volatility in the cost of natural gas it purchases for firm- residential, commercial and industrial (“retail core-market”) customers. Realized and unrealized gains or losses on natural gas derivative financial instruments are included in deferred fuel costs or refunds. Net unrealized gains (losses) on such contracts at March 31, 2014, September 30, 2013 and March 31, 2013 were $2.4, $(1.7) and $4.1, respectively. | |||||||||||||
Electric Utility enters into forward electricity purchase contracts to meet a substantial portion of its electricity supply needs. Because these contracts do not currently qualify for the normal purchases and normal sales exception under GAAP, the fair values of these contracts are required to be recognized on the Condensed Consolidated Balance Sheets with an associated adjustment to regulatory assets or liabilities in accordance with GAAP related to rate-regulated entities. At March 31, 2014, September 30, 2013, and March 31, 2013, the fair values of Electric Utility’s electricity supply contracts were net gains (losses) of $0.4, $(4.8) and $(5.5), respectively, which amounts are reflected in current derivative financial instrument assets and liabilities and other noncurrent liabilities on the Condensed Consolidated Balance Sheets with equal and offsetting amounts reflected in deferred fuel and power costs or refunds in the table above. | |||||||||||||
In order to reduce volatility associated with a substantial portion of its electric transmission congestion costs, Electric Utility obtains financial transmission rights (“FTRs”). FTRs are derivative financial instruments that entitle the holder to receive compensation for electricity transmission congestion charges when there is insufficient electricity transmission capacity on the electric transmission grid. Because Electric Utility is entitled to fully recover its DS costs, realized and unrealized gains or losses on FTRs are included in deferred fuel and power costs or deferred fuel and power refunds. Unrealized gains or losses on FTRs at March 31, 2014, September 30, 2013, and March 31, 2013, were not material. |
Defined_Benefit_Pension_and_Ot
Defined Benefit Pension and Other Postretirement Plans | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||||||
Defined Benefit Pension and Other Postretirement Plans | ' | ||||||||||||||||
Defined Benefit Pension and Other Postretirement Plans | |||||||||||||||||
In the U.S., we currently sponsor one defined benefit pension plan for employees hired prior to January 1, 2009, of UGI, UGI Utilities, PNG, CPG and certain of UGI’s other domestic wholly owned subsidiaries (“Pension Plan”). We also provide postretirement health care benefits to certain retirees and postretirement life insurance benefits to nearly all domestic active and retired employees. In addition, Antargaz employees are covered by certain defined benefit pension and postretirement plans. | |||||||||||||||||
Net periodic pension expense and other postretirement benefit costs include the following components: | |||||||||||||||||
Pension Benefits | Other | ||||||||||||||||
Postretirement Benefits | |||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 2.3 | $ | 2.8 | $ | 0.1 | $ | 0.2 | |||||||||
Interest cost | 6.5 | 5.9 | 0.2 | 0.2 | |||||||||||||
Expected return on assets | (7.3 | ) | (6.9 | ) | (0.1 | ) | (0.1 | ) | |||||||||
Amortization of: | |||||||||||||||||
Prior service cost (benefit) | 0.1 | 0.1 | (0.1 | ) | (0.1 | ) | |||||||||||
Actuarial loss | 1.9 | 3.7 | — | 0.1 | |||||||||||||
Net benefit cost | 3.5 | 5.6 | 0.1 | 0.3 | |||||||||||||
Change in associated regulatory liabilities | — | — | 0.9 | 0.8 | |||||||||||||
Net expense | $ | 3.5 | $ | 5.6 | $ | 1 | $ | 1.1 | |||||||||
Pension Benefits | Other | ||||||||||||||||
Postretirement Benefits | |||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 4.7 | $ | 5.7 | $ | 0.3 | $ | 0.3 | |||||||||
Interest cost | 12.9 | 11.8 | 0.5 | 0.5 | |||||||||||||
Expected return on assets | (14.7 | ) | (13.8 | ) | (0.3 | ) | (0.3 | ) | |||||||||
Amortization of: | |||||||||||||||||
Prior service cost (benefit) | 0.2 | 0.2 | (0.2 | ) | (0.1 | ) | |||||||||||
Actuarial loss | 3.8 | 7.4 | — | 0.2 | |||||||||||||
Net benefit cost | 6.9 | 11.3 | 0.3 | 0.6 | |||||||||||||
Change in associated regulatory liabilities | — | — | 1.8 | 1.6 | |||||||||||||
Net expense | $ | 6.9 | $ | 11.3 | $ | 2.1 | $ | 2.2 | |||||||||
Pension Plan assets are held in trust and consist principally of publicly traded, diversified equity and fixed income mutual funds and UGI Common Stock. It is our general policy to fund amounts for Pension Plan benefits equal to at least the minimum contribution set forth in applicable employee benefit laws. Based upon current assumptions, the Company estimates that it will be required to contribute approximately $10.9 to the Pension Plan during the remainder of Fiscal 2014. During the six months ended March 31, 2014 and 2013, the Company made cash contributions to the Pension Plan of $7.0 and $6.4, respectively. UGI Utilities has established a Voluntary Employees’ Beneficiary Association (“VEBA”) trust to pay UGI Gas’ and Electric Utility’s postretirement health care and life insurance benefits referred to above by depositing into the VEBA the annual amount of postretirement benefit costs determined under GAAP. The difference between such amounts calculated under GAAP and the amounts included in UGI Gas’ and Electric Utility’s rates is deferred for future recovery from, or refund to, ratepayers. | |||||||||||||||||
We also sponsor unfunded and non-qualified defined benefit supplemental executive retirement plans (“Supplemental Defined Benefit Plans”). We recorded pre-tax expense associated with these plans of $0.9 and $0.8 in the three months ended March 31, 2014 and 2013, respectively. We recorded pre-tax expense associated with these plans of $1.7 and $1.6 in the six months ended March 31, 2014 and 2013, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Environmental Matters | |
UGI Utilities | |
CPG is party to a Consent Order and Agreement (“CPG-COA”) with the Pennsylvania Department of Environmental Protection (“DEP”) requiring CPG to perform a specified level of activities associated with environmental investigation and remediation work at certain properties in Pennsylvania on which manufactured gas plant (“MGP”) related facilities were operated (“CPG MGP Properties”) and to plug a minimum number of non-producing natural gas wells per year. In addition, PNG is a party to a Multi-Site Remediation Consent Order and Agreement (“PNG-COA”) with the DEP. The PNG-COA requires PNG to perform annually a specified level of activities associated with environmental investigation and remediation work at certain properties on which MGP-related facilities were operated (“PNG MGP Properties”). Under these agreements, environmental expenditures relating to the CPG MGP Properties and the PNG MGP Properties are capped at $1.8 and $1.1, respectively, in any calendar year. The CPG-COA was recently renewed and is scheduled to terminate at the end of 2018. The PNG-COA terminates in 2019 but may be terminated by either party effective at the end of any two-year period beginning with the original effective date in March 2004. At March 31, 2014 and 2013, our accrued liabilities for environmental investigation and remediation costs related to the CPG-COA and the PNG-COA totaled $11.1 and $14.3, respectively. In accordance with GAAP related to rate-regulated entities, we have recorded associated regulatory assets in equal amounts. | |
From the late 1800s through the mid-1900s, UGI Utilities and its former subsidiaries owned and operated a number of MGPs prior to the general availability of natural gas. Some constituents of coal tars and other residues of the manufactured gas process are today considered hazardous substances under the Superfund Law and may be present on the sites of former MGPs. Between 1882 and 1953, UGI Utilities owned the stock of subsidiary gas companies in Pennsylvania and elsewhere and also operated the businesses of some gas companies under agreement. Pursuant to the requirements of the Public Utility Holding Company Act of 1935, by the early 1950s UGI Utilities divested all of its utility operations other than certain Pennsylvania operations, including those which now constitute UGI Gas and Electric Utility. | |
UGI Utilities does not expect its costs for investigation and remediation of hazardous substances at Pennsylvania MGP sites to be material to its results of operations because (1) UGI Gas is currently permitted to include in rates, through future base rate proceedings, a five-year average of such prudently incurred remediation costs and (2) CPG and PNG are currently receiving regulatory recovery of estimated environmental investigation and remediation costs associated with Pennsylvania sites. At March 31, 2014, neither the undiscounted nor the accrued liability for environmental investigation and cleanup costs for UGI Gas was material. | |
From time to time, UGI Utilities is notified of sites outside Pennsylvania on which private parties allege MGPs were formerly owned or operated by UGI Utilities or owned or operated by its former subsidiaries. Such parties generally investigate the extent of environmental contamination or perform environmental remediation. Management believes that under applicable law UGI Utilities should not be liable in those instances in which a former subsidiary owned or operated an MGP. There could be, however, significant future costs of an uncertain amount associated with environmental damage caused by MGPs outside Pennsylvania that UGI Utilities directly operated, or that were owned or operated by former subsidiaries of UGI Utilities if a court were to conclude that (1) the subsidiary’s separate corporate form should be disregarded or (2) UGI Utilities should be considered to have been an operator because of its conduct with respect to its subsidiary’s MGP. | |
Other Matters | |
Federal Trade Commission Investigation of Propane Grill Cylinder Filling Practices. On or about November 4, 2011, the General Partner received notice that the Federal Trade Commission (“FTC”) had initiated an antitrust and consumer protection investigation into certain practices of the Partnership which relate to the filling of portable propane cylinders. On February 2, 2012, the Partnership received a Civil Investigative Demand from the FTC that requested documents and information concerning, among other things, (i) the Partnership’s decision, in 2008, to reduce the volume of propane in cylinders it sells to consumers from 17 pounds to 15 pounds, and (ii) cross-filling, related service arrangements and communications regarding the foregoing with competitors. The Partnership responded to that subpoena and cooperated with subsequent requests for information. On March 27, 2014, the FTC issued an administrative complaint against the Partnership and UGI alleging that the General Partner and one of its competitors colluded in 2008 to persuade its joint customer, Walmart Stores, Inc., to accept the cylinder fill reduction from 17 pounds to 15 pounds. The complaint does not seek monetary remedies. The Partnership and UGI filed their Answer to the complaint on April 18, 2014 and believe that they have good defenses to the FTC’s claims. We are unable to reasonably estimate the impact, if any, arising from this claim. | |
In addition to the matter described above, there are other pending claims and legal actions arising in the normal course of our businesses. Although we cannot predict the final results of these pending claims and legal actions, we believe, after consultation with counsel, that the final outcome of these matters will not have a material effect on our consolidated financial position, results of operations or cash flows. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||
The following table presents our financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of March 31, 2014, September 30, 2013 and March 31, 2013: | |||||||||||||||||
Asset (Liability) | |||||||||||||||||
Quoted Prices | Significant | Unobservable | Total | ||||||||||||||
in Active | Other | Inputs | |||||||||||||||
Markets for | Observable | (Level 3) | |||||||||||||||
Identical Assets | Inputs | ||||||||||||||||
and Liabilities | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
March 31, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Commodity contracts | $ | 11.5 | $ | 11.4 | $ | — | $ | 22.9 | |||||||||
Foreign currency contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Commodity contracts | $ | (4.0 | ) | $ | (17.1 | ) | $ | — | $ | (21.1 | ) | ||||||
Foreign currency contracts | $ | — | $ | (5.6 | ) | $ | — | $ | (5.6 | ) | |||||||
Interest rate contracts | $ | — | $ | (27.8 | ) | $ | — | $ | (27.8 | ) | |||||||
Cross-currency swaps | $ | — | $ | (2.2 | ) | $ | — | $ | (2.2 | ) | |||||||
September 30, 2013: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Commodity contracts | $ | 2.1 | $ | 21.2 | $ | — | $ | 23.3 | |||||||||
Foreign currency contracts | $ | — | $ | 0.9 | $ | — | $ | 0.9 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Commodity contracts | $ | (9.7 | ) | $ | (6.3 | ) | $ | — | $ | (16.0 | ) | ||||||
Foreign currency contracts | $ | — | $ | (7.2 | ) | $ | — | $ | (7.2 | ) | |||||||
Interest rate contracts | $ | — | $ | (31.0 | ) | $ | — | $ | (31.0 | ) | |||||||
Cross-currency swaps | $ | — | $ | (1.2 | ) | $ | — | $ | (1.2 | ) | |||||||
March 31, 2013: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Commodity contracts | $ | 7.9 | $ | 5.7 | $ | — | $ | 13.6 | |||||||||
Foreign currency contracts | $ | — | $ | 1.5 | $ | — | $ | 1.5 | |||||||||
Interest rate contracts | $ | — | $ | 4.2 | $ | — | $ | 4.2 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Commodity contracts | $ | (2.7 | ) | $ | (12.6 | ) | $ | — | $ | (15.3 | ) | ||||||
Foreign currency contracts | $ | — | $ | (0.5 | ) | $ | — | $ | (0.5 | ) | |||||||
Interest rate contracts | $ | — | $ | (60.5 | ) | $ | — | $ | (60.5 | ) | |||||||
The fair values of our Level 1 exchange-traded commodity futures and option contracts and non exchange-traded commodity futures and forward contracts are based upon actively-quoted market prices for identical assets and liabilities. The remainder of our derivative financial instruments are designated as Level 2. The fair values of certain non-exchange traded commodity derivatives designated as Level 2 are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. For commodity option contracts designated as Level 2 which are not traded on an exchange, we use a Black Scholes option pricing model that considers time value and volatility of the underlying commodity. The fair values of our Level 2 interest rate contracts and foreign currency contracts are based upon third-party quotes or indicative values based on recent market transactions. There were no transfers between Level 1 and Level 2 during the periods presented. | |||||||||||||||||
Other Financial Instruments | |||||||||||||||||
The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. At March 31, 2014, the carrying amount and estimated fair value of our long-term debt (including current maturities) were $3,613.6 and $3,864.4, respectively. At March 31, 2013, the carrying amount and estimated fair value of our long-term debt (including current maturities) were $3,502.9 and $3,780.6, respectively. We estimate the fair value of long-term debt by using current market rates and by discounting future cash flows using rates available for similar type debt (Level 2). | |||||||||||||||||
Financial instruments other than derivative financial instruments, such as our short-term investments and trade accounts receivable, could expose us to concentrations of credit risk. We limit our credit risk from short-term investments by investing only in investment-grade commercial paper, money market mutual funds, securities guaranteed by the U.S. Government or its agencies and FDIC insured bank deposits. The credit risk from trade accounts receivable is limited because we have a large customer base that extends across many different U.S. markets and several foreign countries. For information regarding concentrations of credit risk associated with our derivative financial instruments, see Note 12 and below. | |||||||||||||||||
Disclosures about Offsetting Derivative Assets and Liabilities | |||||||||||||||||
Derivative assets and liabilities are presented net by counterparty on our Condensed Consolidated Balance Sheets if the right of offset exists. Our derivative financial instruments include both those that are executed on an exchange through brokers and centrally cleared and over-the-counter transactions. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Certain over-the-counter and exchange contracts contain contractual rights of offset through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts are subject to conditional rights of offset through counterparty nonperformance, insolvency, or other conditions. | |||||||||||||||||
In general, most of our over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral generally include cash or letters of credit. Cash collateral paid by us to our derivative counterparties is reflected in the table below to offset derivative liabilities. Cash collateral received by us from our derivative counterparties is reflected in the table below to offset derivative assets. Certain other accounts receivable and accounts payable balances recognized on our Condensed Consolidated Balance Sheets with our derivative counterparties are not included in the table below but could reduce our net exposure to such counterparties because such balances are subject to master netting or similar arrangements. | |||||||||||||||||
Offsetting Derivative Assets and Liabilities | |||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | |||||||||||||||
March 31, 2014: | |||||||||||||||||
Derivative assets | $ | 31.6 | $ | (8.6 | ) | $ | 23 | ||||||||||
Derivative (liabilities) | $ | (65.3 | ) | $ | 8.6 | $ | (56.7 | ) | |||||||||
September 30, 2013: | |||||||||||||||||
Derivative assets | $ | 26.3 | $ | (2.1 | ) | $ | 24.2 | ||||||||||
Derivative (liabilities) | $ | (57.5 | ) | $ | 2.1 | $ | (55.4 | ) | |||||||||
March 31, 2013: | |||||||||||||||||
Derivative assets | $ | 30.1 | $ | (10.8 | ) | $ | 19.3 | ||||||||||
Derivative (liabilities) | $ | (87.1 | ) | $ | 10.8 | $ | (76.3 | ) | |||||||||
Disclosures_About_Derivative_I
Disclosures About Derivative Instruments and Hedging Activities | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Disclosures About Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||
Disclosures about Derivative Instruments and Hedging Activities | |||||||||||||||||||||
We are exposed to certain market risks related to our ongoing business operations. Management uses derivative financial and commodity instruments, among other things, to manage these risks. The primary risks managed by derivative instruments are (1) commodity price risk, (2) interest rate risk and (3) foreign currency exchange rate risk. Although we use derivative financial and commodity instruments to reduce market risk associated with forecasted transactions, we do not use derivative financial and commodity instruments for speculative or trading purposes. The use of derivative instruments is controlled by our risk management and credit policies which govern, among other things, the derivative instruments we can use, counterparty credit limits and contract authorization limits. A substantial portion of our derivative financial instruments, other than commodity derivative instruments at Midstream & Marketing, are designated and qualify as cash flow hedges or net investment hedges. Midstream & Marketing’s commodity derivative instruments are not accounted for as hedges under GAAP. Because a substantial portion of our derivative instruments qualify for and are designated as hedges under GAAP or are subject to regulatory rate recovery mechanisms, we expect that changes in the fair value of derivative instruments used to manage commodity, interest rate or currency exchange rate risk would be substantially offset by gains or losses on the associated anticipated transactions. | |||||||||||||||||||||
Commodity Price Risk | |||||||||||||||||||||
In order to manage market price risk associated with the Partnership’s fixed-price programs, which permit customers to lock in the prices they pay for propane principally during the months of October through March, the Partnership uses over-the-counter derivative commodity instruments, principally price swap contracts. In addition, the Partnership, certain other domestic business units and our UGI International operations also use over-the-counter price swap and option contracts to reduce commodity price volatility associated with a portion of their forecasted LPG purchases. In addition, the Partnership from time to time enters into price swap and put option agreements to reduce the effects of short-term commodity price volatility which agreements are generally not designated as hedges for accounting purposes. | |||||||||||||||||||||
Gas Utility’s tariffs contain clauses that permit recovery of all of the prudently incurred costs of natural gas it sells to retail core-market customers, including the cost of financial instruments used to hedge purchased gas costs. As permitted and agreed to by the PUC pursuant to Gas Utility’s annual PGC filings, Gas Utility currently uses New York Mercantile Exchange (“NYMEX”) natural gas futures and option contracts to reduce commodity price volatility associated with a portion of the natural gas it purchases for its retail core-market customers. At March 31, 2014 and 2013, the volumes of natural gas associated with Gas Utility’s unsettled NYMEX natural gas futures and option contracts totaled 9.0 million dekatherms and 10.0 million dekatherms, respectively. At March 31, 2014, the maximum period over which Gas Utility is hedging natural gas market price risk is 11 months. Gains and losses on natural gas futures contracts and any gains on natural gas option contracts are recorded in regulatory assets or liabilities on the Condensed Consolidated Balance Sheets in accordance with GAAP related to rate-regulated entities and reflected in cost of sales through the PGC mechanism (see Note 8). | |||||||||||||||||||||
Electric Utility’s DS tariffs permit the recovery of all prudently incurred costs of electricity it sells to DS customers, including the cost of financial instruments used to hedge electricity costs. Electric Utility enters into forward electricity purchase contracts to meet a substantial portion of its electricity supply needs. Because these contracts currently do not qualify for the normal purchases and normal sales exception under GAAP, the fair values of these contracts are required to be recognized on the balance sheet. At March 31, 2014 and 2013, the fair values of Electric Utility’s forward purchase power agreements comprising gains of $0.4 and losses of $5.5, respectively, are reflected in current derivative financial instrument assets and liabilities and other noncurrent liabilities in the accompanying Condensed Consolidated Balance Sheets. In accordance with GAAP related to rate-regulated entities, Electric Utility has recorded equal and offsetting amounts in regulatory assets and liabilities. At March 31, 2014 and 2013, the volumes of Electric Utility’s forward electricity purchase contracts were 207.0 million kilowatt hours and 403.2 million kilowatt hours, respectively. At March 31, 2014, the maximum period over which these contracts extend is 8 months. | |||||||||||||||||||||
In order to reduce volatility associated with a substantial portion of its electricity transmission congestion costs, Electric Utility obtains FTRs through an annual allocation process and by purchases of FTRs at monthly auctions. Midstream & Marketing purchases FTRs to economically hedge electricity transmission congestion costs associated with its fixed-price electricity sales contracts. FTRs are derivative financial instruments that entitle the holder to receive compensation for electricity transmission congestion charges that result when there is insufficient electricity transmission capacity on the electric transmission grid. Because Electric Utility is entitled to fully recover its DS costs, gains and losses on Electric Utility FTRs are recorded in regulatory assets or liabilities in accordance with GAAP related to rate-regulated entities and reflected in cost of sales through the DS recovery mechanism (see Note 8). Midstream & Marketing from time to time also enters into New York Independent System Operator (“NYISO”) capacity swap contracts to economically hedge the locational basis differences for customers it serves on the NYISO electricity grid. At March 31, 2014 and 2013, the volumes associated with Electric Utility FTRs totaled 47.4 million kilowatt hours and 47.5 million kilowatt hours, respectively. Midstream & Marketing’s FTRs and capacity swap contracts are recorded at fair value with changes in fair value reflected in cost of sales. At March 31, 2014 and 2013, the volumes associated with Midstream & Marketing’s FTRs and NYISO capacity swap contracts totaled 435.1 million kilowatt hours and 261.0 million kilowatt hours, respectively. | |||||||||||||||||||||
In order to manage market price risk relating to fixed-price sales contracts for natural gas and electricity, Midstream & Marketing enters into NYMEX and over-the-counter natural gas futures contracts, IntercontinentalExchange (“ICE”) natural gas basis swap contracts, and electricity futures contracts. Midstream & Marketing also uses NYMEX and over-the-counter electricity futures contracts to economically hedge the price of a portion of its anticipated future sales of electricity from its electric generation facilities. In addition, Midstream & Marketing uses NYMEX futures contracts to economically hedge the gross margin associated with the purchase and anticipated later sale of natural gas or propane. During the three months ended March 31, 2014, Energy Services determined that it could no longer assert the normal purchases and normal sales exception under GAAP for new contracts entered into for the forward purchase of natural gas and, as a result, began accounting for these new contracts at fair value on the balance sheet with changes in fair value reflected in net income. These contracts, as well as other Midstream & Marketing derivative instruments described above, are not accounted for as hedges under GAAP. These derivative instruments are recorded at fair value with changes in fair value reflected in income. As a result, volatility in Midstream and Marketing’s results can occur due to changes in the fair value of unsettled derivative instruments. Volatility can also occur as a result of timing differences between the settlement of financial derivatives and the sale or purchase of the corresponding physical commodity that was economically hedged. | |||||||||||||||||||||
At March 31, 2014 and 2013, total volumes associated with Midstream & Marketing’s natural gas futures and forward purchases contracts totaled 69.9 million dekatherms and 17.3 million dekatherms, respectively. Total volumes associated with Midstream & Marketing’s electricity call contracts and electricity put contracts totaled 603.1 million kilowatt hours and 346.1 million kilowatt hours at March 31, 2014, and 1,034.4 million kilowatt hours and 449.9 million kilowatt hours at March 31, 2013, respectively. At March 31, 2014, the volumes associated with Midstream & Marketing’s natural gas NYMEX contracts totaled 0.1 million dekatherms and there were no propane storage NYMEX contracts. At March 31, 2013, the volumes associated with Midstream & Marketing’s natural gas storage NYMEX contracts totaled 0.4 million dekatherms and there were no propane storage NYMEX contracts. | |||||||||||||||||||||
In order to reduce operating expense volatility, UGI Utilities from time to time enters into NYMEX gasoline futures and swap contracts for a portion of gasoline volumes expected to be used in the operation of its vehicles and equipment. Associated volumes, fair values and effects on net income were not material for all periods presented. | |||||||||||||||||||||
At March 31, 2014 and 2013, total volumes associated with LPG commodity derivative instruments totaled 121.9 million gallons and 129.4 million gallons, respectively. At March 31, 2014, the maximum period over which we are economically hedging our exposure to the variability in cash flows associated with LPG commodity price risk is 23 months with a weighted average of 7 months. | |||||||||||||||||||||
We account for commodity price risk contracts (other than Midstream & Marketing’s contracts that are not designated as accounting hedges, Gas Utility and Electric Utility contracts that are subject to regulatory treatment and certain other contracts not qualifying for hedge accounting) as cash flow hedges. Changes in the fair values of contracts qualifying for cash flow hedge accounting are recorded in AOCI and, with respect to the Partnership, noncontrolling interests, to the extent effective in offsetting changes in the underlying commodity price risk. When earnings are affected by the hedged commodity, gains or losses are recorded in cost of sales on the Condensed Consolidated Statements of Income. At March 31, 2014, the amount of net gains associated with commodity price risk hedges expected to be reclassified into earnings during the next twelve months based upon current fair values is $12.3. | |||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||
Antargaz’ and Flaga’s long-term debt agreements have interest rates that are generally indexed to short-term market interest rates. Antargaz has entered into pay-fixed, receive-variable interest rate swap agreements to hedge the underlying euribor rate of interest on its variable-rate term loan, and Flaga has entered into pay-fixed, receive-variable interest rate swap agreements to hedge the underlying euribor rate of interest on its term loans, in each case through the respective scheduled maturity dates. As of March 31, 2014 and 2013, the total notional amount of existing variable-rate debt subject to interest rate swap agreements (excluding Flaga’s cross-currency swap as described below) was €439.8 and €441.2, respectively. | |||||||||||||||||||||
Our domestic businesses’ long-term debt is typically issued at fixed rates of interest. As these long-term debt issues mature, we typically refinance such debt with new debt having interest rates reflecting then-current market conditions. In order to reduce market rate risk on the underlying benchmark rate of interest associated with near- to medium-term forecasted issuances of fixed-rate debt, from time to time we enter into interest rate protection agreements (“IRPAs”). At March 31, 2014, we had no unsettled IRPAs. At March 31, 2013, the total notional amount of unsettled IRPAs was $173. | |||||||||||||||||||||
We account for interest rate swaps and IRPAs as cash flow hedges. Changes in the fair values of interest rate swaps and IRPAs are recorded in AOCI and, with respect to the Partnership, noncontrolling interests, to the extent effective in offsetting changes in the underlying interest rate risk, until earnings are affected by the hedged interest expense. At such time, gains and losses are recorded in interest expense. At March 31, 2014, the amount of net losses associated with interest rate hedges (excluding pay-fixed, receive-variable interest rate swaps) expected to be reclassified into earnings during the next twelve months is $2.7. | |||||||||||||||||||||
Foreign Currency Exchange Rate Risk | |||||||||||||||||||||
In order to reduce volatility, Antargaz hedges a portion of its anticipated U.S. dollar-denominated LPG product purchases through the use of forward foreign currency exchange contracts. The amount of dollar-denominated purchases of LPG associated with such contracts generally represents approximately 15% to 30% of estimated dollar-denominated purchases of LPG forecasted to occur during the heating-season months of October through March. At March 31, 2014 and 2013, we were hedging a total of $199.4 and $92.7 of U.S. dollar-denominated LPG purchases, respectively. At March 31, 2014, the maximum period over which we are hedging our exposure to the variability in cash flows associated with dollar-denominated purchases of LPG is 36 months with a weighted average of 17 months. From time to time we also enter into forward foreign currency exchange contracts to reduce the volatility of the U.S. dollar value on a portion of our International Propane euro-denominated net investments. At March 31, 2014 and 2013, we had no euro-dominated net investment hedges. | |||||||||||||||||||||
We account for foreign currency exchange contracts associated with anticipated purchases of U.S. dollar-denominated LPG as cash flow hedges. Changes in the fair values of these foreign currency exchange contracts are recorded in AOCI, to the extent effective in offsetting changes in the underlying currency exchange rate risk, until earnings are affected by the hedged LPG purchase, at which time gains and losses are recorded in cost of sales. At March 31, 2014, the amount of net losses associated with currency rate risk (other than net investment hedges) expected to be reclassified into earnings during the next twelve months based upon current fair values is $4.1. Gains and losses on net investment hedges are included in AOCI until such foreign operations are liquidated. | |||||||||||||||||||||
From time to time, the Company may enter into foreign currency exchange transactions to economically hedge the local-currency purchase price of anticipated foreign business acquisitions. These transactions do not qualify for hedge accounting treatment and any changes in fair value are recorded in other income, net. | |||||||||||||||||||||
Cross-Currency Swaps | |||||||||||||||||||||
During Fiscal 2013, Flaga entered into a cross-currency swap to hedge its exposure to the variability in expected future cash flows associated with foreign currency and interest rate risk resulting from the issuance of $52 of U.S. dollar denominated variable-rate debt. The cross-currency hedge includes initial and final exchanges of principal from a fixed euro denomination to a fixed U.S. denominated amount, to be exchanged at a specified rate, which was determined by the market spot rate on the date of issuance. The cross-currency swap also includes an interest rate swap of a fixed foreign-denominated interest rate to a fixed U.S. denominated interest rate. We have designated this cross-currency swap as a cash flow hedge. Changes in the fair value of our cross-currency swap is recorded in AOCI to the extent effective in offsetting changes in the underlying foreign currency exchange and interest rate risk. At March 31, 2014, the amount of net losses associated with this cross-currency swap expected to be reclassified into earnings over the next twelve months is not material. | |||||||||||||||||||||
Derivative Financial Instrument Credit Risk | |||||||||||||||||||||
We are exposed to risk of loss in the event of nonperformance by our derivative financial instrument counterparties. Our derivative financial instrument counterparties principally comprise large energy companies and major U.S. and international financial institutions. We maintain credit policies with regard to our counterparties that we believe reduce overall credit risk. These policies include evaluating and monitoring our counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits or entering into netting agreements that allow for offsetting counterparty receivable and payable balances for certain financial transactions, as deemed appropriate. Certain of these agreements call for the posting of collateral by the counterparty or by the Company in the forms of letters of credit, parental guarantees or cash. Additionally, our natural gas and electricity exchange-traded futures contracts generally require cash deposits in margin accounts. At March 31, 2014 and 2013, restricted cash in brokerage accounts totaled $4.4 and $2.8, respectively. Although we have concentrations of credit risk associated with derivative financial instruments, the maximum amount of loss, based upon the gross fair values of the derivative financial instruments, we would incur if these counterparties failed to perform according to the terms of their contracts was not material at March 31, 2014. Certain of the Partnership’s derivative contracts have credit-risk-related contingent features that may require the posting of additional collateral in the event of a downgrade of the Partnership’s debt rating. At March 31, 2014, if the credit-risk-related contingent features were triggered, the amount of collateral required to be posted would not be material. | |||||||||||||||||||||
The following table provides information regarding the fair values and balance sheet locations of our derivative assets and liabilities existing as of March 31, 2014 and 2013: | |||||||||||||||||||||
Derivative Assets | Derivative (Liabilities) | ||||||||||||||||||||
Balance Sheet | Fair Value March 31, | Balance Sheet | Fair Value March 31, | ||||||||||||||||||
Location | 2014 | 2013 | Location | 2014 | 2013 | ||||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||||||||
Commodity contracts | Derivative financial instruments and | $ | 10.2 | $ | 5.4 | Derivative financial instruments | $ | (0.4 | ) | $ | (7.0 | ) | |||||||||
Other assets | and Other noncurrent liabilities | ||||||||||||||||||||
Foreign currency contracts | Derivative financial instruments and | 0.1 | 1.5 | Derivative financial instruments | (5.6 | ) | (0.5 | ) | |||||||||||||
Other assets | and Other noncurrent liabilities | ||||||||||||||||||||
Cross-currency contracts | — | — | Derivative financial instruments | (2.2 | ) | — | |||||||||||||||
and Other noncurrent liabilities | |||||||||||||||||||||
Interest rate contracts | Derivative financial instruments | — | 4.2 | Derivative financial instruments | (27.8 | ) | (60.5 | ) | |||||||||||||
and Other noncurrent liabilities | |||||||||||||||||||||
Total Derivatives Designated as Hedging Instruments | $ | 10.3 | $ | 11.1 | $ | (36.0 | ) | $ | (68.0 | ) | |||||||||||
Derivatives Subject to Utility Rate Regulation: | |||||||||||||||||||||
Commodity contracts | Derivative financial instruments | $ | 3.2 | $ | 4.1 | Derivative financial instruments and | $ | (0.4 | ) | $ | (5.5 | ) | |||||||||
Other noncurrent liabilities | |||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||
Commodity contracts | Derivative financial instruments and Other assets | $ | 9.5 | $ | 4.1 | Derivative financial instruments and Other noncurrent liabilities | $ | (20.3 | ) | $ | (2.8 | ) | |||||||||
Total Derivatives | $ | 23 | $ | 19.3 | $ | (56.7 | ) | $ | (76.3 | ) | |||||||||||
The following tables provide information on the effects of derivative instruments on the Condensed Consolidated Statements of Income and changes in AOCI and noncontrolling interests for the three and six months ended March 31, 2014 and 2013: | |||||||||||||||||||||
Three Months Ended March 31, | Gain (Loss) | Gain (Loss) | Location of | ||||||||||||||||||
Recognized in | Reclassified from | Gain (Loss) | |||||||||||||||||||
AOCI and | AOCI and Noncontrolling | Reclassified from | |||||||||||||||||||
Noncontrolling Interests | Interests into Income | AOCI and Noncontrolling | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Interests into Income | |||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||
Commodity contracts | $ | 7.8 | $ | (0.4 | ) | $ | 39.9 | $ | (25.3 | ) | Cost of sales | ||||||||||
Foreign currency contracts | (0.2 | ) | 2.6 | (1.4 | ) | (0.6 | ) | Cost of sales | |||||||||||||
Cross-currency contracts | 0.1 | — | 0.2 | — | Interest expense | ||||||||||||||||
Interest rate contracts | (1.8 | ) | 8 | (4.0 | ) | (3.5 | ) | Interest expense / other income, net | |||||||||||||
Total | $ | 5.9 | $ | 10.2 | $ | 34.7 | $ | (29.4 | ) | ||||||||||||
Gain (Loss) | Location of Gain (Loss) | ||||||||||||||||||||
Recognized in Income | Recognized in Income | ||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2014 | 2013 | |||||||||||||||||||
Commodity contracts | $ | (22.2 | ) | $ | 11.5 | Cost of sales | |||||||||||||||
Commodity contracts | — | 0.1 | Operating expenses / other | ||||||||||||||||||
income, net | |||||||||||||||||||||
Foreign currency contracts | — | (0.2 | ) | Other income, net | |||||||||||||||||
Total | $ | (22.2 | ) | $ | 11.4 | ||||||||||||||||
Six Months Ended March 31, | Gain (Loss) | Gain (Loss) | Location of | ||||||||||||||||||
Recognized in | Reclassified from | Gain (Loss) | |||||||||||||||||||
AOCI and | AOCI and Noncontrolling | Reclassified from | |||||||||||||||||||
Noncontrolling Interests | Interests into Income | AOCI and Noncontrolling | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Interests into Income | |||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||
Commodity contracts | $ | 61.2 | $ | (4.5 | ) | $ | 62.2 | $ | (43.2 | ) | Cost of sales | ||||||||||
Foreign currency contracts | (2.7 | ) | (1.1 | ) | (3.5 | ) | (0.1 | ) | Cost of sales | ||||||||||||
Cross-currency contracts | (1.1 | ) | — | (0.1 | ) | Interest expense | |||||||||||||||
Interest rate contracts | (3.5 | ) | 9 | (8.1 | ) | (7.0 | ) | Interest expense / other income, net | |||||||||||||
Total | $ | 53.9 | $ | 3.4 | $ | 50.5 | $ | (50.3 | ) | ||||||||||||
Gain (Loss) | Location of Gain (Loss) | ||||||||||||||||||||
Recognized in Income | Recognized in Income | ||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2014 | 2013 | |||||||||||||||||||
Commodity contracts | $ | (9.4 | ) | $ | 13.8 | Cost of sales | |||||||||||||||
Commodity contracts | 0.1 | 0.1 | Operating expenses / other | ||||||||||||||||||
income, net | |||||||||||||||||||||
Foreign currency contracts | — | (0.2 | ) | Other income, net | |||||||||||||||||
Total | $ | (9.3 | ) | $ | 13.7 | ||||||||||||||||
The amounts of derivative gains or losses representing ineffectiveness were not material for the three and six month periods ended March 31, 2014 and 2013. | |||||||||||||||||||||
We are also a party to a number of other contracts that have elements of a derivative instrument. These contracts include, among others, binding purchase orders and contracts that provide for the purchase and delivery, or sale, of natural gas, LPG and electricity and service contracts that require the counterparty to provide commodity storage, transportation or capacity service to meet our normal sales commitments. Although many of these contracts have the requisite elements of a derivative instrument, these contracts qualify for normal purchases and normal sales exception accounting under GAAP because they provide for the delivery of products or services in quantities that are expected to be used in the normal course of operating our business and the price in the contract is based on an underlying that is directly associated with the price of the product or service being purchased or sold. |
Inventories
Inventories | 6 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
Inventories comprise the following: | |||||||||||||
March 31, | September 30, | March 31, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Non-utility LPG and natural gas | $ | 251.4 | $ | 230 | $ | 220.3 | |||||||
Gas Utility natural gas | 7.5 | 78.9 | 5.4 | ||||||||||
Materials, supplies and other | 65.5 | 56.6 | 66.7 | ||||||||||
Total inventories | $ | 324.4 | $ | 365.5 | $ | 292.4 | |||||||
At March 31, 2014, UGI Utilities is a party to four storage contract administrative agreements (“SCAAs”) having terms of one to three years. Pursuant to SCAAs, UGI Utilities has, among other things, released certain storage and transportation contracts for the terms of the SCAAs. UGI Utilities also transferred certain associated storage inventories upon commencement of the SCAAs, will receive a transfer of storage inventories at the end of the SCAAs, and makes payments associated with refilling storage inventories during the term of the SCAAs. The historical cost of natural gas storage inventories released under the SCAAs, which represents a portion of Gas Utility’s total natural gas storage inventories, and any exchange receivable (representing amounts of natural gas inventories used by the other parties to the agreement but not yet replenished), are included in the caption “Gas Utility natural gas” in the table above. | |||||||||||||
As of March 31, 2014, UGI Utilities had SCAAs with Energy Services and a non-affiliate. The carrying values of natural gas storage inventories released under SCAAs with non-affiliates at March 31, 2014 and September 30, 2013, comprising 0.2 billion cubic feet (“bcf”) and 0.6 bcf of natural gas, were $0.8 and $2.4, respectively. UGI Utilities did not have any SCAAs with non-affiliates at March 31, 2013. |
Debt
Debt | 6 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
Debt | |
On March 26, 2014, UGI Utilities issued in a private placement $175 of 4.98% Senior Notes due March 26, 2044 (“4.98% Senior Notes”). The 4.98% Senior Notes were issued pursuant to a Note Purchase Agreement dated October 30, 2013, between UGI Utilities and certain note purchasers. The 4.98% Senior Notes are unsecured and rank equally with UGI Utilities’ existing outstanding senior debt. The net proceeds from the sale of the 4.98% Senior Notes were used to repay $175 of borrowings under UGI Utilities’ 364-day term loan credit agreement scheduled to expire in September 2014. The 4.98% Senior Notes include the usual and customary covenants for similar type notes including, among others, maintenance of existence, payment of taxes when due, compliance with laws and maintenance of insurance. The 4.98% Senior Notes also contain restrictive and financial covenants including a Consolidated Debt to Consolidated Total Capital, as defined therein, of 0.65 to 1.00. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Restricted Cash | ' | |||||||||||||||
Restricted Cash. Restricted cash principally represents those cash balances in our commodity futures brokerage accounts that are restricted from withdrawal. | ||||||||||||||||
Earnings Per Common Share | ' | |||||||||||||||
Earnings Per Common Share. Basic earnings per share attributable to UGI Corporation shareholders reflect the weighted-average number of common shares outstanding. Diluted earnings per share attributable to UGI Corporation include the effects of dilutive stock options and common stock awards. | ||||||||||||||||
Shares used in computing basic and diluted earnings per share are as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Denominator (thousands of shares): | ||||||||||||||||
Average common shares outstanding for basic computation | 115,173 | 113,709 | 114,996 | 113,416 | ||||||||||||
Incremental shares issuable for stock options and awards | 1,574 | 1,490 | 1,530 | 1,413 | ||||||||||||
Average common shares outstanding for diluted computation | 116,747 | 115,199 | 116,526 | 114,829 | ||||||||||||
Comprehensive Income | ' | |||||||||||||||
Comprehensive Income. Comprehensive income comprises net income and other comprehensive income. Other comprehensive income principally comprises (1) gains and losses on derivative instruments qualifying as cash flow hedges, net of reclassifications to net income; (2) actuarial gains and losses on postretirement benefit plans, net of associated amortization; and (3) foreign currency translation and intracompany transaction adjustments. | ||||||||||||||||
Changes in accumulated other comprehensive income (“AOCI”) during the three and six months ended March 31, 2014, are as follows: | ||||||||||||||||
Three Months Ended March 31, 2014: | Postretirement | Derivative | Foreign | |||||||||||||
Benefit Plans | Instruments | Currency | Total | |||||||||||||
Balance, December 31, 2013 | $ | (16.0 | ) | $ | (15.8 | ) | $ | 64 | $ | 32.2 | ||||||
Other comprehensive income (loss) before reclassification adjustments (after-tax) | — | 6.3 | (0.6 | ) | 5.7 | |||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | ||||||||||||||||
Reclassification adjustments (pre-tax) | 0.3 | (34.7 | ) | — | (34.4 | ) | ||||||||||
Reclassification adjustments tax (expense) benefit | (0.1 | ) | 3.3 | — | 3.2 | |||||||||||
Reclassification adjustments (after-tax) | 0.2 | (31.4 | ) | — | (31.2 | ) | ||||||||||
Other comprehensive income (loss) | 0.2 | (25.1 | ) | (0.6 | ) | (25.5 | ) | |||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 17.6 | — | 17.6 | ||||||||||||
Other comprehensive income (loss) attributable to UGI | 0.2 | (7.5 | ) | (0.6 | ) | (7.9 | ) | |||||||||
Balance, March 31, 2014 | $ | (15.8 | ) | $ | (23.3 | ) | $ | 63.4 | $ | 24.3 | ||||||
Six Months Ended March 31, 2014: | Postretirement | Derivative | Foreign | |||||||||||||
Benefit Plans | Instruments | Currency | Total | |||||||||||||
Balance, September 30, 2013 | $ | (16.4 | ) | $ | (26.9 | ) | $ | 51.7 | $ | 8.4 | ||||||
Other comprehensive income before reclassification adjustments (after-tax) | — | 46.8 | 11.7 | 58.5 | ||||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | ||||||||||||||||
Reclassification adjustments (pre-tax) | 0.6 | (50.5 | ) | — | (49.9 | ) | ||||||||||
Reclassification adjustments tax (expense) benefit | — | 5.3 | — | 5.3 | ||||||||||||
Reclassification adjustments (after-tax) | 0.6 | (45.2 | ) | — | (44.6 | ) | ||||||||||
Other comprehensive income | 0.6 | 1.6 | 11.7 | 13.9 | ||||||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 2 | — | 2 | ||||||||||||
Other comprehensive income attributable to UGI | 0.6 | 3.6 | 11.7 | 15.9 | ||||||||||||
Balance, March 31, 2014 | $ | (15.8 | ) | $ | (23.3 | ) | $ | 63.4 | $ | 24.3 | ||||||
For additional information on amounts reclassified from AOCI relating to derivative instruments see Note 12 to condensed consolidated financial statements. | ||||||||||||||||
Use of Estimates | ' | |||||||||||||||
Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Shares Used in Computing Basic and Diluted Earnings Per Share | ' | |||||||||||||||
Shares used in computing basic and diluted earnings per share are as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Denominator (thousands of shares): | ||||||||||||||||
Average common shares outstanding for basic computation | 115,173 | 113,709 | 114,996 | 113,416 | ||||||||||||
Incremental shares issuable for stock options and awards | 1,574 | 1,490 | 1,530 | 1,413 | ||||||||||||
Average common shares outstanding for diluted computation | 116,747 | 115,199 | 116,526 | 114,829 | ||||||||||||
Changes in Accumulated Other Comprehensive Income | ' | |||||||||||||||
Changes in accumulated other comprehensive income (“AOCI”) during the three and six months ended March 31, 2014, are as follows: | ||||||||||||||||
Three Months Ended March 31, 2014: | Postretirement | Derivative | Foreign | |||||||||||||
Benefit Plans | Instruments | Currency | Total | |||||||||||||
Balance, December 31, 2013 | $ | (16.0 | ) | $ | (15.8 | ) | $ | 64 | $ | 32.2 | ||||||
Other comprehensive income (loss) before reclassification adjustments (after-tax) | — | 6.3 | (0.6 | ) | 5.7 | |||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | ||||||||||||||||
Reclassification adjustments (pre-tax) | 0.3 | (34.7 | ) | — | (34.4 | ) | ||||||||||
Reclassification adjustments tax (expense) benefit | (0.1 | ) | 3.3 | — | 3.2 | |||||||||||
Reclassification adjustments (after-tax) | 0.2 | (31.4 | ) | — | (31.2 | ) | ||||||||||
Other comprehensive income (loss) | 0.2 | (25.1 | ) | (0.6 | ) | (25.5 | ) | |||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 17.6 | — | 17.6 | ||||||||||||
Other comprehensive income (loss) attributable to UGI | 0.2 | (7.5 | ) | (0.6 | ) | (7.9 | ) | |||||||||
Balance, March 31, 2014 | $ | (15.8 | ) | $ | (23.3 | ) | $ | 63.4 | $ | 24.3 | ||||||
Six Months Ended March 31, 2014: | Postretirement | Derivative | Foreign | |||||||||||||
Benefit Plans | Instruments | Currency | Total | |||||||||||||
Balance, September 30, 2013 | $ | (16.4 | ) | $ | (26.9 | ) | $ | 51.7 | $ | 8.4 | ||||||
Other comprehensive income before reclassification adjustments (after-tax) | — | 46.8 | 11.7 | 58.5 | ||||||||||||
Amounts reclassified from AOCI and noncontrolling interests: | ||||||||||||||||
Reclassification adjustments (pre-tax) | 0.6 | (50.5 | ) | — | (49.9 | ) | ||||||||||
Reclassification adjustments tax (expense) benefit | — | 5.3 | — | 5.3 | ||||||||||||
Reclassification adjustments (after-tax) | 0.6 | (45.2 | ) | — | (44.6 | ) | ||||||||||
Other comprehensive income | 0.6 | 1.6 | 11.7 | 13.9 | ||||||||||||
Add comprehensive loss attributable to noncontrolling interests, principally in AmeriGas Partners | — | 2 | — | 2 | ||||||||||||
Other comprehensive income attributable to UGI | 0.6 | 3.6 | 11.7 | 15.9 | ||||||||||||
Balance, March 31, 2014 | $ | (15.8 | ) | $ | (23.3 | ) | $ | 63.4 | $ | 24.3 | ||||||
Restatements_of_Condensed_Cons1
Restatements of Condensed Consolidated Financial Statements (Tables) | 6 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Revisions of Condensed Consolidated Financial Statements [Abstract] | ' | |||||||||||||||||||
Condensed Consolidated Balance Sheet | ' | |||||||||||||||||||
Condensed Consolidated Balance Sheet | ||||||||||||||||||||
31-Mar-13 | ||||||||||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||||||||||
Assets: | ||||||||||||||||||||
Deferred income taxes | $ | 35.9 | $ | (21.0 | ) | $ | 14.9 | |||||||||||||
Prepaid expenses and other current assets | $ | 52.1 | $ | 1.4 | $ | 53.5 | ||||||||||||||
Property, plant and equipment | $ | 4,286.70 | $ | (1.3 | ) | $ | 4,285.40 | |||||||||||||
Liabilities and equity: | ||||||||||||||||||||
Other current liabilities | $ | 644.2 | $ | (1.4 | ) | $ | 642.8 | |||||||||||||
Deferred income taxes | $ | 941.4 | $ | (22.7 | ) | $ | 918.7 | |||||||||||||
Other noncurrent liabilities | $ | 614 | $ | 1.7 | $ | 615.7 | ||||||||||||||
Retained earnings | $ | 1,379.40 | $ | (1.4 | ) | $ | 1,378.00 | |||||||||||||
Accumulated other comprehensive loss | $ | (45.6 | ) | $ | (0.9 | ) | $ | (46.5 | ) | |||||||||||
Noncontrolling interests | $ | 1,227.30 | $ | 3.8 | $ | 1,231.10 | ||||||||||||||
Condensed Consolidated Statement of Income | ' | |||||||||||||||||||
Condensed Consolidated Statement of Income | ||||||||||||||||||||
For the three months ended March 31, 2013 | For the six months ended March 31, 2013 | |||||||||||||||||||
As Previously Reported | Adjustment | As Restated | As Previously Reported | Adjustment | As Restated | |||||||||||||||
Revenues | $ | 2,537.10 | $ | 5.6 | $ | 2,542.70 | $ | 4,560.30 | $ | 1.1 | $ | 4,561.40 | ||||||||
Cost of sales | $ | 1,500.60 | $ | (13.9 | ) | $ | 1,486.70 | $ | 2,719.40 | $ | (17.2 | ) | $ | 2,702.20 | ||||||
Operating and administrative expenses | $ | 465.8 | $ | (4.3 | ) | $ | 461.5 | $ | 892.7 | $ | (4.3 | ) | $ | 888.4 | ||||||
Depreciation | $ | 71.7 | $ | 2.3 | $ | 74 | $ | 143.5 | $ | 3 | $ | 146.5 | ||||||||
Operating income | $ | 486.2 | $ | 21.5 | $ | 507.7 | $ | 782.3 | $ | 19.6 | $ | 801.9 | ||||||||
Interest expense | $ | (60.1 | ) | $ | — | $ | (60.1 | ) | $ | (120.4 | ) | $ | (1.2 | ) | $ | (121.6 | ) | |||
Income before income taxes | $ | 426.2 | $ | 21.5 | $ | 447.7 | $ | 662 | $ | 18.4 | $ | 680.4 | ||||||||
Income taxes | $ | (100.0 | ) | $ | (6.0 | ) | $ | (106.0 | ) | $ | (165.1 | ) | $ | (5.8 | ) | $ | (170.9 | ) | ||
Net income | $ | 326.2 | $ | 15.5 | $ | 341.7 | $ | 496.9 | $ | 12.6 | $ | 509.5 | ||||||||
Deduct net income attributable to noncontrolling interests | $ | (154.3 | ) | $ | (6.7 | ) | $ | (161.0 | ) | $ | (222.4 | ) | $ | (3.9 | ) | $ | (226.3 | ) | ||
Net income attributable to UGI Corporation | $ | 171.9 | $ | 8.8 | $ | 180.7 | $ | 274.5 | $ | 8.7 | $ | 283.2 | ||||||||
Basic earnings per common share | $ | 1.51 | $ | 1.59 | $ | 2.42 | $ | 2.5 | ||||||||||||
Diluted earnings per common share | $ | 1.49 | $ | 1.57 | $ | 2.39 | $ | 2.47 | ||||||||||||
Condensed Consolidated Statement of Comprehensive Income | ' | |||||||||||||||||||
Condensed Consolidated Statement of Comprehensive Income | ||||||||||||||||||||
For the three months ended March 31, 2013 | For the six months ended March 31, 2013 | |||||||||||||||||||
As Previously Reported | Adjustment | As Restated | As Previously Reported | Adjustment | As Restated | |||||||||||||||
Net income | $ | 326.2 | $ | 15.5 | $ | 341.7 | $ | 496.9 | $ | 12.6 | $ | 509.5 | ||||||||
Net gains (losses) on derivative instruments | $ | 9.2 | $ | (3.5 | ) | $ | 5.7 | $ | (0.1 | ) | $ | 0.5 | $ | 0.4 | ||||||
Reclassifications of net losses on derivative instruments | $ | 29 | $ | (3.8 | ) | $ | 25.2 | $ | 50.8 | $ | (8.2 | ) | $ | 42.6 | ||||||
Other comprehensive income | $ | 15.1 | $ | (7.3 | ) | $ | 7.8 | $ | 44 | $ | (7.7 | ) | $ | 36.3 | ||||||
Comprehensive income | $ | 341.3 | $ | 8.2 | $ | 349.5 | $ | 540.9 | $ | 4.9 | $ | 545.8 | ||||||||
Deduct comprehensive income attributable to noncontrolling interests | $ | (171.3 | ) | $ | (6.7 | ) | $ | (178.0 | ) | $ | (250.0 | ) | $ | (3.9 | ) | $ | (253.9 | ) | ||
Comprehensive income attributable to UGI Corporation | $ | 170 | $ | 1.5 | $ | 171.5 | $ | 290.9 | $ | 1 | $ | 291.9 | ||||||||
Condensed Consolidated Statements of Cash Flow | ' | |||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||
For the six months ended March 31, 2013 | ||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | As Previously Reported | Adjustment | As Restated | |||||||||||||||||
Net income | $ | 496.9 | $ | 12.6 | $ | 509.5 | ||||||||||||||
Depreciation and amortization | $ | 174.4 | $ | 3 | $ | 177.4 | ||||||||||||||
Deferred income taxes, net | $ | 18.8 | $ | 0.6 | $ | 19.4 | ||||||||||||||
Net change in realized gains and losses deferred as cash flow hedges | $ | 8.3 | $ | (8.3 | ) | $ | — | |||||||||||||
Unrealized gains on derivative instruments | $ | — | $ | (5.8 | ) | $ | (5.8 | ) | ||||||||||||
Other, net | $ | 7.1 | $ | 4.4 | $ | 11.5 | ||||||||||||||
Net change in: | ||||||||||||||||||||
Accounts receivable and accrued utility revenues | $ | (550.1 | ) | $ | (5.1 | ) | $ | (555.2 | ) | |||||||||||
Inventories | $ | 64.5 | $ | (2.8 | ) | $ | 61.7 | |||||||||||||
Accounts payable | $ | 175 | $ | 1.4 | $ | 176.4 | ||||||||||||||
Condensed Consolidated Statements of Changes in Equity | ' | |||||||||||||||||||
Condensed Consolidated Statements of Changes in Equity | ||||||||||||||||||||
For the six months ended March 31, 2013 | ||||||||||||||||||||
As Previously Reported | Adjustment | As Restated | ||||||||||||||||||
Retained earnings | $ | 1,379.40 | $ | (1.4 | ) | $ | 1,378.00 | |||||||||||||
Accumulated other comprehensive loss | $ | (45.6 | ) | $ | (0.9 | ) | $ | (46.5 | ) | |||||||||||
Noncontrolling interests | $ | 1,227.30 | $ | 3.8 | $ | 1,231.10 | ||||||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Components of Company's Intangible Assets | ' | ||||||||||||
Goodwill and intangible assets comprise the following: | |||||||||||||
March 31, | September 30, | March 31, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Goodwill (not subject to amortization) | $ | 2,886.00 | $ | 2,871.00 | $ | 2,813.80 | |||||||
Intangible assets: | |||||||||||||
Customer relationships, noncompete agreements and other | $ | 727.5 | $ | 706.4 | $ | 690 | |||||||
Trademarks and tradenames (not subject to amortization) | 132.3 | 131.3 | 137 | ||||||||||
Gross carrying amount | 859.8 | 837.7 | 827 | ||||||||||
Accumulated amortization | (251.6 | ) | (227.1 | ) | (197.1 | ) | |||||||
Intangible assets, net | $ | 608.2 | $ | 610.6 | $ | 629.9 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||||
Partnership EBITDA | ' | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014: | ||||||||||||||||||||||||||||||||||||||
Midstream & Marketing | UGI International | |||||||||||||||||||||||||||||||||||||
Total | Eliminations | AmeriGas | Gas | Energy Services | Electric Generation | Antargaz | Flaga & | Corporate | ||||||||||||||||||||||||||||||
Propane | Utility | Other | & Other (b) | |||||||||||||||||||||||||||||||||||
Revenues | $ | 3,163.30 | $ | (164.7 | ) | (c) | $ | 1,493.70 | $ | 480.1 | $ | 588.9 | $ | 25.1 | $ | 412 | $ | 277.2 | $ | 51 | ||||||||||||||||||
Cost of sales | $ | 2,001.30 | $ | (164.0 | ) | (c) | $ | 885.5 | $ | 278.8 | $ | 457.9 | $ | 9.4 | $ | 266.7 | $ | 222.7 | $ | 44.3 | ||||||||||||||||||
Segment profit: | ||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 588.6 | $ | 0.2 | $ | 284.8 | $ | 134.5 | $ | 111.5 | $ | 9.9 | $ | 52.9 | $ | 10.9 | $ | (16.1 | ) | |||||||||||||||||||
Income from equity investees | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Interest expense | (59.5 | ) | — | (42.0 | ) | (8.4 | ) | (1.0 | ) | — | (6.4 | ) | (1.1 | ) | (0.6 | ) | ||||||||||||||||||||||
Income (loss) before income taxes | $ | 529.1 | $ | 0.2 | $ | 242.8 | $ | 126.1 | $ | 110.5 | $ | 9.9 | $ | 46.5 | $ | 9.8 | $ | (16.7 | ) | |||||||||||||||||||
Partnership EBITDA (a) | $ | 331.3 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 173.4 | $ | — | $ | 173.2 | $ | — | $ | — | $ | — | $ | 0.2 | $ | — | $ | — | ||||||||||||||||||||
Depreciation and amortization | $ | 87.7 | $ | (0.1 | ) | $ | 49.2 | $ | 13.6 | $ | 3.2 | $ | 2.7 | $ | 10.3 | $ | 7.2 | $ | 1.6 | |||||||||||||||||||
Capital expenditures | $ | 85.3 | $ | — | $ | 27.7 | $ | 30 | $ | 8.4 | $ | 1.8 | $ | 11.3 | $ | 4.2 | $ | 1.9 | ||||||||||||||||||||
Total assets (at period end) | $ | 10,720.50 | $ | (116.3 | ) | $ | 4,692.30 | $ | 2,195.40 | $ | 643.2 | $ | 283.9 | $ | 1,923.20 | $ | 660.4 | $ | 438.4 | |||||||||||||||||||
Bank loans (at period end) | $ | 260.1 | $ | — | $ | 198 | $ | 6.5 | $ | 51.5 | $ | — | $ | — | $ | 4.1 | $ | — | ||||||||||||||||||||
Goodwill (at period end) | $ | 2,886.00 | $ | — | $ | 1,939.00 | $ | 182.1 | $ | 2.8 | $ | — | $ | 655.3 | $ | 99.8 | $ | 7 | ||||||||||||||||||||
Three Months Ended March 31, 2013: | ||||||||||||||||||||||||||||||||||||||
Midstream & Marketing | UGI International | |||||||||||||||||||||||||||||||||||||
Total | Eliminations | AmeriGas | Gas | Energy Services | Electric Generation | Antargaz | Flaga & | Corporate | ||||||||||||||||||||||||||||||
Propane | Utility | Other | & Other (b) | |||||||||||||||||||||||||||||||||||
Revenues | $ | 2,542.70 | $ | (61.1 | ) | (c) | $ | 1,183.30 | $ | 368.6 | $ | 304 | $ | 17.4 | $ | 452.6 | $ | 230.9 | $ | 47 | ||||||||||||||||||
Cost of sales | $ | 1,486.70 | $ | (58.8 | ) | (c) | $ | 612.4 | $ | 196.7 | $ | 246.1 | $ | 10.9 | $ | 285.8 | $ | 177.4 | $ | 16.2 | ||||||||||||||||||
Segment profit: | ||||||||||||||||||||||||||||||||||||||
Operating income | $ | 507.7 | $ | (0.9 | ) | $ | 266.4 | $ | 105.7 | $ | 44.4 | $ | 0.6 | $ | 67.8 | $ | 13.8 | $ | 9.9 | |||||||||||||||||||
Income from equity investees | 0.1 | — | — | — | — | — | 0.1 | — | — | |||||||||||||||||||||||||||||
Interest expense | (60.1 | ) | — | (41.8 | ) | (9.3 | ) | (0.8 | ) | — | (6.3 | ) | (1.3 | ) | (0.6 | ) | ||||||||||||||||||||||
Income before income taxes | $ | 447.7 | $ | (0.9 | ) | $ | 224.6 | $ | 96.4 | $ | 43.6 | $ | 0.6 | $ | 61.6 | $ | 12.5 | $ | 9.3 | |||||||||||||||||||
Partnership EBITDA (a) | $ | 314.9 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 161 | $ | — | $ | 160.7 | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | — | ||||||||||||||||||||
Depreciation and amortization | $ | 89.6 | $ | — | $ | 50.9 | $ | 12.7 | $ | 1.9 | $ | 2.4 | $ | 14.2 | $ | 5.8 | $ | 1.7 | ||||||||||||||||||||
Capital expenditures | $ | 93.6 | $ | (1.0 | ) | $ | 27.9 | $ | 24.4 | $ | 19.3 | $ | 4.2 | $ | 13.2 | $ | 4.1 | $ | 1.5 | |||||||||||||||||||
Total assets (at period end) | $ | 10,215.40 | $ | (110.8 | ) | $ | 4,682.60 | $ | 2,184.80 | $ | 450.4 | $ | 261.7 | $ | 1,847.70 | $ | 551.3 | $ | 347.7 | |||||||||||||||||||
Bank loans (at period end) | $ | 177.7 | $ | — | $ | 115.9 | $ | — | $ | 47 | $ | — | $ | — | $ | 14.8 | $ | — | ||||||||||||||||||||
Goodwill (at period end) | $ | 2,813.80 | $ | — | $ | 1,919.20 | $ | 182.1 | $ | 2.8 | $ | — | $ | 610 | $ | 92.7 | $ | 7 | ||||||||||||||||||||
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Partnership EBITDA | $ | 331.3 | $ | 314.9 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | (49.2 | ) | (50.9 | ) | ||||||||||||||||||||||||||||||||||
Noncontrolling interests (i) | 2.7 | 2.4 | ||||||||||||||||||||||||||||||||||||
Operating income | $ | 284.8 | $ | 266.4 | ||||||||||||||||||||||||||||||||||
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. | |||||||||||||||||||||||||||||||||||||
(b) | Corporate & Other results principally comprise (1) Electric Utility, (2) Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC”), (3) changes in the fair values of Midstream & Marketing’s unsettled commodity derivative instruments and gains and losses on settled commodity derivative instruments not associated with current period transactions, (4) net expenses of UGI’s captive general liability insurance company, and (5) UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. | |||||||||||||||||||||||||||||||||||||
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. | |||||||||||||||||||||||||||||||||||||
Six Months Ended March 31, 2014: | ||||||||||||||||||||||||||||||||||||||
Midstream & Marketing | UGI International | |||||||||||||||||||||||||||||||||||||
Total | Elim- | AmeriGas | Gas | Energy Services | Electric Generation | Antargaz | Flaga & | Corporate & | ||||||||||||||||||||||||||||||
inations | Propane | Utility | Other | Other (b) | ||||||||||||||||||||||||||||||||||
Revenues | $ | 5,479.20 | $ | (230.2 | ) | (c) | $ | 2,539.50 | $ | 751.7 | $ | 861.6 | $ | 45.9 | $ | 837.3 | $ | 570.5 | $ | 102.9 | ||||||||||||||||||
Cost of sales | $ | 3,431.20 | $ | (228.4 | ) | (c) | $ | 1,468.20 | $ | 414.3 | $ | 685 | $ | 20 | $ | 549.2 | $ | 454.4 | $ | 68.5 | ||||||||||||||||||
Segment profit: | ||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 952.3 | $ | 0.1 | $ | 464.5 | $ | 216.6 | $ | 143.3 | $ | 14.3 | $ | 96.1 | $ | 24.6 | $ | (7.2 | ) | |||||||||||||||||||
Income from equity investees | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Interest expense | (118.8 | ) | — | (83.6 | ) | (16.8 | ) | (2.0 | ) | — | (12.8 | ) | (2.4 | ) | (1.2 | ) | ||||||||||||||||||||||
Income (loss) before income taxes | $ | 833.5 | $ | 0.1 | $ | 380.9 | $ | 199.8 | $ | 141.3 | $ | 14.3 | $ | 83.3 | $ | 22.2 | $ | (8.4 | ) | |||||||||||||||||||
Partnership EBITDA (a) | $ | 561.5 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 268.9 | $ | — | $ | 268.6 | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | $ | — | ||||||||||||||||||||
Depreciation and amortization | $ | 181.7 | $ | (0.1 | ) | $ | 101.5 | $ | 27 | $ | 5.8 | $ | 5.3 | $ | 25.3 | $ | 13.8 | $ | 3.1 | |||||||||||||||||||
Capital expenditures | $ | 188.1 | $ | (1.2 | ) | $ | 51 | $ | 62.9 | $ | 30.1 | $ | 11.1 | $ | 21.1 | $ | 8.8 | $ | 4.3 | |||||||||||||||||||
Total assets (at period end) | $ | 10,720.50 | $ | (116.3 | ) | $ | 4,692.30 | $ | 2,195.40 | $ | 643.2 | $ | 283.9 | $ | 1,923.20 | $ | 660.4 | $ | 438.4 | |||||||||||||||||||
Bank loans (at period end) | $ | 260.1 | $ | — | $ | 198 | $ | 6.5 | $ | 51.5 | $ | — | $ | — | $ | 4.1 | $ | — | ||||||||||||||||||||
Goodwill (at period end) | $ | 2,886.00 | $ | — | $ | 1,939.00 | $ | 182.1 | $ | 2.8 | $ | — | $ | 655.3 | $ | 99.8 | $ | 7 | ||||||||||||||||||||
Six Months Ended March 31, 2013: | ||||||||||||||||||||||||||||||||||||||
Midstream & Marketing | UGI International | |||||||||||||||||||||||||||||||||||||
Total | Elim- | AmeriGas | Gas | Energy Services | Electric Generation | Antargaz | Flaga & | Corporate & | ||||||||||||||||||||||||||||||
inations | Propane | Utility | Other | Other (b) | ||||||||||||||||||||||||||||||||||
Revenues | $ | 4,561.40 | $ | (119.6 | ) | (c) | $ | 2,055.20 | $ | 616.9 | $ | 531.8 | $ | 32.4 | $ | 871.9 | $ | 476.5 | $ | 96.3 | ||||||||||||||||||
Cost of sales | $ | 2,702.20 | $ | (116.1 | ) | (c) | $ | 1,061.70 | $ | 320.3 | $ | 435.6 | $ | 20.5 | $ | 565.7 | $ | 372.3 | $ | 42.2 | ||||||||||||||||||
Segment profit: | ||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 801.9 | $ | (0.9 | ) | $ | 403.7 | $ | 175.5 | $ | 70.1 | $ | 0.8 | $ | 115.3 | $ | 24.1 | $ | 13.3 | |||||||||||||||||||
Income (loss) from equity investees | 0.1 | — | — | — | — | — | 0.1 | — | — | |||||||||||||||||||||||||||||
Interest expense | (121.6 | ) | — | (84.2 | ) | (18.9 | ) | (1.8 | ) | — | (12.8 | ) | (2.6 | ) | (1.3 | ) | ||||||||||||||||||||||
Income (loss) before income taxes | $ | 680.4 | $ | (0.9 | ) | $ | 319.5 | $ | 156.6 | $ | 68.3 | $ | 0.8 | $ | 102.6 | $ | 21.5 | $ | 12 | |||||||||||||||||||
Partnership EBITDA (a) | $ | 500.8 | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests’ net income | $ | 226.3 | $ | — | $ | 225.9 | $ | — | $ | — | $ | — | $ | 0.4 | $ | — | $ | — | ||||||||||||||||||||
Depreciation and amortization | $ | 177.4 | $ | — | $ | 101 | $ | 25.3 | $ | 3.5 | $ | 4.9 | $ | 28.3 | $ | 11.3 | $ | 3.1 | ||||||||||||||||||||
Capital expenditures | $ | 184.8 | $ | (1.1 | ) | $ | 54.4 | $ | 52.9 | $ | 32.8 | $ | 11 | $ | 25.4 | $ | 6.3 | $ | 3.1 | |||||||||||||||||||
Total assets (at period end) | $ | 10,215.40 | $ | (110.8 | ) | $ | 4,682.60 | $ | 2,184.80 | $ | 450.4 | $ | 261.7 | $ | 1,847.70 | $ | 551.3 | $ | 347.7 | |||||||||||||||||||
Bank loans (at period end) | $ | 177.7 | $ | — | $ | 115.9 | $ | — | $ | 47 | $ | — | $ | — | $ | 14.8 | $ | — | ||||||||||||||||||||
Goodwill (at period end) | $ | 2,813.80 | $ | — | $ | 1,919.20 | $ | 182.1 | $ | 2.8 | $ | — | $ | 610 | $ | 92.7 | $ | 7 | ||||||||||||||||||||
(a) | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income: | |||||||||||||||||||||||||||||||||||||
Six Months Ended March 31, | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Partnership EBITDA | $ | 561.5 | $ | 500.8 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | (101.5 | ) | (101.0 | ) | ||||||||||||||||||||||||||||||||||
Noncontrolling interests (i) | 4.5 | 3.9 | ||||||||||||||||||||||||||||||||||||
Operating income | $ | 464.5 | $ | 403.7 | ||||||||||||||||||||||||||||||||||
(i) | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. | |||||||||||||||||||||||||||||||||||||
(b) | Corporate & Other results principally comprise (1) Electric Utility, (2) HVAC, (3) changes in the fair values of Midstream & Marketing’s unsettled commodity derivative instruments and gains and losses on settled commodity derivative instruments not associated with current period transactions, (4) net expenses of UGI’s captive general liability insurance company, and (5) UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. | |||||||||||||||||||||||||||||||||||||
(c) | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. |
Utility_Regulatory_Assets_and_1
Utility Regulatory Assets and Liabilities and Regulatory Matters (Tables) | 6 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Regulated Operations [Abstract] | ' | ||||||||||||
Regulatory assets and liabilities associated with Gas Utility and Electric Utility | ' | ||||||||||||
The following regulatory assets and liabilities associated with Gas Utility and Electric Utility are included in our accompanying Condensed Consolidated Balance Sheets: | |||||||||||||
March 31, | September 30, | March 31, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Regulatory assets: | |||||||||||||
Income taxes recoverable | $ | 106.8 | $ | 106.1 | $ | 104.2 | |||||||
Underfunded pension and postretirement plans | 91 | 94.5 | 181.3 | ||||||||||
Environmental costs | 14.5 | 17.1 | 16.8 | ||||||||||
Deferred fuel and power costs | 4.3 | 8.3 | 2.1 | ||||||||||
Removal costs, net | 14.4 | 13.3 | 11.9 | ||||||||||
Other | 4.9 | 5.6 | 6 | ||||||||||
Total regulatory assets | $ | 235.9 | $ | 244.9 | $ | 322.3 | |||||||
Regulatory liabilities: | |||||||||||||
Postretirement benefits | $ | 17.2 | $ | 16.5 | $ | 13.9 | |||||||
Environmental overcollections | 1.9 | 2.6 | 3 | ||||||||||
Deferred fuel and power refunds | 3.2 | 8.3 | 31.2 | ||||||||||
State tax benefits—distribution system repairs | 9 | 8.4 | 7.9 | ||||||||||
Other | 1.8 | 1.5 | 0.7 | ||||||||||
Total regulatory liabilities | $ | 33.1 | $ | 37.3 | $ | 56.7 | |||||||
Defined_Benefit_Pension_and_Ot1
Defined Benefit Pension and Other Postretirement Plans (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Pension Expense and Other Postretirement Benefit Costs | ' | ||||||||||||||||
Net periodic pension expense and other postretirement benefit costs include the following components: | |||||||||||||||||
Pension Benefits | Other | ||||||||||||||||
Postretirement Benefits | |||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 2.3 | $ | 2.8 | $ | 0.1 | $ | 0.2 | |||||||||
Interest cost | 6.5 | 5.9 | 0.2 | 0.2 | |||||||||||||
Expected return on assets | (7.3 | ) | (6.9 | ) | (0.1 | ) | (0.1 | ) | |||||||||
Amortization of: | |||||||||||||||||
Prior service cost (benefit) | 0.1 | 0.1 | (0.1 | ) | (0.1 | ) | |||||||||||
Actuarial loss | 1.9 | 3.7 | — | 0.1 | |||||||||||||
Net benefit cost | 3.5 | 5.6 | 0.1 | 0.3 | |||||||||||||
Change in associated regulatory liabilities | — | — | 0.9 | 0.8 | |||||||||||||
Net expense | $ | 3.5 | $ | 5.6 | $ | 1 | $ | 1.1 | |||||||||
Pension Benefits | Other | ||||||||||||||||
Postretirement Benefits | |||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 4.7 | $ | 5.7 | $ | 0.3 | $ | 0.3 | |||||||||
Interest cost | 12.9 | 11.8 | 0.5 | 0.5 | |||||||||||||
Expected return on assets | (14.7 | ) | (13.8 | ) | (0.3 | ) | (0.3 | ) | |||||||||
Amortization of: | |||||||||||||||||
Prior service cost (benefit) | 0.2 | 0.2 | (0.2 | ) | (0.1 | ) | |||||||||||
Actuarial loss | 3.8 | 7.4 | — | 0.2 | |||||||||||||
Net benefit cost | 6.9 | 11.3 | 0.3 | 0.6 | |||||||||||||
Change in associated regulatory liabilities | — | — | 1.8 | 1.6 | |||||||||||||
Net expense | $ | 6.9 | $ | 11.3 | $ | 2.1 | $ | 2.2 | |||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial Assets and Financial Liabilities that are Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||
The following table presents our financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of March 31, 2014, September 30, 2013 and March 31, 2013: | |||||||||||||||||
Asset (Liability) | |||||||||||||||||
Quoted Prices | Significant | Unobservable | Total | ||||||||||||||
in Active | Other | Inputs | |||||||||||||||
Markets for | Observable | (Level 3) | |||||||||||||||
Identical Assets | Inputs | ||||||||||||||||
and Liabilities | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
March 31, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Commodity contracts | $ | 11.5 | $ | 11.4 | $ | — | $ | 22.9 | |||||||||
Foreign currency contracts | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Commodity contracts | $ | (4.0 | ) | $ | (17.1 | ) | $ | — | $ | (21.1 | ) | ||||||
Foreign currency contracts | $ | — | $ | (5.6 | ) | $ | — | $ | (5.6 | ) | |||||||
Interest rate contracts | $ | — | $ | (27.8 | ) | $ | — | $ | (27.8 | ) | |||||||
Cross-currency swaps | $ | — | $ | (2.2 | ) | $ | — | $ | (2.2 | ) | |||||||
September 30, 2013: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Commodity contracts | $ | 2.1 | $ | 21.2 | $ | — | $ | 23.3 | |||||||||
Foreign currency contracts | $ | — | $ | 0.9 | $ | — | $ | 0.9 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Commodity contracts | $ | (9.7 | ) | $ | (6.3 | ) | $ | — | $ | (16.0 | ) | ||||||
Foreign currency contracts | $ | — | $ | (7.2 | ) | $ | — | $ | (7.2 | ) | |||||||
Interest rate contracts | $ | — | $ | (31.0 | ) | $ | — | $ | (31.0 | ) | |||||||
Cross-currency swaps | $ | — | $ | (1.2 | ) | $ | — | $ | (1.2 | ) | |||||||
March 31, 2013: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Commodity contracts | $ | 7.9 | $ | 5.7 | $ | — | $ | 13.6 | |||||||||
Foreign currency contracts | $ | — | $ | 1.5 | $ | — | $ | 1.5 | |||||||||
Interest rate contracts | $ | — | $ | 4.2 | $ | — | $ | 4.2 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Commodity contracts | $ | (2.7 | ) | $ | (12.6 | ) | $ | — | $ | (15.3 | ) | ||||||
Foreign currency contracts | $ | — | $ | (0.5 | ) | $ | — | $ | (0.5 | ) | |||||||
Interest rate contracts | $ | — | $ | (60.5 | ) | $ | — | $ | (60.5 | ) | |||||||
Offsetting Derivative Assets and Liabilities | ' | ||||||||||||||||
Cash collateral paid by us to our derivative counterparties is reflected in the table below to offset derivative liabilities. Cash collateral received by us from our derivative counterparties is reflected in the table below to offset derivative assets. Certain other accounts receivable and accounts payable balances recognized on our Condensed Consolidated Balance Sheets with our derivative counterparties are not included in the table below but could reduce our net exposure to such counterparties because such balances are subject to master netting or similar arrangements. | |||||||||||||||||
Offsetting Derivative Assets and Liabilities | |||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | |||||||||||||||
March 31, 2014: | |||||||||||||||||
Derivative assets | $ | 31.6 | $ | (8.6 | ) | $ | 23 | ||||||||||
Derivative (liabilities) | $ | (65.3 | ) | $ | 8.6 | $ | (56.7 | ) | |||||||||
September 30, 2013: | |||||||||||||||||
Derivative assets | $ | 26.3 | $ | (2.1 | ) | $ | 24.2 | ||||||||||
Derivative (liabilities) | $ | (57.5 | ) | $ | 2.1 | $ | (55.4 | ) | |||||||||
March 31, 2013: | |||||||||||||||||
Derivative assets | $ | 30.1 | $ | (10.8 | ) | $ | 19.3 | ||||||||||
Derivative (liabilities) | $ | (87.1 | ) | $ | 10.8 | $ | (76.3 | ) | |||||||||
Disclosures_About_Derivative_I1
Disclosures About Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Balance Sheet Location and Fair Value of Derivative Assets and Liabilities | ' | ||||||||||||||||||||
The following table provides information regarding the fair values and balance sheet locations of our derivative assets and liabilities existing as of March 31, 2014 and 2013: | |||||||||||||||||||||
Derivative Assets | Derivative (Liabilities) | ||||||||||||||||||||
Balance Sheet | Fair Value March 31, | Balance Sheet | Fair Value March 31, | ||||||||||||||||||
Location | 2014 | 2013 | Location | 2014 | 2013 | ||||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||||||||
Commodity contracts | Derivative financial instruments and | $ | 10.2 | $ | 5.4 | Derivative financial instruments | $ | (0.4 | ) | $ | (7.0 | ) | |||||||||
Other assets | and Other noncurrent liabilities | ||||||||||||||||||||
Foreign currency contracts | Derivative financial instruments and | 0.1 | 1.5 | Derivative financial instruments | (5.6 | ) | (0.5 | ) | |||||||||||||
Other assets | and Other noncurrent liabilities | ||||||||||||||||||||
Cross-currency contracts | — | — | Derivative financial instruments | (2.2 | ) | — | |||||||||||||||
and Other noncurrent liabilities | |||||||||||||||||||||
Interest rate contracts | Derivative financial instruments | — | 4.2 | Derivative financial instruments | (27.8 | ) | (60.5 | ) | |||||||||||||
and Other noncurrent liabilities | |||||||||||||||||||||
Total Derivatives Designated as Hedging Instruments | $ | 10.3 | $ | 11.1 | $ | (36.0 | ) | $ | (68.0 | ) | |||||||||||
Derivatives Subject to Utility Rate Regulation: | |||||||||||||||||||||
Commodity contracts | Derivative financial instruments | $ | 3.2 | $ | 4.1 | Derivative financial instruments and | $ | (0.4 | ) | $ | (5.5 | ) | |||||||||
Other noncurrent liabilities | |||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||
Commodity contracts | Derivative financial instruments and Other assets | $ | 9.5 | $ | 4.1 | Derivative financial instruments and Other noncurrent liabilities | $ | (20.3 | ) | $ | (2.8 | ) | |||||||||
Total Derivatives | $ | 23 | $ | 19.3 | $ | (56.7 | ) | $ | (76.3 | ) | |||||||||||
Effects of Derivative Instruments on the Condensed Consolidated Statements of Income and Changes in AOCI and Noncontrolling Interest | ' | ||||||||||||||||||||
The following tables provide information on the effects of derivative instruments on the Condensed Consolidated Statements of Income and changes in AOCI and noncontrolling interests for the three and six months ended March 31, 2014 and 2013: | |||||||||||||||||||||
Three Months Ended March 31, | Gain (Loss) | Gain (Loss) | Location of | ||||||||||||||||||
Recognized in | Reclassified from | Gain (Loss) | |||||||||||||||||||
AOCI and | AOCI and Noncontrolling | Reclassified from | |||||||||||||||||||
Noncontrolling Interests | Interests into Income | AOCI and Noncontrolling | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Interests into Income | |||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||
Commodity contracts | $ | 7.8 | $ | (0.4 | ) | $ | 39.9 | $ | (25.3 | ) | Cost of sales | ||||||||||
Foreign currency contracts | (0.2 | ) | 2.6 | (1.4 | ) | (0.6 | ) | Cost of sales | |||||||||||||
Cross-currency contracts | 0.1 | — | 0.2 | — | Interest expense | ||||||||||||||||
Interest rate contracts | (1.8 | ) | 8 | (4.0 | ) | (3.5 | ) | Interest expense / other income, net | |||||||||||||
Total | $ | 5.9 | $ | 10.2 | $ | 34.7 | $ | (29.4 | ) | ||||||||||||
Gain (Loss) | Location of Gain (Loss) | ||||||||||||||||||||
Recognized in Income | Recognized in Income | ||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2014 | 2013 | |||||||||||||||||||
Commodity contracts | $ | (22.2 | ) | $ | 11.5 | Cost of sales | |||||||||||||||
Commodity contracts | — | 0.1 | Operating expenses / other | ||||||||||||||||||
income, net | |||||||||||||||||||||
Foreign currency contracts | — | (0.2 | ) | Other income, net | |||||||||||||||||
Total | $ | (22.2 | ) | $ | 11.4 | ||||||||||||||||
Six Months Ended March 31, | Gain (Loss) | Gain (Loss) | Location of | ||||||||||||||||||
Recognized in | Reclassified from | Gain (Loss) | |||||||||||||||||||
AOCI and | AOCI and Noncontrolling | Reclassified from | |||||||||||||||||||
Noncontrolling Interests | Interests into Income | AOCI and Noncontrolling | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Interests into Income | |||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||
Commodity contracts | $ | 61.2 | $ | (4.5 | ) | $ | 62.2 | $ | (43.2 | ) | Cost of sales | ||||||||||
Foreign currency contracts | (2.7 | ) | (1.1 | ) | (3.5 | ) | (0.1 | ) | Cost of sales | ||||||||||||
Cross-currency contracts | (1.1 | ) | — | (0.1 | ) | Interest expense | |||||||||||||||
Interest rate contracts | (3.5 | ) | 9 | (8.1 | ) | (7.0 | ) | Interest expense / other income, net | |||||||||||||
Total | $ | 53.9 | $ | 3.4 | $ | 50.5 | $ | (50.3 | ) | ||||||||||||
Gain (Loss) | Location of Gain (Loss) | ||||||||||||||||||||
Recognized in Income | Recognized in Income | ||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | 2014 | 2013 | |||||||||||||||||||
Commodity contracts | $ | (9.4 | ) | $ | 13.8 | Cost of sales | |||||||||||||||
Commodity contracts | 0.1 | 0.1 | Operating expenses / other | ||||||||||||||||||
income, net | |||||||||||||||||||||
Foreign currency contracts | — | (0.2 | ) | Other income, net | |||||||||||||||||
Total | $ | (9.3 | ) | $ | 13.7 | ||||||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Components of Inventories | ' | ||||||||||||
Inventories comprise the following: | |||||||||||||
March 31, | September 30, | March 31, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Non-utility LPG and natural gas | $ | 251.4 | $ | 230 | $ | 220.3 | |||||||
Gas Utility natural gas | 7.5 | 78.9 | 5.4 | ||||||||||
Materials, supplies and other | 65.5 | 56.6 | 66.7 | ||||||||||
Total inventories | $ | 324.4 | $ | 365.5 | $ | 292.4 | |||||||
Nature_of_Operations_Narrative
Nature of Operations - Narrative (Details) | 6 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
General Partner held a general partner interest in AmeriGas Partners | 1.00% |
Percentage of limited partnership interest in AmeriGas Partners | 25.30% |
Effective ownership interest in AmeriGas OLP | 27.10% |
Limited Partnership Common Units held in AmeriGas Partners (in units) | 23,756,882 |
General public as limited partner interests in AmeriGas Partners | 73.70% |
Common Units Owned by Public (in units) | 69,109,914 |
Common Units Owned by ETP (in units) | 12,867,362 |
Subsidiary units issued in secondary offering | 9,200,000 |
Significant_Accounting_Policie3
Significant Accounting Policies - Narrative (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Significant Accounting Policies (Textual) [Abstract] | ' |
Ownership interests in certain subsidiaries under equity method investment, maximum | 100.00% |
Voting rights in investment businesses not traded publicly accounted for under the cost method, Maximum | 20.00% |
Impact of French Tax Law Change | $5.70 |
Significant_Accounting_Policie4
Significant Accounting Policies - Shares Used in Computing Basic and Diluted Earnings Per Share (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Denominator (thousands of shares): | ' | ' | ' | ' |
Average common shares outstanding for basic computation (in shares) | 115,173 | 113,709 | 114,996 | 113,416 |
Incremental shares issuable for stock options and awards (in shares) | 1,574 | 1,490 | 1,530 | 1,413 |
Average common shares outstanding for diluted computation (in shares) | 116,747 | 115,199 | 116,526 | 114,829 |
Significant_Accounting_Policie5
Significant Accounting Policies - Schedule of Changes in Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 |
Schedule of Changes in Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | $24.30 | ($46.50) | $24.30 | ($46.50) | $32.20 | $8.40 |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 5.7 | ' | 58.5 | ' | ' | ' |
Reclassification Adjustment of Other Comprehensive Income, Before Tax | -34.4 | ' | -49.9 | ' | ' | ' |
Tax on reclassifications on derivative instruments | 3.3 | -4.2 | 5.3 | -7.7 | ' | ' |
Tax on foreign currency adjustments | 0.6 | 8.2 | -3.1 | 4.2 | ' | ' |
Reclassification Adjustment of Other Comprehensive Income, Tax | 3.2 | ' | 5.3 | ' | ' | ' |
Reclassifications of net losses on derivative instruments | 31.4 | -25.2 | 45.2 | -42.6 | ' | ' |
Foreign currency, net of tax | -0.6 | -23.6 | 11.7 | -7.5 | ' | ' |
Reclassification Adjustment of Other Comprehensive Income, After Tax | -31.2 | ' | -44.6 | ' | ' | ' |
Other comprehensive income (loss) | -25.5 | 7.8 | 13.9 | 36.3 | ' | ' |
Reclassification Adjustment of Other Comprehensive Income, Net of Tax, attributable to Noncontrolling Interest | 17.6 | ' | 2 | ' | ' | ' |
Other comprehensive income (loss) attributable to UGI | -7.9 | ' | 15.9 | ' | ' | ' |
Foreign Currency Translation | ' | ' | ' | ' | ' | ' |
Schedule of Changes in Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 63.4 | ' | 63.4 | ' | 64 | 51.7 |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | -0.6 | ' | 11.7 | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, before Tax | 0 | ' | 0 | ' | ' | ' |
Tax on foreign currency adjustments | 0 | ' | 0 | ' | ' | ' |
Foreign currency, net of tax | 0 | ' | 0 | ' | ' | ' |
Other comprehensive income (loss) | -0.6 | ' | 11.7 | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | ' | ' |
Other comprehensive income (loss) attributable to UGI | -0.6 | ' | 11.7 | ' | ' | ' |
Derivative | ' | ' | ' | ' | ' | ' |
Schedule of Changes in Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -23.3 | ' | -23.3 | ' | -15.8 | -26.9 |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 6.3 | ' | 46.8 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | -34.7 | ' | -50.5 | ' | ' | ' |
Tax on reclassifications on derivative instruments | 3.3 | ' | 5.3 | ' | ' | ' |
Reclassifications of net losses on derivative instruments | -31.4 | ' | -45.2 | ' | ' | ' |
Other comprehensive income (loss) | -25.1 | ' | 1.6 | ' | ' | ' |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Noncontrolling Interest | 17.6 | ' | 2 | ' | ' | ' |
Other comprehensive income (loss) attributable to UGI | -7.5 | ' | 3.6 | ' | ' | ' |
Postretirement Benefit Plan Adjustments | ' | ' | ' | ' | ' | ' |
Schedule of Changes in Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -15.8 | ' | -15.8 | ' | -16 | -16.4 |
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 0 | ' | 0 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 0.3 | ' | 0.6 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Tax | -0.1 | ' | 0 | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 0.2 | ' | 0.6 | ' | ' | ' |
Other comprehensive income (loss) | 0.2 | ' | 0.6 | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | ' | ' |
Other comprehensive income (loss) attributable to UGI | $0.20 | ' | $0.60 | ' | ' | ' |
Restatements_of_Condensed_Cons2
Restatements of Condensed Consolidated Financial Statements - Condensed Consolidated Balance Sheet (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||||
Assets: | ' | ' | ' | ' |
Deferred income taxes | $10.80 | ' | $10.60 | $14.90 |
Prepaid expenses and other current assets | 48.5 | ' | 57.1 | 53.5 |
Property, plant and equipment | 4,519.10 | ' | 4,480.20 | 4,285.40 |
Liabilities and equity: | ' | ' | ' | ' |
Other current liabilities | 668.6 | ' | 627.5 | 642.8 |
Deferred income taxes | 984.4 | ' | 962.3 | 918.7 |
Other noncurrent liabilities | 526 | ' | 527.2 | 615.7 |
Retained earnings | 1,579.90 | ' | 1,308.30 | 1,378 |
Accumulated other comprehensive loss | 24.3 | 32.2 | 8.4 | -46.5 |
Noncontrolling interests | 1,206.90 | ' | 1,055.40 | 1,231.10 |
As Previously Reported | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | 35.9 |
Prepaid expenses and other current assets | ' | ' | ' | 52.1 |
Property, plant and equipment | ' | ' | ' | 4,286.70 |
Liabilities and equity: | ' | ' | ' | ' |
Other current liabilities | ' | ' | ' | 644.2 |
Deferred income taxes | ' | ' | ' | 941.4 |
Other noncurrent liabilities | ' | ' | ' | 614 |
Retained earnings | ' | ' | ' | 1,379.40 |
Accumulated other comprehensive loss | ' | ' | ' | -45.6 |
Noncontrolling interests | ' | ' | ' | 1,227.30 |
Adjustment | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | -21 |
Prepaid expenses and other current assets | ' | ' | ' | 1.4 |
Property, plant and equipment | ' | ' | ' | -1.3 |
Liabilities and equity: | ' | ' | ' | ' |
Other current liabilities | ' | ' | ' | -1.4 |
Deferred income taxes | ' | ' | ' | -22.7 |
Other noncurrent liabilities | ' | ' | ' | 1.7 |
Retained earnings | ' | ' | ' | -1.4 |
Accumulated other comprehensive loss | ' | ' | ' | -0.9 |
Noncontrolling interests | ' | ' | ' | $3.80 |
Restatements_of_Condensed_Cons3
Restatements of Condensed Consolidated Financial Statements - Condensed Consolidated Statement of Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | $3,163.30 | $2,542.70 | $5,479.20 | $4,561.40 |
Cost of sales | 2,001.30 | 1,486.70 | 3,431.20 | 2,702.20 |
Operating and administrative expenses | 492 | 461.5 | 923.5 | 888.4 |
Depreciation | 76.8 | 74 | 155.4 | 146.5 |
Operating income | 588.6 | 507.7 | 952.3 | 801.9 |
Interest expense | -59.5 | -60.1 | -118.8 | -121.6 |
Income before income taxes | 529.1 | 447.7 | 833.5 | 680.4 |
Income taxes | -141.3 | -106 | -228.2 | -170.9 |
Net income | 387.8 | 341.7 | 605.3 | 509.5 |
Deduct net income attributable to noncontrolling interests | -173.4 | -161 | -268.9 | -226.3 |
Net income attributable to UGI Corporation | 214.4 | 180.7 | 336.4 | 283.2 |
Basic earnings per common share | $1.86 | $1.59 | $2.93 | $2.50 |
Diluted earnings per common share | $1.84 | $1.57 | $2.89 | $2.47 |
As Previously Reported | ' | ' | ' | ' |
Revenues | ' | 2,537.10 | ' | 4,560.30 |
Cost of sales | ' | 1,500.60 | ' | 2,719.40 |
Operating and administrative expenses | ' | 465.8 | ' | 892.7 |
Depreciation | ' | 71.7 | ' | 143.5 |
Operating income | ' | 486.2 | ' | 782.3 |
Interest expense | ' | -60.1 | ' | -120.4 |
Income before income taxes | ' | 426.2 | ' | 662 |
Income taxes | ' | -100 | ' | -165.1 |
Net income | ' | 326.2 | ' | 496.9 |
Deduct net income attributable to noncontrolling interests | ' | -154.3 | ' | -222.4 |
Net income attributable to UGI Corporation | ' | 171.9 | ' | 274.5 |
Basic earnings per common share | ' | $1.51 | ' | $2.42 |
Diluted earnings per common share | ' | $1.49 | ' | $2.39 |
Adjustment | ' | ' | ' | ' |
Revenues | ' | 5.6 | ' | 1.1 |
Cost of sales | ' | -13.9 | ' | -17.2 |
Operating and administrative expenses | ' | -4.3 | ' | -4.3 |
Depreciation | ' | 2.3 | ' | 3 |
Operating income | ' | 21.5 | ' | 19.6 |
Interest expense | ' | 0 | ' | -1.2 |
Income before income taxes | ' | 21.5 | ' | 18.4 |
Income taxes | ' | -6 | ' | -5.8 |
Net income | ' | 15.5 | ' | 12.6 |
Deduct net income attributable to noncontrolling interests | ' | -6.7 | ' | -3.9 |
Net income attributable to UGI Corporation | ' | $8.80 | ' | $8.70 |
Restatements_of_Condensed_Cons4
Restatements of Condensed Consolidated Financial Statements - Condensed Consolidated Statement of Comprehensive income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $387.80 | $341.70 | $605.30 | $509.50 |
Net gains on derivative instruments, net of tax | 6.3 | 5.7 | 46.8 | 0.4 |
Reclassification of net (gains) losses on derivative instruments, net of tax | -31.4 | 25.2 | -45.2 | 42.6 |
Other comprehensive income | -25.5 | 7.8 | 13.9 | 36.3 |
Comprehensive income | 362.3 | 349.5 | 619.2 | 545.8 |
Deduct comprehensive income attributable to noncontrolling interests | -155.8 | -178 | -266.9 | -253.9 |
Comprehensive income attributable to UGI Corporation | 206.5 | 171.5 | 352.3 | 291.9 |
As Previously Reported | ' | ' | ' | ' |
Net income | ' | 326.2 | ' | 496.9 |
Net gains on derivative instruments, net of tax | ' | 9.2 | ' | -0.1 |
Reclassification of net (gains) losses on derivative instruments, net of tax | ' | 29 | ' | 50.8 |
Other comprehensive income | ' | 15.1 | ' | 44 |
Comprehensive income | ' | 341.3 | ' | 540.9 |
Deduct comprehensive income attributable to noncontrolling interests | ' | -171.3 | ' | -250 |
Comprehensive income attributable to UGI Corporation | ' | 170 | ' | 290.9 |
As Restated | ' | ' | ' | ' |
Net income | ' | 15.5 | ' | 12.6 |
Net gains on derivative instruments, net of tax | ' | -3.5 | ' | 0.5 |
Reclassification of net (gains) losses on derivative instruments, net of tax | ' | -3.8 | ' | -8.2 |
Other comprehensive income | ' | -7.3 | ' | -7.7 |
Comprehensive income | ' | 8.2 | ' | 4.9 |
Deduct comprehensive income attributable to noncontrolling interests | ' | -6.7 | ' | -3.9 |
Comprehensive income attributable to UGI Corporation | ' | $1.50 | ' | $1 |
Restatements_of_Condensed_Cons5
Restatements of Condensed Consolidated Financial Statements - Condensed Consolidated Statements of Cash Flows (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $605.30 | $509.50 |
Depreciation and amortization | 181.7 | 177.4 |
Deferred income taxes, net | 13 | 19.4 |
Net change in realized gains and losses deferred as cash flow hedges | ' | 0 |
Unrealized gains on derivative instruments | 8 | -5.8 |
Other, net | -6.8 | 11.5 |
Accounts receivable and accrued utility revenues | -632.5 | -555.2 |
Inventories | 43 | 61.7 |
Accounts payable | 194.1 | 176.4 |
As Previously Reported | ' | ' |
Net income | ' | 496.9 |
Depreciation and amortization | ' | 174.4 |
Deferred income taxes, net | ' | 18.8 |
Net change in realized gains and losses deferred as cash flow hedges | ' | 8.3 |
Unrealized gains on derivative instruments | ' | 0 |
Other, net | ' | 7.1 |
Accounts receivable and accrued utility revenues | ' | -550.1 |
Inventories | ' | 64.5 |
Accounts payable | ' | 175 |
Adjustment | ' | ' |
Net income | ' | 12.6 |
Depreciation and amortization | ' | 3 |
Deferred income taxes, net | ' | 0.6 |
Net change in realized gains and losses deferred as cash flow hedges | ' | -8.3 |
Unrealized gains on derivative instruments | ' | -5.8 |
Other, net | ' | 4.4 |
Accounts receivable and accrued utility revenues | ' | -5.1 |
Inventories | ' | -2.8 |
Accounts payable | ' | $1.40 |
Restatements_of_Condensed_Cons6
Restatements of Condensed Consolidated Financial Statements - Condensed Consolidated Statements of Equity (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | ||||
UGI Corporation stockholders’ equity | $2,795.20 | $2,492.50 | $2,487.70 | ' |
Noncontrolling interests | 4,002.10 | 3,547.90 | 3,718.80 | ' |
Retained earnings | ' | ' | ' | ' |
UGI Corporation stockholders’ equity | ' | ' | 1,378 | ' |
Noncontrolling interests | 1,579.90 | 1,308.30 | 1,378 | 1,156 |
Accumulated other comprehensive loss | ' | ' | ' | ' |
UGI Corporation stockholders’ equity | ' | ' | -46.5 | ' |
Noncontrolling interests | 24.3 | 8.4 | -46.5 | -55.2 |
Noncontrolling interests | ' | ' | ' | ' |
Noncontrolling interests | 1,206.90 | 1,055.40 | 1,231.10 | 1,085.60 |
As Previously Reported | Retained earnings | ' | ' | ' | ' |
UGI Corporation stockholders’ equity | ' | ' | 1,379.40 | ' |
As Previously Reported | Accumulated other comprehensive loss | ' | ' | ' | ' |
UGI Corporation stockholders’ equity | ' | ' | -45.6 | ' |
As Previously Reported | Noncontrolling interests | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | 1,227.30 | ' |
Adjustment | Retained earnings | ' | ' | ' | ' |
UGI Corporation stockholders’ equity | ' | ' | -1.4 | ' |
Adjustment | Accumulated other comprehensive loss | ' | ' | ' | ' |
UGI Corporation stockholders’ equity | ' | ' | -0.9 | ' |
Adjustment | Noncontrolling interests | ' | ' | ' | ' |
Noncontrolling interests | ' | ' | $3.80 | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense of intangible assets | $8.90 | $13.60 | $22.20 | $26.90 |
Remainder of fiscal 2014 | 26.3 | ' | 26.3 | ' |
Fiscal 2015 | 49.9 | ' | 49.9 | ' |
Fiscal 2016 | 43.5 | ' | 43.5 | ' |
Fiscal 2017 | 36.9 | ' | 36.9 | ' |
Fiscal 2018 | 35.6 | ' | 35.6 | ' |
Customer Relationships | Maximum | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Useful lives of amortizable intangible assets | '15 years | ' | ' | ' |
Noncompete Agreements | Maximum | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Useful lives of amortizable intangible assets | '15 years | ' | ' | ' |
Cost of Sales | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense of intangible assets | $0 | $0 | $0 | $0 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Components of Company's Intangible Assets (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Goodwill (not subject to amortization) | $2,886 | $2,871 | $2,813.80 |
Intangible assets: | ' | ' | ' |
Customer relationships, noncompete agreements and other | 727.5 | 706.4 | 690 |
Trademarks and tradenames (not subject to amortization) | 132.3 | 131.3 | 137 |
Gross carrying amount | 859.8 | 837.7 | 827 |
Accumulated amortization | -251.6 | -227.1 | -197.1 |
Intangible assets, net | $608.20 | $610.60 | $629.90 |
Segment_Information_Narrative_
Segment Information - Narrative (Details) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2014 | Mar. 31, 2014 | |
Reportable_Segments | ||
Segment Reporting Information | ' | ' |
Number of reportable segments (in reportable segments) | ' | 6 |
Limited Liability Company or Limited Partnership Managing Member or General Partner Ownership Interest Percentage | 1.01% | ' |
Segment_Information_Partnershi
Segment Information - Partnership EBITDA (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Revenues | $3,163.30 | $2,542.70 | $5,479.20 | $4,561.40 | ' | ||||
Cost of sales | 2,001.30 | 1,486.70 | 3,431.20 | 2,702.20 | ' | ||||
Segment profit: | ' | ' | ' | ' | ' | ||||
Operating income (loss) | 588.6 | 507.7 | 952.3 | 801.9 | ' | ||||
Income from equity investees | 0 | 0.1 | 0 | 0.1 | ' | ||||
Interest expense | -59.5 | -60.1 | -118.8 | -121.6 | ' | ||||
Income (loss) before income taxes | 529.1 | 447.7 | 833.5 | 680.4 | ' | ||||
Partnership EBITDA | ' | ' | ' | 500.8 | [1] | ' | |||
Noncontrolling interests' net income (loss) | 173.4 | 161 | 268.9 | 226.3 | ' | ||||
Depreciation and amortization | 87.7 | 89.6 | 181.7 | 177.4 | ' | ||||
Capital expenditures | 85.3 | 93.6 | 188.1 | 184.8 | ' | ||||
Total assets (at period end) | 10,720.50 | 10,215.40 | 10,720.50 | 10,215.40 | 10,008.80 | ||||
Bank loans (at period end) | 260.1 | 177.7 | 260.1 | 177.7 | 227.9 | ||||
Goodwill (at period end) | 2,886 | 2,813.80 | 2,886 | 2,813.80 | 2,871 | ||||
Eliminations | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Revenues | -164.7 | [2] | -61.1 | [2] | -230.2 | [2] | -119.6 | [2] | ' |
Cost of sales | -164 | [2] | -58.8 | [2] | -228.4 | [2] | -116.1 | [2] | ' |
Segment profit: | ' | ' | ' | ' | ' | ||||
Operating income (loss) | 0.2 | -0.9 | 0.1 | -0.9 | ' | ||||
Income from equity investees | 0 | 0 | 0 | 0 | ' | ||||
Interest expense | 0 | 0 | 0 | 0 | ' | ||||
Income (loss) before income taxes | 0.2 | -0.9 | 0.1 | -0.9 | ' | ||||
Noncontrolling interests' net income (loss) | 0 | 0 | 0 | 0 | ' | ||||
Depreciation and amortization | -0.1 | 0 | -0.1 | 0 | ' | ||||
Capital expenditures | 0 | -1 | -1.2 | -1.1 | ' | ||||
Total assets (at period end) | -116.3 | -110.8 | -116.3 | -110.8 | ' | ||||
Bank loans (at period end) | 0 | 0 | 0 | 0 | ' | ||||
Goodwill (at period end) | 0 | 0 | 0 | 0 | ' | ||||
AmeriGas Propane | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Revenues | 1,493.70 | 1,183.30 | 2,539.50 | 2,055.20 | ' | ||||
Cost of sales | 885.5 | 612.4 | 1,468.20 | 1,061.70 | ' | ||||
Segment profit: | ' | ' | ' | ' | ' | ||||
Operating income (loss) | 284.8 | 266.4 | 464.5 | 403.7 | ' | ||||
Income from equity investees | 0 | 0 | 0 | 0 | ' | ||||
Interest expense | -42 | -41.8 | -83.6 | -84.2 | ' | ||||
Income (loss) before income taxes | 242.8 | 224.6 | 380.9 | 319.5 | ' | ||||
Partnership EBITDA | 331.3 | [3] | 314.9 | [3] | 561.5 | [1] | 500.8 | ' | |
Noncontrolling interests' net income (loss) | 173.2 | 160.7 | 268.6 | 225.9 | ' | ||||
Depreciation and amortization | 49.2 | 50.9 | 101.5 | 101 | ' | ||||
Capital expenditures | 27.7 | 27.9 | 51 | 54.4 | ' | ||||
Total assets (at period end) | 4,692.30 | 4,682.60 | 4,692.30 | 4,682.60 | ' | ||||
Bank loans (at period end) | 198 | 115.9 | 198 | 115.9 | ' | ||||
Goodwill (at period end) | 1,939 | 1,919.20 | 1,939 | 1,919.20 | ' | ||||
Noncontrolling Interests Principally General Partners Interest in Related Parties | 2.7 | [4] | 2.4 | [4] | 4.5 | [4] | 3.9 | [4] | ' |
Gas Utility | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Revenues | 480.1 | 368.6 | 751.7 | 616.9 | ' | ||||
Cost of sales | 278.8 | 196.7 | 414.3 | 320.3 | ' | ||||
Segment profit: | ' | ' | ' | ' | ' | ||||
Operating income (loss) | 134.5 | 105.7 | 216.6 | 175.5 | ' | ||||
Income from equity investees | 0 | 0 | 0 | 0 | ' | ||||
Interest expense | -8.4 | -9.3 | -16.8 | -18.9 | ' | ||||
Income (loss) before income taxes | 126.1 | 96.4 | 199.8 | 156.6 | ' | ||||
Noncontrolling interests' net income (loss) | 0 | 0 | 0 | 0 | ' | ||||
Depreciation and amortization | 13.6 | 12.7 | 27 | 25.3 | ' | ||||
Capital expenditures | 30 | 24.4 | 62.9 | 52.9 | ' | ||||
Total assets (at period end) | 2,195.40 | 2,184.80 | 2,195.40 | 2,184.80 | ' | ||||
Bank loans (at period end) | 6.5 | 0 | 6.5 | 0 | ' | ||||
Goodwill (at period end) | 182.1 | 182.1 | 182.1 | 182.1 | ' | ||||
Midstream & Marketing, Energy Services | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Revenues | 588.9 | 304 | 861.6 | 531.8 | ' | ||||
Cost of sales | 457.9 | 246.1 | 685 | 435.6 | ' | ||||
Segment profit: | ' | ' | ' | ' | ' | ||||
Operating income (loss) | 111.5 | 44.4 | 143.3 | 70.1 | ' | ||||
Income from equity investees | 0 | 0 | 0 | 0 | ' | ||||
Interest expense | -1 | -0.8 | -2 | -1.8 | ' | ||||
Income (loss) before income taxes | 110.5 | 43.6 | 141.3 | 68.3 | ' | ||||
Noncontrolling interests' net income (loss) | 0 | 0 | 0 | 0 | ' | ||||
Depreciation and amortization | 3.2 | 1.9 | 5.8 | 3.5 | ' | ||||
Capital expenditures | 8.4 | 19.3 | 30.1 | 32.8 | ' | ||||
Total assets (at period end) | 643.2 | 450.4 | 643.2 | 450.4 | ' | ||||
Bank loans (at period end) | 51.5 | 47 | 51.5 | 47 | ' | ||||
Goodwill (at period end) | 2.8 | 2.8 | 2.8 | 2.8 | ' | ||||
Midstream & Marketing, Electric Generation | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Revenues | 25.1 | 17.4 | 45.9 | 32.4 | ' | ||||
Cost of sales | 9.4 | 10.9 | 20 | 20.5 | ' | ||||
Segment profit: | ' | ' | ' | ' | ' | ||||
Operating income (loss) | 9.9 | 0.6 | 14.3 | 0.8 | ' | ||||
Income from equity investees | 0 | 0 | 0 | 0 | ' | ||||
Interest expense | 0 | 0 | 0 | 0 | ' | ||||
Income (loss) before income taxes | 9.9 | 0.6 | 14.3 | 0.8 | ' | ||||
Noncontrolling interests' net income (loss) | 0 | 0 | 0 | 0 | ' | ||||
Depreciation and amortization | 2.7 | 2.4 | 5.3 | 4.9 | ' | ||||
Capital expenditures | 1.8 | 4.2 | 11.1 | 11 | ' | ||||
Total assets (at period end) | 283.9 | 261.7 | 283.9 | 261.7 | ' | ||||
Bank loans (at period end) | 0 | 0 | 0 | 0 | ' | ||||
Goodwill (at period end) | 0 | 0 | 0 | 0 | ' | ||||
International Propane, Antargaz | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Revenues | 412 | 452.6 | 837.3 | 871.9 | ' | ||||
Cost of sales | 266.7 | 285.8 | 549.2 | 565.7 | ' | ||||
Segment profit: | ' | ' | ' | ' | ' | ||||
Operating income (loss) | 52.9 | 67.8 | 96.1 | 115.3 | ' | ||||
Income from equity investees | 0 | 0.1 | 0 | 0.1 | ' | ||||
Interest expense | -6.4 | -6.3 | -12.8 | -12.8 | ' | ||||
Income (loss) before income taxes | 46.5 | 61.6 | 83.3 | 102.6 | ' | ||||
Noncontrolling interests' net income (loss) | 0.2 | 0.3 | 0.3 | 0.4 | ' | ||||
Depreciation and amortization | 10.3 | 14.2 | 25.3 | 28.3 | ' | ||||
Capital expenditures | 11.3 | 13.2 | 21.1 | 25.4 | ' | ||||
Total assets (at period end) | 1,923.20 | 1,847.70 | 1,923.20 | 1,847.70 | ' | ||||
Bank loans (at period end) | 0 | 0 | 0 | 0 | ' | ||||
Goodwill (at period end) | 655.3 | 610 | 655.3 | 610 | ' | ||||
International Propane, Flaga & Other | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Revenues | 277.2 | 230.9 | 570.5 | 476.5 | ' | ||||
Cost of sales | 222.7 | 177.4 | 454.4 | 372.3 | ' | ||||
Segment profit: | ' | ' | ' | ' | ' | ||||
Operating income (loss) | 10.9 | 13.8 | 24.6 | 24.1 | ' | ||||
Income from equity investees | 0 | 0 | 0 | 0 | ' | ||||
Interest expense | -1.1 | -1.3 | -2.4 | -2.6 | ' | ||||
Income (loss) before income taxes | 9.8 | 12.5 | 22.2 | 21.5 | ' | ||||
Noncontrolling interests' net income (loss) | 0 | 0 | 0 | 0 | ' | ||||
Depreciation and amortization | 7.2 | 5.8 | 13.8 | 11.3 | ' | ||||
Capital expenditures | 4.2 | 4.1 | 8.8 | 6.3 | ' | ||||
Total assets (at period end) | 660.4 | 551.3 | 660.4 | 551.3 | ' | ||||
Bank loans (at period end) | 4.1 | 14.8 | 4.1 | 14.8 | ' | ||||
Goodwill (at period end) | 99.8 | 92.7 | 99.8 | 92.7 | ' | ||||
Corporate & Other | ' | ' | ' | ' | ' | ||||
Segment Reporting Information | ' | ' | ' | ' | ' | ||||
Revenues | 51 | [5] | 47 | [5] | 102.9 | [6] | 96.3 | [6] | ' |
Cost of sales | 44.3 | [5] | 16.2 | [5] | 68.5 | [6] | 42.2 | [6] | ' |
Segment profit: | ' | ' | ' | ' | ' | ||||
Operating income (loss) | -16.1 | [5] | 9.9 | [5] | -7.2 | [6] | 13.3 | [6] | ' |
Income from equity investees | 0 | [5] | 0 | [5] | 0 | [6] | 0 | [6] | ' |
Interest expense | -0.6 | [5] | -0.6 | [5] | -1.2 | [6] | -1.3 | [6] | ' |
Income (loss) before income taxes | -16.7 | [5] | 9.3 | [5] | -8.4 | [6] | 12 | [6] | ' |
Noncontrolling interests' net income (loss) | 0 | [5] | 0 | [5] | 0 | [6] | 0 | [6] | ' |
Depreciation and amortization | 1.6 | [5] | 1.7 | [5] | 3.1 | [6] | 3.1 | [6] | ' |
Capital expenditures | 1.9 | [5] | 1.5 | [5] | 4.3 | [6] | 3.1 | [6] | ' |
Total assets (at period end) | 438.4 | [5],[6] | 347.7 | [5],[6] | 438.4 | [5],[6] | 347.7 | [5],[6] | ' |
Bank loans (at period end) | 0 | [5],[6] | 0 | [5],[6] | 0 | [5],[6] | 0 | [5],[6] | ' |
Goodwill (at period end) | $7 | [5],[6] | $7 | [5],[6] | $7 | [5],[6] | $7 | [5],[6] | ' |
[1] | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income:Six Months Ended March 31, 2014 2013Partnership EBITDA $561.5 $500.8Depreciation and amortization (101.5) (101.0)Noncontrolling interests (i) 4.5 3.9Operating income $464.5 $403.7(i)Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. | ||||||||
[2] | Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane. | ||||||||
[3] | The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income:Three Months Ended March 31, 2014 2013Partnership EBITDA $331.3 $314.9Depreciation and amortization (49.2) (50.9)Noncontrolling interests (i) 2.7 2.4Operating income $284.8 $266.4(i)Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. | ||||||||
[4] | Principally represents the General Partner’s 1.01% interest in AmeriGas OLP. | ||||||||
[5] | Corporate & Other results principally comprise (1) Electric Utility, (2) Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVACâ€), (3) changes in the fair values of Midstream & Marketing’s unsettled commodity derivative instruments and gains and losses on settled commodity derivative instruments not associated with current period transactions, (4) net expenses of UGI’s captive general liability insurance company, and (5) UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. | ||||||||
[6] | Corporate & Other results principally comprise (1) Electric Utility, (2) HVAC, (3) changes in the fair values of Midstream & Marketing’s unsettled commodity derivative instruments and gains and losses on settled commodity derivative instruments not associated with current period transactions, (4) net expenses of UGI’s captive general liability insurance company, and (5) UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation. |
Energy_Services_Accounts_Recei1
Energy Services Accounts Receivable Securitization Facility - Narrative (Details) (USD $) | 6 Months Ended | 5 Months Ended | 7 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 31, 2014 | 31-May-14 |
Energy Services | Energy Services | Energy Services Funding Corporation | Energy Services Funding Corporation | Maximum | Maximum | |
Forecast | Forecast | |||||
Accounts, Notes, Loans and Financing Receivable | ' | ' | ' | ' | ' | ' |
Receivables facility | ' | ' | ' | ' | $75 | $150 |
Sale of trade receivables | 551.8 | 524.3 | ' | ' | ' | ' |
Sale of undivided interests in its trade receivables to the commercial paper conduit | ' | ' | 251 | 179 | ' | ' |
Outstanding balance of trade receivables | ' | ' | 124.1 | 82.6 | ' | ' |
Outstanding balance of trade receivables sold | ' | ' | $10.50 | $11 | ' | ' |
Utility_Regulatory_Assets_and_2
Utility Regulatory Assets and Liabilities and Regulatory Matters - Narrative (Details Textual) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Regulatory Assets [Line Items] | ' | ' | ' |
Gas utility unrealized gains (losses) on derivative financial instruments contracts | $2.40 | ($1.70) | $4.10 |
Electric Utility Electric Supply Contracts | ' | ' | ' |
Regulatory Assets [Line Items] | ' | ' | ' |
Fair value of Electric Utility's electricity supply contracts | $0.40 | ($4.80) | ($5.50) |
Utility_Regulatory_Assets_and_3
Utility Regulatory Assets and Liabilities and Regulatory Matters - Regulatory Assets and Liabilities Associated with Gas Utility and Electric Utility (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ' | ' |
Regulatory assets | $235.90 | $244.90 | $322.30 |
Regulatory liabilities | 33.1 | 37.3 | 56.7 |
Postretirement benefits | ' | ' | ' |
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ' | ' |
Regulatory liabilities | 17.2 | 16.5 | 13.9 |
Environmental overcollections | ' | ' | ' |
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ' | ' |
Regulatory liabilities | 1.9 | 2.6 | 3 |
Deferred fuel and power refunds | ' | ' | ' |
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ' | ' |
Regulatory liabilities | 3.2 | 8.3 | 31.2 |
State tax benefits—distribution system repairs | ' | ' | ' |
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ' | ' |
Regulatory liabilities | 9 | 8.4 | 7.9 |
Other | ' | ' | ' |
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ' | ' |
Regulatory liabilities | 1.8 | 1.5 | 0.7 |
Income taxes recoverable | ' | ' | ' |
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ' | ' |
Regulatory assets | 106.8 | 106.1 | 104.2 |
Underfunded pension and postretirement plans | ' | ' | ' |
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ' | ' |
Regulatory assets | 91 | 94.5 | 181.3 |
Environmental costs | ' | ' | ' |
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ' | ' |
Regulatory assets | 14.5 | 17.1 | 16.8 |
Deferred fuel and power costs | ' | ' | ' |
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ' | ' |
Regulatory assets | 4.3 | 8.3 | 2.1 |
Removal costs, net | ' | ' | ' |
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ' | ' |
Regulatory assets | 14.4 | 13.3 | 11.9 |
Other | ' | ' | ' |
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ' | ' |
Regulatory assets | $4.90 | $5.60 | $6 |
Defined_Benefit_Pension_and_Ot2
Defined Benefit Pension and Other Postretirement Plans - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ' | ' | ' |
Expected contribution to pensions plans during remainder of fiscal year | $10.90 | ' | ' | ' |
Contribution made to Pension Plan | ' | ' | 7 | 6.4 |
Net cost to sponsor unfunded and non-qualified supplemental executive retirement plans | $0.90 | $0.80 | $1.70 | $1.60 |
Defined_Benefit_Pension_and_Ot3
Defined Benefit Pension and Other Postretirement Plans - Components of Net Periodic Pension Expense and Other Postretirement Benefit Costs (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits | ' | ' | ' | ' |
Components of net periodic pension expense and other postretirement benefit costs | ' | ' | ' | ' |
Service cost | $2.30 | $2.80 | $4.70 | $5.70 |
Interest cost | 6.5 | 5.9 | 12.9 | 11.8 |
Expected return on assets | -7.3 | -6.9 | -14.7 | -13.8 |
Amortization of: | ' | ' | ' | ' |
Prior service cost (benefit) | 0.1 | 0.1 | 0.2 | 0.2 |
Actuarial loss | 1.9 | 3.7 | 3.8 | 7.4 |
Net benefit cost | 3.5 | 5.6 | 6.9 | 11.3 |
Change in associated regulatory liabilities | 0 | 0 | 0 | 0 |
Net expense | 3.5 | 5.6 | 6.9 | 11.3 |
Other Postretirement Benefits | ' | ' | ' | ' |
Components of net periodic pension expense and other postretirement benefit costs | ' | ' | ' | ' |
Service cost | 0.1 | 0.2 | 0.3 | 0.3 |
Interest cost | 0.2 | 0.2 | 0.5 | 0.5 |
Expected return on assets | -0.1 | -0.1 | -0.3 | -0.3 |
Amortization of: | ' | ' | ' | ' |
Prior service cost (benefit) | -0.1 | -0.1 | -0.2 | -0.1 |
Actuarial loss | 0 | 0.1 | 0 | 0.2 |
Net benefit cost | 0.1 | 0.3 | 0.3 | 0.6 |
Change in associated regulatory liabilities | 0.9 | 0.8 | 1.8 | 1.6 |
Net expense | $1 | $1.10 | $2.10 | $2.20 |
Commitments_and_Contingencies_
Commitments and Contingencies - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
lb | PNG MGP | Environmental Matters | Environmental Matters | Environmental Matters | CPG and PNG COAs | CPG and PNG COAs | |
CPG MGP | PNG MGP | UGI Utilities | UGI Utilities | UGI Utilities | |||
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' |
Environmental expenditures cap during calendar year | ' | ' | $1.80 | $1.10 | ' | ' | ' |
Loss Contingency, Settlement Agreement, Terms | ' | 'P2Y | ' | ' | ' | ' | ' |
Accrual for environmental loss contingencies | ' | ' | ' | ' | ' | $11.10 | $14.30 |
Base year for determination of investigation and remediation cost (in years) | ' | ' | ' | ' | '5 years | ' | ' |
Amount of propane in cylinders before reduction | 17 | ' | ' | ' | ' | ' | ' |
Amount of propane in cylinders after reduction | 15 | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurement_Financi
Fair Value Measurement - Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, assets | $23 | $24.20 | $19.30 |
Derivative financial instruments, liabilities | -56.7 | -55.4 | -76.3 |
Fair Value, Measurements, Recurring | Commodity contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, assets | 22.9 | 23.3 | 13.6 |
Derivative financial instruments, liabilities | -21.1 | -16 | -15.3 |
Fair Value, Measurements, Recurring | Foreign currency contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, assets | 0.1 | 0.9 | 1.5 |
Derivative financial instruments, liabilities | -5.6 | -7.2 | -0.5 |
Fair Value, Measurements, Recurring | Interest rate contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, assets | ' | ' | 4.2 |
Derivative financial instruments, liabilities | -27.8 | -31 | -60.5 |
Fair Value, Measurements, Recurring | Cross currency swap | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, liabilities | -2.2 | -1.2 | ' |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Fair Value, Measurements, Recurring | Commodity contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, assets | 11.5 | 2.1 | 7.9 |
Derivative financial instruments, liabilities | -4 | -9.7 | -2.7 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Fair Value, Measurements, Recurring | Foreign currency contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, assets | 0 | 0 | 0 |
Derivative financial instruments, liabilities | 0 | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Fair Value, Measurements, Recurring | Interest rate contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, assets | ' | ' | 0 |
Derivative financial instruments, liabilities | 0 | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Fair Value, Measurements, Recurring | Cross currency swap | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, liabilities | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Commodity contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, assets | 11.4 | 21.2 | 5.7 |
Derivative financial instruments, liabilities | -17.1 | -6.3 | -12.6 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Foreign currency contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, assets | 0.1 | 0.9 | 1.5 |
Derivative financial instruments, liabilities | -5.6 | -7.2 | -0.5 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Interest rate contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, assets | ' | ' | 4.2 |
Derivative financial instruments, liabilities | -27.8 | -31 | -60.5 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Cross currency swap | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, liabilities | -2.2 | -1.2 | ' |
Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Commodity contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, assets | 0 | 0 | 0 |
Derivative financial instruments, liabilities | 0 | 0 | 0 |
Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Foreign currency contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, assets | 0 | 0 | 0 |
Derivative financial instruments, liabilities | 0 | 0 | 0 |
Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Interest rate contracts | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, assets | ' | ' | 0 |
Derivative financial instruments, liabilities | 0 | 0 | 0 |
Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Cross currency swap | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivative financial instruments, liabilities | $0 | $0 | ' |
Fair_Value_Measurement_Offsett
Fair Value Measurement - Offsetting Derivative Assets and Liabilities (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Fair Value Disclosures [Abstract] | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $31.60 | $26.30 | $30.10 |
Derivative Asset, Fair Value, Offset Amount | -8.6 | -2.1 | -10.8 |
Derivative Asset, Fair Value, Net Amount | 23 | 24.2 | 19.3 |
Derivative Liability, Fair Value, Gross Liability | -65.3 | -57.5 | -87.1 |
Derivative Liability, Fair Value, Offset Amount | 8.6 | 2.1 | 10.8 |
Derivative Liability, Fair Value, Net Amount | -56.7 | -55.4 | -76.3 |
Carrying value long-term debt | 3,613.60 | ' | 3,502.90 |
Long-term Debt, Fair Value | $3,864.40 | ' | $3,780.60 |
Disclosures_About_Derivative_I2
Disclosures About Derivative Instruments and Hedging Activities - Narrative (Details) | 6 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
USD ($) | USD ($) | USD ($) | LPG (millions of gallons) | LPG (millions of gallons) | Brokerage Accounts | Brokerage Accounts | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Protection Agreements | Interest Rate Protection Agreements | Foreign Currency | Foreign Currency | Cross Currency Interest Rate Contract | Gas Utility | Gas Utility | Electric Utility | Electric Utility | Midstream & Marketing | Midstream & Marketing | Midstream & Marketing | Midstream & Marketing | Midstream & Marketing | Midstream & Marketing | Midstream & Marketing | Midstream & Marketing | Midstream & Marketing | Midstream & Marketing | Midstream & Marketing | Midstream & Marketing | Midstream & Marketing | Midstream & Marketing | |
gal | gal | USD ($) | USD ($) | EUR (€) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | DTH | DTH | USD ($) | USD ($) | Electric transmission congestion - Electric Utility | Electric transmission congestion - Electric Utility | Electric transmission congestion (excluding Electric Utility) | Electric transmission congestion (excluding Electric Utility) | Electricity (millions of kilowatt-hours) | Electricity (millions of kilowatt-hours) | Electricity (millions of kilowatt-hours) | Electricity (millions of kilowatt-hours) | Propane Storage (millions of dekatherms) | Propane Storage (millions of dekatherms) | Gas Utility Natural Gas | Gas Utility Natural Gas | Natural Gas Storage | Natural Gas Storage | ||||
kWh | kWh | kWh | kWh | kWh | kWh | Forward Purchase Contracts | Forward Purchase Contracts | Forward Sales Contracts | Forward Sales Contracts | Forward Sales Contracts | Forward Sales Contracts | Forward Purchase Contracts | Forward Purchase Contracts | Forward Sales Contracts | Forward Sales Contracts | |||||||||||||||||
kWh | kWh | kWh | kWh | gal | gal | DTH | DTH | DTH | DTH | |||||||||||||||||||||||
Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding derivative commodity instruments volumes | ' | ' | ' | 121,900,000 | 129,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | 10,000,000 | 207,000,000 | 403,200,000 | 47,400,000 | 47,500,000 | 435,100,000 | 261,000,000 | 603,100,000 | 1,034,400,000 | 346,100,000 | 449,900,000 | 0 | 0 | 69,900,000 | 17,300,000 | 100,000 | 400,000 |
Maximum length of time hedged in price risk cash flow hedges (in months) | ' | ' | ' | '23 months | ' | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | '11 months | ' | '8 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | $65.30 | $57.50 | $87.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.40) | $5.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum approximate range of estimated dollar-denominated purchases of LPG (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Length if Time Hedged (in months) | ' | ' | ' | '7 months | ' | ' | ' | ' | ' | ' | ' | '17 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | ' | ' | ' | 439.8 | 441.2 | 0 | 173 | 199.4 | 92.7 | 52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum approximate range of estimated dollar-denominated purchases of LPG (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net losses associated with commodity price risk hedges expected to be reclassified into earnings during the next twelve months | 12.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of net losses associated with interest rate hedges to be reclassified with interest rate hedges during the next 12 months | 2.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of net gains associated with currency rate risk to be reclassified into earnings during the next 12 months | 4.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash | 4.4 | 8.3 | 2.8 | ' | ' | 4.4 | 2.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disclosures_About_Derivative_I3
Disclosures About Derivative Instruments and Hedging Activities - Balance Sheet Location and Fair Value of Derivative Assets and Liabilities (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value | ' | ' |
Derivative Asset, Fair Value, Net | $23 | $19.30 |
Derivative Liability, Fair Value, Net | -56.7 | -76.3 |
Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset, Fair Value, Net | 10.3 | 11.1 |
Derivative Liability, Fair Value, Net | -36 | -68 |
Designated as Hedging Instrument | Cross Currency Interest Rate Contract | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset, Fair Value, Net | 0 | 0 |
Derivative Financial Instruments and Other Assets | Designated as Hedging Instrument | Commodity Contracts | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset, Fair Value, Net | 10.2 | 5.4 |
Derivative Financial Instruments and Other Assets | Designated as Hedging Instrument | Foreign Currency Contracts | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset, Fair Value, Net | 0.1 | 1.5 |
Derivative Financial Instruments and Other Assets | Derivatives Not Designated as Hedging Instruments | Commodity Contracts | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset, Fair Value, Net | 9.5 | 4.1 |
Derivative Financial Instruments, Assets | Designated as Hedging Instrument | Interest Rate Contracts | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset, Fair Value, Net | 0 | 4.2 |
Derivative Financial Instruments, Assets | Derivatives Subject to Utility Rate Regulation | Commodity Contracts | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Asset, Fair Value, Net | 3.2 | 4.1 |
Derivative Financial Instruments and Other Noncurrent Liabilities | Designated as Hedging Instrument | Commodity Contracts | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Liability, Fair Value, Net | -0.4 | -7 |
Derivative Financial Instruments and Other Noncurrent Liabilities | Designated as Hedging Instrument | Foreign Currency Contracts | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Liability, Fair Value, Net | -5.6 | -0.5 |
Derivative Financial Instruments and Other Noncurrent Liabilities | Designated as Hedging Instrument | Cross Currency Interest Rate Contract | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Liability, Fair Value, Net | -2.2 | 0 |
Derivative Financial Instruments and Other Noncurrent Liabilities | Designated as Hedging Instrument | Interest Rate Contracts | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Liability, Fair Value, Net | -27.8 | -60.5 |
Derivative Financial Instruments and Other Noncurrent Liabilities | Derivatives Subject to Utility Rate Regulation | Commodity Contracts | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Liability, Fair Value, Net | -0.4 | -5.5 |
Derivative Financial Instruments and Other Noncurrent Liabilities | Derivatives Not Designated as Hedging Instruments | Commodity Contracts | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative Liability, Fair Value, Net | ($20.30) | ($2.80) |
Disclosures_About_Derivative_I4
Disclosures About Derivative Instruments and Hedging Activities - Effects of Derivative Instruments on the Condensed Consolidated Statements of Income and Changes in AOCI and Noncontrolling Interest (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Derivatives Not Designated as Hedging Instruments | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (Loss) Recognized in Income | ($22.20) | $11.40 | ($9.30) | $13.70 |
Cash Flow Hedges | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (loss) recognized in AOCI and noncontrolling interests | 5.9 | 10.2 | 53.9 | 3.4 |
Gain (loss) reclassified from AOCI and noncontrolling interest into income | 34.7 | -29.4 | 50.5 | -50.3 |
Commodity Contracts | Derivatives Not Designated as Hedging Instruments | Cost of Sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (Loss) Recognized in Income | -22.2 | 11.5 | -9.4 | 13.8 |
Commodity Contracts | Derivatives Not Designated as Hedging Instruments | Operating Expenses / Other Income | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (Loss) Recognized in Income | 0 | 0.1 | 0.1 | 0.1 |
Commodity Contracts | Cash Flow Hedges | Cost of Sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (loss) recognized in AOCI and noncontrolling interests | 7.8 | -0.4 | 61.2 | -4.5 |
Gain (loss) reclassified from AOCI and noncontrolling interest into income | 39.9 | -25.3 | 62.2 | -43.2 |
Foreign Currency Contracts | Derivatives Not Designated as Hedging Instruments | Other Income | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (Loss) Recognized in Income | 0 | -0.2 | 0 | -0.2 |
Foreign Currency Contracts | Cash Flow Hedges | Cost of Sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (loss) recognized in AOCI and noncontrolling interests | -0.2 | 2.6 | -2.7 | -1.1 |
Gain (loss) reclassified from AOCI and noncontrolling interest into income | -1.4 | -0.6 | -3.5 | -0.1 |
Cross Currency Interest Rate Contract | Cash Flow Hedges | Interest Expense | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (loss) recognized in AOCI and noncontrolling interests | 0.1 | 0 | -1.1 | 0 |
Gain (loss) reclassified from AOCI and noncontrolling interest into income | 0.2 | 0 | -0.1 | ' |
Interest Rate Contracts | Cash Flow Hedges | Interest Expense / Other Income | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (loss) recognized in AOCI and noncontrolling interests | -1.8 | 8 | -3.5 | 9 |
Gain (loss) reclassified from AOCI and noncontrolling interest into income | ($4) | ($3.50) | ($8.10) | ($7) |
Inventories_Narrative_Details
Inventories - Narrative (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ft3 | ft3 |
Storage_Agreement | ||
Inventory [Line Items] | ' | ' |
Number of Storage Agreements | 4 | ' |
Volume of gas storage inventories released under SCAAs with non-affiliates (in cubic feet) | 200,000,000 | 600,000,000 |
Carrying value of gas storage inventories released under SCAAs with non-affiliates | $0.80 | $2.40 |
Minimum | ' | ' |
Inventory [Line Items] | ' | ' |
SCAA Contract Term, in years | '1 year | ' |
Maximum | ' | ' |
Inventory [Line Items] | ' | ' |
SCAA Contract Term, in years | '3 years | ' |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Inventory | ' | ' | ' |
Total inventories | $324.40 | $365.50 | $292.40 |
Non-utility LPG and Natural Gas | ' | ' | ' |
Inventory | ' | ' | ' |
Total inventories | 251.4 | 230 | 220.3 |
Gas Utility Natural Gas | ' | ' | ' |
Inventory | ' | ' | ' |
Total inventories | 7.5 | 78.9 | 5.4 |
Materials, Supplies and Other | ' | ' | ' |
Inventory | ' | ' | ' |
Total inventories | $65.50 | $56.60 | $66.70 |
Debt_Narrative_Details
Debt - Narrative (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2014 | Mar. 26, 2014 | Mar. 26, 2014 | |
4.98% Senior Notes | 4.98% Senior Notes | Term Loan, 364-day Credit Agreement | |
Debt Instrument | ' | ' | ' |
Proceeds from 4.98% Senior Note | ' | $175,000,000 | ' |
Interest Rate | 4.98% | ' | ' |
Debt Repayment | ' | ' | $175,000,000 |
Debt Instrument, Term | ' | ' | '364 days |
Debt to Capital Ratio | 0.65 | ' | ' |