Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Nov. 18, 2014 | Mar. 31, 2014 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'AMERIGAS PARTNERS LP | ' | ' |
Entity Central Index Key | '0000932628 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $2,915,242,944 |
Entity Common Stock, Shares Outstanding | ' | 92,869,863 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $13,480 | $12,635 |
Accounts receivable (less allowances for doubtful accounts of $17,681 and $18,552, respectively) | 278,995 | 290,701 |
Accounts receivable — related parties | 1,925 | 1,509 |
Inventories | 181,946 | 158,928 |
Derivative instruments | 272 | 18,036 |
Prepaid expenses and other current assets | 29,290 | 23,185 |
Total current assets | 505,908 | 504,994 |
Property, plant and equipment (less accumulated depreciation and amortization of $1,239,767 and $1,231,688, respectively) | 1,386,910 | 1,437,514 |
Goodwill | 1,945,748 | 1,936,608 |
Intangible assets | 464,338 | 493,649 |
Derivative instruments | 0 | 216 |
Other assets | 61,154 | 64,690 |
Total assets | 4,364,058 | 4,437,671 |
Current liabilities: | ' | ' |
Current maturities of long-term debt | 11,589 | 12,014 |
Short-term borrowings | 109,000 | 116,900 |
Accounts payable — trade | 154,053 | 170,705 |
Accounts payable — related parties | 1,081 | 1,071 |
Employee compensation and benefits accrued | 45,501 | 44,671 |
Interest accrued | 48,701 | 49,013 |
Customer deposits and advances | 129,840 | 128,122 |
Derivative instruments | 6,653 | 135 |
Other current liabilities | 111,096 | 98,645 |
Total current liabilities | 617,514 | 621,276 |
Long-term debt | 2,280,145 | 2,288,097 |
Derivative instruments | 26 | 0 |
Other noncurrent liabilities | 105,483 | 104,161 |
Total liabilities | 3,003,168 | 3,013,534 |
Commitments and contingencies (Note 12) | ' | ' |
AmeriGas Partners, L.P. partners’ capital: | ' | ' |
Common unitholders (units issued — 92,867,204 and 92,824,539, respectively) | 1,299,260 | 1,354,187 |
General partner | 20,460 | 15,930 |
Accumulated other comprehensive income | 2,794 | 14,986 |
Total AmeriGas Partners, L.P. partners’ capital | 1,322,514 | 1,385,103 |
Noncontrolling interest | 38,376 | 39,034 |
Total partners’ capital | 1,360,890 | 1,424,137 |
Total liabilities and partners’ capital | $4,364,058 | $4,437,671 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Allowances for doubtful accounts | $17,681 | $18,552 |
Depreciation and amortization on property, plant and equipment | $1,239,767 | $1,231,688 |
Partners’ capital: | ' | ' |
Common units, issued | 92,867,204 | 92,824,539 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Revenues: | ' | ' | ' | |
Propane | $3,440,868 | $2,884,766 | $2,677,631 | |
Other | 272,067 | 281,777 | 243,985 | |
Revenues | 3,712,935 | 3,166,543 | 2,921,616 | |
Costs and expenses: | ' | ' | ' | |
Cost of sales — propane (excluding depreciation shown below) | 2,034,592 | 1,571,574 | 1,642,658 | |
Cost of sales — other (excluding depreciation shown below) | 81,982 | 88,479 | 77,071 | |
Operating and administrative expenses | 963,963 | 943,928 | 888,693 | |
Depreciation | 154,020 | 159,306 | 134,225 | |
Amortization | 43,195 | 43,565 | 34,898 | |
Other income, net | -27,450 | -32,503 | -26,521 | |
Costs and expenses | 3,250,302 | 2,774,349 | 2,751,024 | |
Operating income | 462,633 | 392,194 | 170,592 | |
Loss on extinguishments of debt | 0 | 0 | -13,349 | |
Interest expense | -165,581 | -165,432 | -142,641 | |
Income before income taxes | 297,052 | 226,762 | 14,602 | |
Income tax expense | -2,611 | -1,671 | -1,931 | |
Net income | 294,441 | 225,091 | 12,671 | |
Less: net income attributable to noncontrolling interest | -4,548 | -3,869 | -1,646 | |
Net income attributable to AmeriGas Partners, L.P. | 289,893 | 221,222 | 11,025 | [1] |
General partner’s interest in net income attributable to AmeriGas Partners, L.P. | 26,749 | 21,498 | 13,119 | |
Limited partners’ interest in net income (loss) attributable to AmeriGas Partners, L.P. | $263,144 | $199,724 | ($2,094) | |
Income (loss) per limited partner unit — basic (Note 2) (in dollars per unit) | $2.82 | $2.14 | ($0.11) | |
Income (loss) per limited partner unit — diluted (Note 2) (in dollars per unit) | $2.82 | $2.14 | ($0.11) | |
Average limited partner units outstanding (thousands): | ' | ' | ' | |
Basic (in units) | 92,876 | 92,832 | 81,433 | |
Diluted (in units) | 92,946 | 92,910 | 81,433 | |
[1] | There were 58 potentially dilutive Common Units excluded from the calculation because of the net loss attributable under the two-class method. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $294,441 | $225,091 | $12,671 |
Other comprehensive income (loss): | ' | ' | ' |
Net gains (losses) on derivative instruments | 44,203 | 6,647 | -86,573 |
Reclassifications of net (gains) losses on derivative instruments | -56,517 | 52,503 | 47,569 |
Other comprehensive (loss) income | -12,314 | 59,150 | -39,004 |
Total comprehensive income (loss) | 282,127 | 284,241 | -26,333 |
Less: comprehensive income attributable to noncontrolling interest | -4,426 | -4,464 | -1,251 |
Comprehensive income (loss) attributable to AmeriGas Partners, L.P. | $277,701 | $279,777 | ($27,584) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $294,441 | $225,091 | $12,671 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 197,215 | 202,871 | 169,123 |
Provision for uncollectible accounts | 26,403 | 16,477 | 15,088 |
Loss on extinguishments of debt | 0 | 0 | 13,349 |
Unrealized losses on derivative instruments | 9,495 | 0 | 0 |
Other, net | -6,265 | -5,100 | 1,019 |
Net change in: | ' | ' | ' |
Accounts receivable | -15,246 | -43,378 | 78,703 |
Inventories | -22,804 | 5,403 | 53,061 |
Accounts payable | -16,643 | -661 | -34,577 |
Other current assets | 2,429 | -2,305 | 11,863 |
Other current liabilities | 11,045 | -42,795 | 24,129 |
Net cash provided by operating activities | 480,070 | 355,603 | 344,429 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Expenditures for property, plant and equipment | -113,934 | -111,058 | -103,140 |
Proceeds from disposals of assets | 19,931 | 22,113 | 8,082 |
Acquisitions of businesses, net of cash acquired | -15,746 | -19,946 | -1,425,002 |
Net cash used by investing activities | -109,749 | -108,891 | -1,520,060 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Distributions | -346,744 | -327,000 | -271,839 |
Proceeds from issuance of Common Units | 0 | 0 | 276,562 |
Noncontrolling interest activity | -5,084 | -4,882 | -2,979 |
(Decrease) increase in short-term borrowings | -7,900 | 67,000 | -45,600 |
Issuance of long-term debt | 0 | 0 | 1,524,174 |
Repayment of long-term debt | -12,272 | -30,531 | -256,992 |
Proceeds associated with equity based compensation plans, net of tax withheld | 2,499 | 1,221 | 951 |
Capital contributions from General Partner | 25 | 13 | 2,824 |
Net cash (used) provided by financing activities | -369,476 | -294,179 | 1,227,101 |
Cash and cash equivalents increase (decrease) | 845 | -47,467 | 51,470 |
CASH AND CASH EQUIVALENTS: | ' | ' | ' |
End of year | 13,480 | 12,635 | 60,102 |
Beginning of year | 12,635 | 60,102 | 8,632 |
Increase (decrease) | 845 | -47,467 | 51,470 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid for interest | $161,518 | $161,562 | $104,248 |
Consolidated_Statements_of_Par
Consolidated Statements of Partner's Capital (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | $1,424,137 | ' | $1,468,560 | $1,424,137 | $1,468,560 | $351,479 |
Net income | -47,432 | 136,672 | -54,184 | 98,043 | 294,441 | 225,091 | 12,671 |
Net gains (losses) on derivative instruments | ' | ' | ' | ' | 44,203 | 6,647 | -86,573 |
Reclassifications of net (gains) losses on derivative instruments | ' | ' | ' | ' | -56,517 | 52,503 | 47,569 |
Distributions | ' | ' | ' | ' | -351,828 | -331,882 | -275,831 |
Unit-based compensation expense | ' | ' | ' | ' | 2,299 | 3,472 | 6,832 |
Common Units issued in connection with the Heritage Acquisition | ' | ' | ' | ' | ' | ' | 1,132,628 |
General Partner contribution of Common Units to AmeriGas OLP in connection with the Heritage Acquisition | ' | ' | ' | ' | ' | ' | 0 |
General Partner contribution of Common Units to AmeriGas Partners, L.P. in connection with the Heritage Acquisition | ' | ' | ' | ' | ' | ' | 0 |
Common Units issued in connection with public offering | ' | ' | ' | ' | ' | ' | 279,362 |
General Partner contribution to AmeriGas Propane, L.P. | ' | ' | ' | ' | ' | ' | 1,013 |
Goodwill push-down adjustment associated with prior-year acquisition | ' | ' | ' | ' | 5,073 | ' | ' |
Common Units issued in connection with employee and director plans, net of tax withheld | ' | ' | ' | ' | -918 | -254 | -590 |
Ending Balance | 1,360,890 | ' | 1,424,137 | ' | 1,360,890 | 1,424,137 | 1,468,560 |
Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | 39,034 | ' | 39,452 | 39,034 | 39,452 | 12,823 |
Net income | ' | ' | ' | ' | 4,548 | 3,869 | 1,646 |
Net gains (losses) on derivative instruments | ' | ' | ' | ' | 449 | 64 | -874 |
Reclassifications of net (gains) losses on derivative instruments | ' | ' | ' | ' | -571 | 531 | 479 |
Distributions | ' | ' | ' | ' | -5,084 | -4,882 | -3,992 |
General Partner contribution of Common Units to AmeriGas OLP in connection with the Heritage Acquisition | ' | ' | ' | ' | ' | ' | 28,357 |
General Partner contribution to AmeriGas Propane, L.P. | ' | ' | ' | ' | ' | ' | 1,013 |
Ending Balance | 38,376 | ' | 39,034 | ' | 38,376 | 39,034 | 39,452 |
Total AmeriGas Partners, L.P. Partners' Capital | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | 1,385,103 | ' | 1,429,108 | 1,385,103 | 1,429,108 | 338,656 |
Net income | ' | ' | ' | ' | 289,893 | 221,222 | 11,025 |
Net gains (losses) on derivative instruments | ' | ' | ' | ' | 43,754 | 6,583 | -85,699 |
Reclassifications of net (gains) losses on derivative instruments | ' | ' | ' | ' | -55,946 | 51,972 | 47,090 |
Distributions | ' | ' | ' | ' | -346,744 | -327,000 | -271,839 |
Unit-based compensation expense | ' | ' | ' | ' | 2,299 | 3,472 | 6,832 |
Common Units issued in connection with the Heritage Acquisition | ' | ' | ' | ' | ' | ' | 1,132,628 |
General Partner contribution of Common Units to AmeriGas OLP in connection with the Heritage Acquisition | ' | ' | ' | ' | ' | ' | -28,357 |
General Partner contribution of Common Units to AmeriGas Partners, L.P. in connection with the Heritage Acquisition | ' | ' | ' | ' | ' | ' | 0 |
Common Units issued in connection with public offering | ' | ' | ' | ' | ' | ' | 279,362 |
Goodwill push-down adjustment associated with prior-year acquisition | ' | ' | ' | ' | 5,073 | ' | ' |
Common Units issued in connection with employee and director plans, net of tax withheld | ' | ' | ' | ' | -918 | -254 | -590 |
Ending Balance | 1,322,514 | ' | 1,385,103 | ' | 1,322,514 | 1,385,103 | 1,429,108 |
Common | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance (in units) | ' | 92,824,539 | ' | 92,801,347 | 92,824,539 | 92,801,347 | 57,124,296 |
Beginning Balance | ' | 1,354,187 | ' | 1,455,702 | 1,354,187 | 1,455,702 | 340,180 |
Net income | ' | ' | ' | ' | 263,144 | 199,724 | -2,094 |
Distributions | ' | ' | ' | ' | -319,427 | -304,444 | -256,112 |
Unit-based compensation expense | ' | ' | ' | ' | 2,299 | 3,472 | 6,832 |
Common Units issued in connection with the Heritage Acquisition (in units) | ' | ' | ' | ' | ' | ' | 29,567,362 |
Common Units issued in connection with the Heritage Acquisition | ' | ' | ' | ' | ' | ' | 1,132,628 |
General Partner contribution of Common Units to AmeriGas OLP in connection with the Heritage Acquisition (in units) | ' | ' | ' | ' | ' | ' | -635,667 |
General Partner contribution of Common Units to AmeriGas OLP in connection with the Heritage Acquisition | ' | ' | ' | ' | ' | ' | -28,357 |
General Partner contribution of Common Units to AmeriGas Partners, L.P. in connection with the Heritage Acquisition (in units) | ' | ' | ' | ' | ' | ' | -298,660 |
General Partner contribution of Common Units to AmeriGas Partners, L.P. in connection with the Heritage Acquisition | ' | ' | ' | ' | ' | ' | -13,323 |
Common Units issued in connection with public offering (in units) | ' | ' | ' | ' | ' | ' | 7,000,000 |
Common Units issued in connection with public offering | ' | ' | ' | ' | ' | ' | 276,562 |
Common Units issued in connection with employee and director plans, net of tax withheld (in units) | ' | ' | ' | ' | 42,665 | 23,192 | 44,016 |
Common Units issued in connection with employee and director plans, net of tax withheld | ' | ' | ' | ' | -943 | -267 | -614 |
Ending Balance (in units) | 92,867,204 | ' | 92,824,539 | ' | 92,867,204 | 92,824,539 | 92,801,347 |
Ending Balance | 1,299,260 | ' | 1,354,187 | ' | 1,299,260 | 1,354,187 | 1,455,702 |
General Partner | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | 15,930 | ' | 16,975 | 15,930 | 16,975 | 3,436 |
Net income | ' | ' | ' | ' | 26,749 | 21,498 | 13,119 |
Distributions | ' | ' | ' | ' | -27,317 | -22,556 | -15,727 |
General Partner contribution of Common Units to AmeriGas Partners, L.P. in connection with the Heritage Acquisition | ' | ' | ' | ' | ' | ' | 13,323 |
Common Units issued in connection with public offering | ' | ' | ' | ' | ' | ' | 2,800 |
Goodwill push-down adjustment associated with prior-year acquisition | ' | ' | ' | ' | 5,073 | ' | ' |
Common Units issued in connection with employee and director plans, net of tax withheld | ' | ' | ' | ' | 25 | 13 | 24 |
Ending Balance | 20,460 | ' | 15,930 | ' | 20,460 | 15,930 | 16,975 |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | 14,986 | ' | -43,569 | 14,986 | -43,569 | -4,960 |
Net gains (losses) on derivative instruments | ' | ' | ' | ' | 43,754 | 6,583 | -85,699 |
Reclassifications of net (gains) losses on derivative instruments | ' | ' | ' | ' | -55,946 | 51,972 | 47,090 |
Ending Balance | $2,794 | ' | $14,986 | ' | $2,794 | $14,986 | ($43,569) |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations | |
AmeriGas Partners, L.P. (“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 and into AmeriGas OLP in July 2013 (the “Merger”), AmeriGas OLP’s principal operating subsidiary Heritage Operating, L.P. (“HOLP”). In addition, from January 12, 2012, through the date of its merger with and into AmeriGas OLP in August 2012, we also conducted business through AmeriGas OLP’s operating subsidiary, Titan Propane LLC (“Titan LLC”). HOLP and Titan LLC (collectively “Heritage Propane”) were acquired on January 12, 2012, from Energy Transfer Partners (“ETP”) (see Note 4 for additional information about the acquisition of Heritage Propane). AmeriGas OLP, along with HOLP and Titan LLC (prior to their mergers with and into AmeriGas OLP) are referred to herein as the “Operating Partnership.” AmeriGas Partners and AmeriGas OLP are Delaware limited partnerships. AmeriGas Partners, the Operating Partnership and all of their subsidiaries are collectively referred to herein as “the Partnership” or “we.” | |
The Operating Partnership is engaged in the distribution of propane and related equipment and supplies. The Operating Partnership comprises the largest retail propane distribution business in the United States serving residential, commercial, industrial, motor fuel and agricultural customers in all 50 states. | |
At September 30, 2014, AmeriGas Propane, Inc. (the “General Partner”), an indirect wholly owned subsidiary of UGI Corporation (“UGI”), held a 1% general partner interest in AmeriGas Partners and a 1.01% general partner interest in AmeriGas OLP. The General Partner and its wholly owned subsidiary, Petrolane Incorporated (“Petrolane,” a predecessor company of the Partnership), also owned 23,756,882 AmeriGas Partners Common Units (“Common Units”). The remaining Common Units outstanding comprise 69,110,322 publicly held Common Units including 3,125,000 Common Units held by a subsidiary of Energy Transfer Partners, L.P. (“ETP”). AmeriGas Partners issued 29,567,362 Common Units to ETP in conjunction with the January 2012 acquisition of Heritage Propane from ETP (see Note 4). ETP sold 18,942,362 and 7,500,000 of the Common Units it held in underwritten public offerings during Fiscal 2014 and Fiscal 2013, respectively, pursuant to its registration rights in its unitholder agreement. AmeriGas Partners did not receive any proceeds from the sales of the Common Units by ETP. Common Units represent limited partner interests in AmeriGas Partners. AmeriGas Partners holds a 99% limited partner interest in AmeriGas OLP. | |
AmeriGas Partners and the Operating Partnership have no employees. Employees of the General Partner conduct, direct and manage our operations. The General Partner is reimbursed monthly for all direct and indirect expenses it incurs on our behalf (see Note 13). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Basis of Presentation. Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). | ||||||||||||
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. | ||||||||||||
Certain prior-year amounts have been reclassified to conform to the current-year presentation. | ||||||||||||
During the three months ended September 30, 2014, we identified an error in the amount recorded for insurance indemnification receivables on the September 30, 2013, Consolidated Balance Sheet related to the netting of insurance recoveries with the related liabilities to which right of set off does not exist. We evaluated the impact of the error and have determined that such error is not material. We have revised the September 30, 2013, Consolidated Balance Sheet to correct the error which resulted in the following increases: prepaid expenses and other current assets, total current assets, other current liabilities, and total current liabilities increased by $4,302; other assets, and other noncurrent liabilities, increased by $23,523; and total assets, total liabilities, and total liabilities and partners’ capital, increased by $27,825. | ||||||||||||
Principles of Consolidation. The consolidated financial statements include the accounts of AmeriGas Partners, its majority-owned subsidiary AmeriGas OLP, and its 100%-owned finance subsidiaries AmeriGas Finance Corp., AP Eagle Finance Corp. and AmeriGas Finance LLC. The accounts of the AmeriGas Partners’ majority-owned subsidiary AmeriGas OLP are included based upon the determination that, given the Partnership’s structure, AmeriGas Partners will absorb a majority of AmeriGas OLP’s expected losses, will receive a majority of AmeriGas OLP’s expected residual returns and is AmeriGas OLP’s primary beneficiary. AmeriGas OLP includes the accounts of its wholly owned subsidiaries. We eliminate all significant intercompany accounts and transactions when we consolidate. We account for the General Partner’s 1.01% interest in AmeriGas OLP as noncontrolling interest in the consolidated financial statements. | ||||||||||||
Finance Corps. AmeriGas Finance Corp., AP Eagle Finance Corp. and AmeriGas Finance LLC are 100%-owned finance subsidiaries of AmeriGas Partners. Their sole purpose is to serve as issuers or co-obligors for debt securities issued or guaranteed by AmeriGas Partners. | ||||||||||||
Fair Value Measurements. The Company applies fair value measurements on a recurring and, as otherwise required under GAAP, also on a nonrecurring basis. Fair value measurements performed on a recurring basis principally relate to derivative instruments. | ||||||||||||
GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). A level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | ||||||||||||
We use the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: | ||||||||||||
• | Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date. | |||||||||||
• | Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. | |||||||||||
• | Level 3 — Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. | |||||||||||
Fair value is based upon assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and risks inherent in valuation techniques and inputs to valuations. This includes not only the credit standing of counterparties and credit enhancements but also the impact of our own nonperformance risk on our liabilities. We evaluate the need for credit adjustments to our derivative instrument fair values. These credit adjustments were not material to the fair values of our derivative instruments. | ||||||||||||
Derivative Instruments. Derivative instruments are reported in the Consolidated Balance Sheets at their fair values, unless the derivative instruments qualify for the normal purchase and normal sale (“NPNS”) exemption under GAAP. The accounting for changes in fair value depends upon the purpose of the derivative instrument and whether it is designated and qualifies for hedge accounting. | ||||||||||||
Prior to April 1, 2014, substantially all of our derivative financial instruments were designated and qualified as cash flow hedges. For cash flow hedges, changes in the fair values of the derivative instruments are recorded in accumulated other comprehensive income (“AOCI”) or noncontrolling interests, to the extent effective at offsetting changes in the hedged item, until earnings are affected by the hedged item. When earnings are affected by the hedged item, gains or losses are recorded in cost of sales on the Consolidated Statements of Operations. We discontinue cash flow hedge accounting if the occurrence of the forecasted transaction is determined to be no longer probable. Effective April 1, 2014, the Partnership determined that on a prospective basis, it would no longer elect cash flow hedge accounting for its commodity derivative instruments. Changes in the fair values of these derivative instruments are reflected in cost of sales on the Consolidated Statements of Operations. | ||||||||||||
For a more detailed description of the derivative instruments we use, our accounting for derivatives, our objectives for using them and other information, see Note 16. | ||||||||||||
Revenue Recognition. Revenues from the sale of propane are recognized principally upon delivery. Revenues from the sale of appliances and equipment are recognized at the later of sale or installation. Revenues from repair or maintenance services are recognized upon completion of services. Revenues from annually billed fees are recorded on a straight-line basis over one year. We present revenue-related taxes collected from customers and remitted to taxing authorities, principally sales and use taxes, on a net basis. | ||||||||||||
During the three months ended March 31, 2013, we identified an error in our accounting for certain customer credits. We determined that the recording of propane revenues did not appropriately consider the effects of certain customer credits which were recorded when issued in a subsequent period. As a result, we changed the accounting for customer credits to record an estimate of such credits at the time propane revenues are recorded. Such estimate considers the Partnership’s history of providing credits, propane revenue activity and other factors. We evaluated the impact of the error on prior periods and determined that the effect was not material to any prior period financial statement. The correction of the error in accounting for customer credits had the effect of decreasing propane revenues and accounts receivable by $4,700, and decreasing net income attributable to AmeriGas Partners, L.P. by $4,652, for Fiscal 2013. If the Partnership had corrected the error in its accounting for customer credits and recorded the estimate of credits as of September 30, 2012, the cumulative effect of the change as of that date would have decreased net income attributable to AmeriGas Partners, L.P. by approximately $4,200. | ||||||||||||
Delivery Expenses. Expenses associated with the delivery of propane to customers (including vehicle expenses, expenses of delivery personnel, vehicle repair and maintenance and general liability expenses) are classified as operating and administrative expenses on the Consolidated Statements of Operations. Depreciation expense associated with delivery vehicles is classified in depreciation on the Consolidated Statements of Operations. | ||||||||||||
Income Taxes. AmeriGas Partners and the Operating Partnership are not directly subject to federal income taxes. Instead, their taxable income or loss is allocated to their individual partners. The Operating Partnership has corporate subsidiaries which are directly subject to federal and state income taxes. Accordingly, our consolidated financial statements reflect income taxes related to these corporate subsidiaries. Legislation in certain states allows for taxation of partnerships’ income and the accompanying financial statements reflect state income taxes resulting from such legislation. Net income for financial statement purposes may differ significantly from taxable income reportable to unitholders. This is a result of (1) differences between the tax basis and financial reporting basis of assets and liabilities and (2) the taxable income allocation requirements of the Fourth Amended and Restated Agreement of Limited Partnership of AmeriGas Partners, L.P., as amended (“Partnership Agreement”) and the Internal Revenue Code. | ||||||||||||
Comprehensive Income (Loss). Comprehensive income (loss) comprises net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) principally results from gains and losses on derivative instruments qualifying as cash flow hedges, net of reclassifications to net income. | ||||||||||||
Cash and Cash Equivalents. All highly liquid investments with maturities of three months or less when purchased are classified as cash equivalents. | ||||||||||||
Inventories. Our inventories are stated at the lower of cost or market. We determine cost using an average cost method for propane, specific identification for appliances and the first-in, first-out (“FIFO”) method for all other inventories. | ||||||||||||
Property, Plant and Equipment and Related Depreciation. We record property, plant and equipment at cost. The amounts we assign to property, plant and equipment of acquired businesses are based upon estimated fair value at date of acquisition. | ||||||||||||
We compute depreciation expense on plant and equipment using the straight-line method over estimated service lives generally ranging from 15 to 40 years for buildings and improvements; 6 to 30 years for storage and customer tanks and cylinders; and 3 to 10 years for vehicles, equipment and office furniture and fixtures. Costs to install Partnership-owned tanks at customer locations, net of amounts billed to customers, are capitalized and depreciated over the estimated period of benefit not exceeding 10 years. | ||||||||||||
We include in property, plant and equipment costs associated with computer software we develop or obtain for use in our business. We amortize computer software costs on a straight-line basis over expected periods of benefit not exceeding 10 years once the installed software is ready for its intended use. | ||||||||||||
No depreciation expense is included in cost of sales on the Consolidated Statements of Operations. | ||||||||||||
Segment Information. We have determined that we have a single reportable operating segment that engages in the distribution of propane and related equipment and supplies. No single customer represents ten percent or more of consolidated revenues on an accrual basis. In addition, substantially all of our revenues are derived from sources within the United States and substantially all of our long-lived assets are located in the United States. | ||||||||||||
Goodwill and Intangible Assets. In accordance with GAAP relating to intangible assets, we amortize intangible assets over their estimated useful lives unless we determine their lives to be indefinite. Estimated useful lives of definite-lived intangible assets, consisting of customer relationships and noncompete agreements, do not exceed 15 years. We review definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the associated carrying amounts may not be recoverable. Determining whether an impairment loss occurred requires comparing the carrying amount to the sum of undiscounted cash flows expected to be generated by the asset. Intangible assets with indefinite lives are not amortized but are tested annually for impairment and written down to fair value as required. | ||||||||||||
We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (a component) if discrete financial information is prepared and regularly reviewed by segment management. We are required to recognize an impairment charge under GAAP if the carrying amount of the reporting unit exceeds its fair value and the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill. As permitted under GAAP, we assess qualitative factors to determine whether it is more likely than not that the fair value of the Partnership is less than its carrying amount. Among the significant factors considered in performing the qualitative assessment is the market price of AmeriGas Partners Common Units. Based upon this assessment, we determined that it is not more likely than not that the fair value of the Partnership is less than its carrying amount. | ||||||||||||
There were no accumulated impairment losses at September 30, 2014 and no provisions for goodwill or other intangible asset impairments were recorded during Fiscal 2014, Fiscal 2013 or Fiscal 2012. No amortization expense of intangible assets is included in cost of sales in the Consolidated Statements of Operations. For further information, see Note 10. | ||||||||||||
Impairment of Long-Lived Assets. We evaluate the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We evaluate recoverability based upon undiscounted future cash flows expected to be generated by such assets. If the undiscounted future cash flows indicate that the recorded amounts are not expected to be recoverable, such long-lived assets are reduced to their estimated fair values. Estimates of fair values are generally based on recent sales of similar assets and other market indicators (Level 2). No provisions for impairments were recorded during Fiscal 2014 or Fiscal 2012. During Fiscal 2013, the Partnership recorded long-lived asset impairment charges of $3,000. | ||||||||||||
Deferred Debt Issuance Costs. Included in other assets on the Consolidated Balance Sheets are net deferred debt issuance costs of $28,226 and $31,772 at September 30, 2014 and 2013, respectively. We are amortizing these costs over the terms of the related debt. | ||||||||||||
Customer Deposits. We offer certain of our customers prepayment programs which require customers to pay a fixed periodic amount or to otherwise prepay a portion of their anticipated propane purchases. Customer prepayments, in excess of associated billings, are classified as customer deposits and advances on the Consolidated Balance Sheets. | ||||||||||||
Equity-Based Compensation. The General Partner may grant Common Unit awards (as further described in Note 11) to employees and non-employee directors under its Common Unit plans, and employees of the General Partner may be granted stock options for UGI Common Stock. All of our equity-based compensation is measured at fair value on the grant date, date of modification or end of the period, as applicable, and recognized in earnings over the requisite service period. Depending upon the settlement terms of the awards, all or a portion of the fair value of equity-based awards may be presented as a liability or as equity on our Consolidated Balance Sheets. Equity-based compensation costs associated with the portion of Common Unit awards classified as equity are measured based upon their estimated fair value on the date of grant or modification. Equity-based compensation costs associated with the portion of Common Unit awards classified as liabilities are measured based upon their estimated fair value at the grant date and remeasured as of the end of each period. For a further description of our equity-based compensation plans and related disclosures, see Note 11. | ||||||||||||
Environmental Matters. We are subject to environmental laws and regulations intended to mitigate or remove the effect of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current or former operating sites. | ||||||||||||
Environmental reserves are accrued when assessments indicate that it is probable that a liability has been incurred and an amount can reasonably be estimated and represent our best estimate of costs expected to be incurred or, if no best estimate can be made, the minimum liability associated with a range of expected environmental investigation and remediation costs. At September 30, 2014 and 2013, the Partnership’s accrued liabilities for environmental investigation and cleanup costs were not material. | ||||||||||||
Allocation of Net Income. Net income attributable to AmeriGas Partners, L.P. for partners’ capital and statement of operations presentation purposes is allocated to the General Partner and the limited partners in accordance with their respective ownership percentages after giving effect to amounts distributed to the General Partner in excess of its 1% general partner interest in AmeriGas Partners based on its incentive distribution rights (“IDRs”) under the Partnership Agreement (see Note 5). | ||||||||||||
Net Income (Loss) Per Unit. Income (loss) per limited partner unit is computed in accordance with GAAP regarding the application of the two-class method for determining income (loss) per unit for master limited partnerships (“MLPs”) when IDRs are present. The two-class method requires that income per limited partner unit be calculated as if all earnings for the period were distributed and requires a separate calculation for each quarter and year-to-date period. In periods when our net income attributable to AmeriGas Partners exceeds our Available Cash, as defined in the Partnership Agreement, and is above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the General Partner. Generally, in periods when our Available Cash in respect of the quarter or year-to-date periods exceeds our net income (loss) attributable to AmeriGas Partners, the calculation according to the two-class method results in an allocation of earnings to the General Partner greater than its relative ownership interest in the Partnership (or in the case of a net loss attributable to AmeriGas Partners, an allocation of such net loss to the Common Unitholders greater than their relative ownership interest in the Partnership). | ||||||||||||
The following table sets forth reconciliations of the numerators and denominators of the basic and diluted income (loss) per limited partner unit computations: | ||||||||||||
2014 | 2013 | 2012 (a) | ||||||||||
Net income attributable to AmeriGas Partners, L.P. | $ | 289,893 | $ | 221,222 | $ | 11,025 | ||||||
Adjust for general partner share and theoretical distributions of net income attributable to AmeriGas Partners, L.P. to the general partner in accordance with the two-class method for MLPs | (27,895 | ) | (22,639 | ) | (20,181 | ) | ||||||
Common Unitholders’ interest in net income attributable to AmeriGas Partners, L.P. under the two-class method for MLPs | $ | 261,998 | $ | 198,583 | $ | (9,156 | ) | |||||
Weighted average Common Units outstanding — basic (thousands) | 92,876 | 92,832 | 81,433 | |||||||||
Potentially dilutive Common Units (thousands) | 70 | 78 | — | |||||||||
Weighted average Common Units outstanding — diluted (thousands) | 92,946 | 92,910 | 81,433 | |||||||||
(a) | There were 58 potentially dilutive Common Units excluded from the calculation because of the net loss attributable under the two-class method. | |||||||||||
Theoretical distributions of net income attributable to AmeriGas Partners, L.P. in accordance with the two-class method for Fiscal 2014, Fiscal 2013 and Fiscal 2012 resulted in an increased allocation of net income attributable to AmeriGas Partners, L.P. to the General Partner in the computation of income per limited partner unit which had the effect of decreasing earnings per limited partner unit by $0.01, $0.01, and $0.09, respectively. |
Accounting_Changes
Accounting Changes | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Accounting Changes | ' |
Accounting Changes | |
Adoption of New Accounting Standards | |
Disclosures about Reclassifications Out of Accumulated Other Comprehensive Income. In Fiscal 2014, the Partnership adopted new accounting guidance regarding disclosures for items reclassified out of AOCI. The disclosures required by the new accounting guidance are included in Note 16 to 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 Partnership 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 16 to 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. | |
Accounting Standards Not Yet Adopted | |
Revenue Recognition. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” This ASU supersedes the revenue recognition requirements in ASC 605, “Revenue Recognition,” and most industry-specific guidance included in the Accounting Standards Codification. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard is effective for the Partnership beginning in fiscal 2018 and allows for either full retrospective adoption or modified retrospective adoption. The Partnership’s management is in the process of assessing the impact of the adoption of ASU 2014-09 on its results of operations, cash flows and financial position. | |
Discontinued Operations. In April 2014, the FASB issued authoritative guidance amending existing requirements for reporting discontinued operations. Under the new guidance, discontinued operations reporting will be limited to disposal transactions that represent strategic shifts having a major effect on operations and financial results. The amended guidance also enhances disclosures and requires assets and liabilities of a discontinued operation to be classified as such for all periods presented in the financial statements. Public entities will apply the amended guidance prospectively to all disposals occurring within annual periods beginning on or after December 15, 2014, and interim periods within those years. The Partnership will adopt this standard on October 1, 2015. Due to the change in requirements for reporting discontinued operations described above, presentation and disclosure of future disposal transactions after adoption may be different than under current standards. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Acquisitions | ' | |||||||||||
Acquisitions | ||||||||||||
Heritage Propane Acquisition | ||||||||||||
On January 12, 2012 (the “Acquisition Date”), AmeriGas Partners completed the acquisition of Heritage Propane from ETP (“Heritage Acquisition”). Total consideration for the Heritage Acquisition totaled $2,604,827, comprising $1,472,199 in cash and 29,567,362 AmeriGas Partners Common Units with a fair value of $1,132,628. In order to finance the cash portion of the Heritage Acquisition, AmeriGas Finance Corp. and AmeriGas Finance LLC, wholly owned finance subsidiaries of AmeriGas Partners, issued Senior Notes (see Note 6). | ||||||||||||
The Heritage Acquisition was consummated pursuant to a Contribution and Redemption Agreement dated October 15, 2011, as amended (the “Contribution Agreement”), by and among AmeriGas Partners, ETP, Energy Transfer Partners GP, L.P., the general partner of ETP, and Heritage ETC, L.P. (the “Contributor”). The acquired business conducted its propane operations in 41 states. According to LP-Gas Magazine rankings published on February 1, 2012, Heritage Propane was the third largest retail propane distributor in the United States, delivering over 500 million gallons to more than one million retail propane customers in 2011. The Heritage Acquisition was consistent with our growth strategies, one of which is to grow our core business through acquisitions. | ||||||||||||
Pursuant to the Contribution Agreement, the Contributor contributed to AmeriGas Partners a 99.999% limited partner interest in HOLP; a 100% membership interest in Heritage Operating GP, LLC, a Delaware limited liability company and holder of a 0.001% general partner interest in HOLP; a 99.99% limited partner interest in Titan Energy Partners, L.P., a Delaware limited partnership and the sole member of Titan LLC; and a 100% membership interest in Titan Energy GP, L.L.C., a Delaware limited liability company and holder of a 0.01% general partner interest in Titan Energy Partners, L.P. As a result of the Heritage Acquisition, the General Partner, in order to maintain its general partner interests in AmeriGas Partners and AmeriGas OLP, contributed 934,327 Common Units to the Partnership having a fair value of $41,680. These Common Units were subsequently cancelled. | ||||||||||||
The final allocation of the purchase price to the assets acquired and liabilities assumed for the Heritage Acquisition is as follows: | ||||||||||||
Assets acquired: | ||||||||||||
Current assets | $ | 301,372 | ||||||||||
Property, plant & equipment | 890,215 | |||||||||||
Customer relationships (estimated useful life of 15 years) | 418,900 | |||||||||||
Trademarks and tradenames (a) | 91,100 | |||||||||||
Goodwill (a) (b) | 1,217,717 | |||||||||||
Other assets | 9,947 | |||||||||||
Total assets acquired | $ | 2,929,251 | ||||||||||
Liabilities assumed: | ||||||||||||
Current liabilities | $ | (238,016 | ) | |||||||||
Long-term debt | (62,927 | ) | ||||||||||
Other noncurrent liabilities | (23,481 | ) | ||||||||||
Total liabilities assumed | $ | (324,424 | ) | |||||||||
Total | $ | 2,604,827 | ||||||||||
(a) | During Fiscal 2013, the Partnership made correcting adjustments to trademarks and tradenames and goodwill which are not reflected in the table above (see Note 10). | |||||||||||
(b) | Goodwill associated with the Heritage Acquisition principally results from synergies expected from combining the operations and from assembled workforce. | |||||||||||
Transaction expenses associated with the Heritage Acquisition, which are included in operating and administrative expenses on the Consolidated Statements of Operations, totaled $5,252 for Fiscal 2012. The results of operations of Heritage Propane are included in the Partnership’s Consolidated Statements of Operations since the acquisition. As a result of combining the Heritage Propane operations with our legacy operations, it is impracticable to determine the impact of the Heritage Propane operations on the revenues and earnings of the Partnership. | ||||||||||||
The following presents unaudited Fiscal 2012 pro forma income statement and income per unit data as if the Heritage Acquisition had occurred at the beginning of the period: | ||||||||||||
2012 | ||||||||||||
Revenues | $ | 3,413,331 | ||||||||||
Net income attributable to AmeriGas Partners | $ | 30,977 | ||||||||||
Income per limited partner unit: | ||||||||||||
Basic | $ | 0.17 | ||||||||||
Diluted | $ | 0.17 | ||||||||||
The unaudited pro forma results of operations reflect Heritage Propane’s historical operating results after giving effect to adjustments directly attributable to the transaction that are expected to have a continuing effect. The unaudited pro forma consolidated results of operations are not necessarily indicative of the results that would have occurred had the Heritage Acquisition occurred on the date indicated nor are they necessarily indicative of future operating results. | ||||||||||||
Other Acquisitions | ||||||||||||
During Fiscal 2014, Fiscal 2013 and Fiscal 2012, AmeriGas OLP acquired a number of smaller domestic retail propane distribution businesses for total net cash consideration of $15,746, $19,946 and $13,518, respectively. In conjunction with these acquisitions, liabilities of $4,491 in Fiscal 2014, $3,969 in Fiscal 2013 and $4,844 in Fiscal 2012 were incurred. The operating results of these businesses have been included in our operating results from their respective dates of acquisitions. The total purchase price of these acquisitions has been allocated to the assets acquired and liabilities assumed as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net current assets | $ | 136 | $ | 691 | $ | 1,590 | ||||||
Property, plant and equipment | 6,916 | 5,167 | 6,175 | |||||||||
Goodwill | 6,751 | 12,481 | 5,363 | |||||||||
Customer relationships and noncompete agreements (estimated useful life of 10 and 5 years, respectively) | 6,434 | 5,576 | 5,234 | |||||||||
Total | $ | 20,237 | $ | 23,915 | $ | 18,362 | ||||||
The goodwill above is primarily the result of synergies between the acquired businesses and our existing propane business. The pro forma effects of these transactions were not material. |
Quarterly_Distributions_of_Ava
Quarterly Distributions of Available Cash | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Distributions Made to Members or Limited Partners [Abstract] | ' | |||||||||||
Quarterly Distributions of Available Cash | ' | |||||||||||
Quarterly Distributions of Available Cash | ||||||||||||
The Partnership makes distributions to its partners approximately 45 days after the end of each fiscal quarter in a total amount equal to its Available Cash (as defined in the Partnership Agreement) for such quarter. Available Cash generally means: | ||||||||||||
1.all cash on hand at the end of such quarter, | ||||||||||||
2.plus all additional cash on hand as of the date of determination resulting from borrowings after the end of such quarter, | ||||||||||||
3.less the amount of cash reserves established by the General Partner in its reasonable discretion. | ||||||||||||
The General Partner may establish reserves for the proper conduct of the Partnership’s business and for distributions during the next four quarters. | ||||||||||||
Distributions of Available Cash are made 98% to limited partners and 2% to the General Partner (giving effect to the 1.01% interest of the General Partner in distributions of Available Cash from AmeriGas OLP to AmeriGas Partners) until Available Cash exceeds the Minimum Quarterly Distribution of $0.55 and the First Target Distribution of $0.055 per Common Unit (or a total of $0.605 per Common Unit). When Available Cash exceeds $0.605 per Common Unit in any quarter, the General Partner will receive a greater percentage of the total Partnership distribution (the “incentive distribution”) but only with respect to the amount by which the distribution per Common Unit to limited partners exceeds $0.605. | ||||||||||||
Quarterly distributions of Available Cash per limited partner unit during Fiscal 2014, Fiscal 2013 and Fiscal 2012 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
1st Quarter | $ | 0.84 | $ | 0.8 | $ | 0.74 | ||||||
2nd Quarter | $ | 0.84 | $ | 0.8 | $ | 0.76 | ||||||
3rd Quarter | $ | 0.88 | $ | 0.84 | $ | 0.8 | ||||||
4th Quarter | $ | 0.88 | $ | 0.84 | $ | 0.8 | ||||||
During Fiscal 2014, Fiscal 2013 and Fiscal 2012, the Partnership made quarterly distributions to Common Unitholders in excess of $0.605 per limited partner unit. As a result, the General Partner received a greater percentage of the total Partnership distribution than its aggregate 2% general partner interest in AmeriGas OLP and AmeriGas Partners. During Fiscal 2014, Fiscal 2013 and Fiscal 2012, the total amount of distributions received by the General Partner with respect to its aggregate 2% general partner ownership interests totaled $32,401, $27,438 and $19,719, respectively. Included in these amounts are incentive distributions received by the General Partner during Fiscal 2014, Fiscal 2013 and Fiscal 2012 of $23,850, $19,286 and $13,008, respectively. |
Debt
Debt | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Long-term debt comprises the following at September 30: | ||||||||
2014 | 2013 | |||||||
AmeriGas Partners Senior Notes: | ||||||||
7.00%, due May 2022 | $ | 980,844 | $ | 980,844 | ||||
6.75%, due May 2020 | 550,000 | 550,000 | ||||||
6.50%, due May 2021 | 270,001 | 270,001 | ||||||
6.25%, due August 2019 | 450,000 | 450,000 | ||||||
HOLP Senior Secured Notes | 26,497 | 32,001 | ||||||
Other | 14,392 | 17,265 | ||||||
Total long-term debt | 2,291,734 | 2,300,111 | ||||||
Less: current maturities | (11,589 | ) | (12,014 | ) | ||||
Total long-term debt due after one year | $ | 2,280,145 | $ | 2,288,097 | ||||
Scheduled principal repayments of long-term debt for each of the next five fiscal years ending September 30 are as follows: Fiscal 2015 — $10,999; Fiscal 2016 — $7,602; Fiscal 2017 — $5,588; Fiscal 2018 — $4,887; Fiscal 2019 — $454,523. | ||||||||
AmeriGas Partners Senior Notes | ||||||||
In order to finance the cash portion of the Heritage Acquisition, on January 12, 2012, AmeriGas Finance Corp. and AmeriGas Finance LLC (the “Issuers”) issued $550,000 principal amount of 6.75% Notes due May 2020 and $1,000,000 principal amount of 7.00% Notes due May 2022. The 6.75% Notes and the 7.00% Notes are fully and unconditionally guaranteed on a senior unsecured basis by AmeriGas Partners. The Issuers have the right to redeem the 6.75% Notes, in whole or in part, at any time on or after May 20, 2016 and to redeem the 7.00% Notes, in whole or in part, at any time on or after May 20, 2017, subject to certain restrictions. A premium applies to redemptions of the 6.75% Notes and 7.00% Notes through May 2018 and May 2020, respectively. On or prior to May 20, 2015, the Issuers may also redeem, at a premium and subject to certain restrictions, up to 35% of each of the 6.75% Notes and the 7.00% Notes with the proceeds of a registered public equity offering. The 6.75% Notes and the 7.00% Notes and the guarantees rank equal in right of payment with all of AmeriGas Partners’ existing senior notes. In connection with the Heritage Acquisition, AmeriGas Partners, AmeriGas Finance Corp., AmeriGas Finance LLC and UGI entered into a Contingent Residual Support Agreement (“CRSA”) with ETP pursuant to which ETP will provide contingent, residual support of $1,500,000 of debt (“Supported Debt” as defined in the CRSA). | ||||||||
On March 28, 2012, AmeriGas Partners announced that holders of approximately $383,455 in aggregate principal amount of outstanding 6.50% Senior Notes due May 2021 (the “6.50% Notes”), representing approximately 82% of the total $470,000 principal amount outstanding, had validly tendered their notes in connection with the Partnership’s March 14, 2012, offer to purchase for cash up to $200,000 of the 6.50% Notes. Tendered 6.50% Notes in the amount of $199,999 were redeemed on March 28, 2012, at an effective price of 105% using an approximate proration factor of 52.3% of total notes tendered. During June 2012, AmeriGas Partners repurchased $19,156 aggregate principal amount of outstanding 7.00% Notes. The Partnership recorded a net loss of $13,349 on these extinguishments of debt which amount is reflected on the Fiscal 2012 Consolidated Statement of Operations under the caption loss on extinguishments of debt. | ||||||||
HOLP Senior Secured Notes | ||||||||
The Partnership’s total long-term debt at September 30, 2014 and 2013, includes $26,497 and $32,001, respectively, of HOLP Senior Secured Notes (including unamortized premium of $3,134 and $3,729, respectively). The face interest rates on the HOLP Notes ranged from 7.89% to 8.87% with an effective interest rate of 6.75%. The HOLP Senior Secured Notes are collateralized by AmeriGas OLP’s receivables, contracts, equipment, inventory, general intangibles and cash. | ||||||||
AmeriGas OLP Credit Agreement | ||||||||
In June 2014, AmeriGas OLP entered into an Amended and Restated Credit Agreement (“Credit Agreement”) with a group of banks which provides for borrowings up to $525,000 (including a $125,000 sublimit for letters of credit) and expires in June 2019. The Credit Agreement amends and restates AmeriGas OLP’s prior credit agreement entered into in June 2011, as amended from time to time. The Credit Agreement permits AmeriGas OLP to borrow at prevailing interest rates, including the base rate, defined as the higher of the Federal Funds rate plus 0.50% or the agent bank’s prime rate, or at a one-week, one-, two-, three-, or six-month Eurodollar Rate, as defined in the Credit Agreement, plus a margin. Under the Credit Agreement, the applicable margin on base rate borrowings ranges from 0.50% to 1.50%; the applicable margin on Eurodollar Rate borrowings ranges from 1.50% to 2.50%; and the facility fee ranges from 0.30% to 0.45%. The aforementioned margins and facility fees are dependent upon AmeriGas Partners’ ratio of debt to earnings before interest expense, income taxes, depreciation and amortization (each as defined in the Credit Agreement). | ||||||||
At September 30, 2014 and 2013, there were $109,000 and $116,900 of borrowings outstanding under the Credit Agreement and the prior credit agreement, respectively, which amounts are reflected as short-term borrowings on the Consolidated Balance Sheets. The weighted-average interest rates on borrowings under these credit agreements at September 30, 2014 and 2013 were 2.16% and 2.69%, respectively. Issued and outstanding letters of credit, which reduce available borrowings under these credit agreements, totaled $64,705 and $53,705 at September 30, 2014 and 2013, respectively. | ||||||||
Restrictive Covenants | ||||||||
The AmeriGas Partners Senior Notes restrict the ability of the Partnership and AmeriGas OLP to, among other things, incur additional indebtedness, make investments, incur liens, issue preferred interests, prepay subordinated indebtedness, and effect mergers, consolidations and sales of assets. Under the Senior Notes indentures, AmeriGas Partners is generally permitted to make cash distributions equal to available cash, as defined, as of the end of the immediately preceding quarter, if certain conditions are met. These conditions include: | ||||||||
1.no event of default exists or would exist upon making such distributions and | ||||||||
2.the Partnership’s consolidated fixed charge coverage ratio, as defined, is greater than 1.75-to-1. | ||||||||
If the ratio in item 2 above is less than or equal to 1.75-to-1, the Partnership may make cash distributions in a total amount not to exceed $75,000 less the total amount of distributions made during the immediately preceding 16 Fiscal quarters. At September 30, 2014, the Partnership was not restricted by the consolidated fixed charge coverage ratio from making cash distributions. See the provisions of the Partnership Agreement relating to distributions of Available Cash in Note 5. | ||||||||
The HOLP Senior Secured Notes contain restrictive covenants including the maintenance of financial covenants and limitations on the disposition of assets, changes in ownership, additional indebtedness, restrictive payments and the creation of liens. The financial covenants require AmeriGas OLP to maintain a ratio of Consolidated Funded Indebtedness to Consolidated EBITDA (as defined) below certain thresholds and to maintain a minimum ratio of Consolidated EBITDA to Consolidated Interest Expense (as defined). | ||||||||
The Credit Agreement restricts the incurrence of additional indebtedness and also restricts certain liens, guarantees, investments, loans and advances, payments, mergers, consolidations, asset transfers, transactions with affiliates, sales of assets, acquisitions and other transactions. The Credit Agreement requires that AmeriGas OLP and AmeriGas Partners maintain ratios of total indebtedness to EBITDA, as defined, below certain thresholds. In addition, the Partnership must maintain a minimum ratio of EBITDA to interest expense, as defined and as calculated on a rolling four-quarter basis. Generally, as long as no default exists or would result therefrom, AmeriGas OLP is permitted to make cash distributions not more frequently than quarterly in an amount not to exceed available cash, as defined, for the immediately preceding calendar quarter. | ||||||||
At September 30, 2014, the amount of net assets of the Partnership’s subsidiaries that was restricted from transfer as a result of the amount of Available Cash, computed in accordance with the Partnership Agreement, applicable debt agreements and AmeriGas OLP’s partnership agreement, totaled approximately $3,200,000. |
Employee_Retirement_Plans
Employee Retirement Plans | 12 Months Ended |
Sep. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee retirement plans | ' |
Employee Retirement Plans | |
The General Partner sponsors a 401(k) savings plan for eligible employees. Participants in the savings plan may contribute a portion of their compensation on a before-tax basis. Generally, employee contributions are matched on a dollar-for-dollar (100%) basis up to 5% of eligible compensation. The cost of benefits under our savings plan was $11,237 in Fiscal 2014, $10,777 in Fiscal 2013 and $10,716 in Fiscal 2012. | |
The General Partner also sponsors a nonqualified deferred compensation plan and a nonqualified supplemental executive retirement plan. These plans provide benefits to executives that would otherwise be provided under the Partnership’s retirement plans but are prohibited due to limitations imposed by the Internal Revenue Service. Costs associated with these plans were not material in Fiscal 2014, Fiscal 2013 and Fiscal 2012. |
Inventories
Inventories | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories comprise the following at September 30: | ||||||||
2014 | 2013 | |||||||
Propane gas | $ | 157,032 | $ | 130,410 | ||||
Materials, supplies and other | 19,680 | 22,860 | ||||||
Appliances for sale | 5,234 | 5,658 | ||||||
Total inventories | $ | 181,946 | $ | 158,928 | ||||
In addition to inventories on hand, we also enter into contracts to purchase propane to meet a portion of our supply requirements. Generally, these contracts are one- to three-year agreements subject to annual price and quantity adjustments. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ||||||||
Property, plant and equipment comprise the following at September 30: | ||||||||
2014 | 2013 | |||||||
Land | $ | 142,505 | $ | 147,405 | ||||
Buildings and improvements | 188,183 | 176,638 | ||||||
Transportation equipment | 243,437 | 227,242 | ||||||
Storage facilities | 248,757 | 240,251 | ||||||
Equipment, primarily cylinders and tanks | 1,598,120 | 1,688,512 | ||||||
Other, including work in progress | 205,675 | 189,154 | ||||||
Gross property, plant and equipment | 2,626,677 | 2,669,202 | ||||||
Less accumulated depreciation and amortization | (1,239,767 | ) | (1,231,688 | ) | ||||
Net property, plant and equipment | $ | 1,386,910 | $ | 1,437,514 | ||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Goodwill and Intangible Assets | ' | |||||||
Goodwill and Intangible Assets | ||||||||
Changes in the carrying amount of goodwill are as follows: | ||||||||
Balance September 30, 2012 | $ | 1,914,808 | ||||||
Acquisitions | 12,481 | |||||||
Purchase accounting adjustments | 19 | |||||||
Correcting adjustment | 9,300 | |||||||
Balance September 30, 2013 | 1,936,608 | |||||||
Acquisitions | 6,751 | |||||||
Purchase accounting adjustments | (2,684 | ) | ||||||
Goodwill push-down adjustment associated with prior-year acquisition | 5,073 | |||||||
Balance September 30, 2014 | $ | 1,945,748 | ||||||
The correcting adjustment in Fiscal 2013 primarily reflects an adjustment associated with the Heritage Acquisition. | ||||||||
The Partnership’s intangible assets comprise the following at September 30: | ||||||||
2014 | 2013 | |||||||
Customer relationships and noncompete agreements | $ | 519,103 | $ | 511,130 | ||||
Trademarks and tradenames (not subject to amortization) | 82,944 | 81,800 | ||||||
Gross carrying amount | 602,047 | 592,930 | ||||||
Accumulated amortization | (137,709 | ) | (99,281 | ) | ||||
Intangible assets, net | $ | 464,338 | $ | 493,649 | ||||
Amortization expense of intangible assets was $38,428, $38,810 and $30,649 in Fiscal 2014, Fiscal 2013 and Fiscal 2012, respectively. Estimated amortization expense of intangible assets during the next five fiscal years is as follows: Fiscal 2015 — $37,422; Fiscal 2016 — $36,132; Fiscal 2017 — $33,967; Fiscal 2018 — $32,607; Fiscal 2019 — $31,411. |
Partners_Capital_and_Incentive
Partners' Capital and Incentive Compensation Plans | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Partners Capital and Incentive Compensation Plans | ' | ||||||||||||||||||||
Partners’ Capital and Incentive Compensation Plans | |||||||||||||||||||||
In accordance with the Partnership Agreement, the General Partner may, in its sole discretion, cause the Partnership to issue an unlimited number of additional Common Units and other equity securities of the Partnership ranking on a parity with the Common Units. | |||||||||||||||||||||
On March 21, 2012, AmeriGas Partners sold 7,000,000 Common Units in an underwritten public offering at a public offering price of $41.25 per unit. The net proceeds of the public offering totaling $276,562 and the associated capital contributions from the General Partner totaling $2,800 were used to redeem $199,999 of the 6.50% Notes pursuant to a tender offer (see Note 6), to reduce Partnership bank loan borrowings and for general corporate purposes. | |||||||||||||||||||||
The General Partner grants equity-based awards to employees and non-employee directors comprising grants of AmeriGas Partners equity instruments as further described below. We recognized total pre-tax equity-based compensation expense of $4,286, $4,647 and $8,373 in Fiscal 2014, Fiscal 2013 and Fiscal 2012, respectively. | |||||||||||||||||||||
Under the AmeriGas Propane, Inc. 2010 Long-Term Incentive Plan on Behalf of AmeriGas Partners, L.P. (“2010 Propane Plan”), the General Partner may award to employees and non-employee directors grants of Common Units (comprising AmeriGas Performance Units and AmeriGas Stock Units), options, phantom units, unit appreciation rights and other Common Unit-based awards. The total aggregate number of Common Units that may be issued under the Plan is 2,800,000. The exercise price for options may not be less than the fair market value on the date of grant. Awards granted under the 2010 Propane Plan may vest immediately or ratably over a period of years, and options can be exercised no later than ten years from the grant date. In addition, the 2010 Propane Plan provides that Common Unit-based awards may also provide for the crediting of Common Unit distribution equivalents to participants’ accounts. | |||||||||||||||||||||
AmeriGas Stock Unit and AmeriGas Performance Unit awards entitle the grantee to AmeriGas Partners Common Units or cash once the service condition is met and, with respect to AmeriGas Performance Units, subject to market performance conditions. Recipients of AmeriGas Performance Units are awarded a target number of AmeriGas Performance Units. The number of AmeriGas Performance Units ultimately paid at the end of the performance period (generally three years) may be higher or lower than the target number, or it may be zero, based upon AmeriGas Partners’ Total Unitholder Return (“TUR”) percentile rank relative to entities in a master limited partnership peer group (“Alerian MLP Group”) and, for certain AmeriGas Performance Awards granted beginning in January 2014, based upon AmeriGas Partners’ TUR relative to the two other publicly traded propane master limited partnerships in the Alerian MLP Group (“Propane MLP Group”). | |||||||||||||||||||||
With respect to AmeriGas Performance Unit awards subject to measurement compared with the Alerian MLP Group, grantees may receive from 0% to 200% of the target award granted. For grants issued on or after January 1, 2013, if AmeriGas Partners’ TUR is below the 25th percentile compared to the peer group, the grantee will not be paid. At the 25th percentile, the employee will be paid an award equal to 25% of the target award; at the 40th percentile, 70%; at the 50th percentile, 100%; at the 60th percentile, 125%; at the 75th percentile, 162.5%; and at the 90th percentile or above, 200%. For grants issued before January 1, 2013, grantees of AmeriGas Performance Units will not be paid if AmeriGas Partners’ TUR is below the 40th percentile of the Alerian MLP Group. At the 40th percentile, the grantee will be paid an award equal to 50% of the target award; at the 50th percentile, 100%; at the 75th percentile, 150%; at the 90th percentile, 175%; and at the 100th percentile, 200%. The actual amount of the award is interpolated between these percentile rankings. | |||||||||||||||||||||
With respect to AmeriGas Performance Unit awards subject to measurement compared with the Propane MLP Group, grantees will receive 150% of the target award if AmeriGas Partners’ TUR exceeds the TUR of all the other members of the Propane MLP Group. Otherwise there will be no payout of such AmeriGas Performance Units. If one of the other two members of the Propane MLP Group ceases to exist as a publicly traded company or declares bankruptcy (“MLP Event”) and depending upon the timing of such MLP Event, the ultimate amount of such AmeriGas Performance Unit awards to be issued, and the amount of distribution equivalents to be paid, will depend upon AmeriGas Partners’ TUR rank relative to (1) the Alerian MLP Group for the entire performance period; (2) the Alerian MLP Group for the entire performance period and the Propane MLP Group (through the date of the MLP Event); or (3) the Propane MLP Group through the date of the MLP Event. | |||||||||||||||||||||
Any Common Unit distribution equivalents earned are paid in cash. Generally, except in the event of retirement, death or disability, each grant, unless paid, will terminate when the participant ceases to be employed by the General Partner. There are certain change of control and retirement eligibility conditions that, if met, generally result in accelerated vesting or elimination of further service requirements. | |||||||||||||||||||||
Under GAAP, AmeriGas Performance Units are equity awards with a market-based condition which, if settled in Common Units, results in the recognition of compensation cost over the requisite employee service period regardless of whether the market-based condition is satisfied. The fair values of AmeriGas Performance Units are estimated using a Monte Carlo valuation model. The fair value associated with the target award will be paid in Common Units, is accounted for as equity and the fair value of the award over the target, as well as all Common Unit distribution equivalents, which will be paid in cash, is accounted for as a liability. The expected term of the AmeriGas Performance Unit awards is three years based on the performance period. Expected volatility is based on the historical volatility of Common Units over a three-year period. The risk-free interest rate is based on the rates on U.S. Treasury bonds at the time of grant. Volatility for all entities in the peer group is based on historical volatility. | |||||||||||||||||||||
The following table summarizes the weighted-average assumptions used to determine the fair value of AmeriGas Performance Unit awards and related compensation costs: | |||||||||||||||||||||
Grants Awarded in Fiscal Year | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Risk-free rate | 0.8 | % | 0.4 | % | 0.4 | % | |||||||||||||||
Expected life | 3 years | 3 years | 3 years | ||||||||||||||||||
Expected volatility | 21.1 | % | 20.7 | % | 23 | % | |||||||||||||||
Dividend Yield | 7.5 | % | 8.2 | % | 6.4 | % | |||||||||||||||
The General Partner granted awards under the 2010 Propane Plan representing 86,458, 65,136 and 248,818 Common Units in Fiscal 2014, Fiscal 2013 and Fiscal 2012, respectively, having weighted-average grant date fair values per Common Unit subject to award of $43.34, $42.58 and $43.22, respectively. At September 30, 2014, 2,443,808 Common Units were available for future award grants under the 2010 Propane Plan. | |||||||||||||||||||||
The following table summarizes AmeriGas Common Unit-based award activity for Fiscal 2014: | |||||||||||||||||||||
Total | Vested | Non-Vested | |||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||
Common | Average | Common | Average | Common | Average | ||||||||||||||||
Units | Grant Date | Units Subject | Grant Date | Units | Grant Date | ||||||||||||||||
Subject to | Fair Value | to Award | Fair Value | Subject to | Fair Value | ||||||||||||||||
Award | (per Unit) | (per Unit) | Award | (per Unit) | |||||||||||||||||
September 30, 2013 | 224,167 | $ | 47.88 | 47,715 | $ | 47.92 | 176,452 | $ | 47.87 | ||||||||||||
AmeriGas Performance Units: | |||||||||||||||||||||
Granted | 53,800 | $ | 41.5 | 633 | $ | 41.37 | 53,167 | $ | 41.5 | ||||||||||||
Forfeited | (8,150 | ) | $ | 45.96 | — | $ | — | (8,150 | ) | $ | 45.96 | ||||||||||
Vested | — | $ | — | 15,319 | $ | 53.93 | (15,319 | ) | $ | 53.93 | |||||||||||
Performance criteria not met | (31,317 | ) | $ | 54.51 | (31,317 | ) | $ | 54.51 | — | $ | — | ||||||||||
AmeriGas Stock Units: | |||||||||||||||||||||
Granted | 32,658 | $ | 46.37 | 15,936 | $ | 48 | 16,722 | $ | 44.81 | ||||||||||||
Forfeited | (7,783 | ) | $ | 51.1 | — | $ | — | (7,783 | ) | $ | (51.10 | ) | |||||||||
Vested | — | $ | — | 52,061 | $ | 47.58 | (52,061 | ) | $ | 47.58 | |||||||||||
Awards paid | (63,140 | ) | $ | 48 | (63,140 | ) | $ | 48 | — | $ | — | ||||||||||
September 30, 2014 | 200,235 | $ | 44.82 | 37,207 | $ | 44.27 | 163,028 | $ | 44.95 | ||||||||||||
During Fiscal 2014, Fiscal 2013 and Fiscal 2012, the Partnership paid AmeriGas Performance Unit and AmeriGas Stock Unit awards in Common Units and cash as follows: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
AmeriGas Performance Unit awards: | |||||||||||||||||||||
Number of Common Units subject to original Awards granted | 41,251 | 48,150 | 53,600 | ||||||||||||||||||
Fiscal year granted | 2011 | 2010 | 2009 | ||||||||||||||||||
Payment of Awards: | |||||||||||||||||||||
AmeriGas Partners Common Units issued | — | — | — | ||||||||||||||||||
Cash paid | $ | — | $ | — | $ | — | |||||||||||||||
AmeriGas Stock Unit awards: | |||||||||||||||||||||
Number of Common Units subject to original Awards granted | 72,023 | 35,934 | 67,246 | ||||||||||||||||||
Payment of Awards: | |||||||||||||||||||||
AmeriGas Partners Common Units issued | 40,842 | 23,192 | 44,016 | ||||||||||||||||||
Cash paid | $ | 1,364 | $ | 629 | $ | 980 | |||||||||||||||
As of September 30, 2014, there was $1,261 of unrecognized equity-based compensation expense related to non-vested UGI stock options that is expected to be recognized over a weighted-average period of 1.6 years. As of September 30, 2014, there was a total of approximately $2,888 of unrecognized compensation cost associated with 200,235 Common Units subject to award that is expected to be recognized over a weighted-average period of 1.7 years. The total fair values of Common Unit-based awards that vested during Fiscal 2014, Fiscal 2013 and Fiscal 2012 were $4,100, $2,752 and $5,090, respectively. As of September 30, 2014 and 2013, total liabilities of $1,513 and $1,053 associated with Common Unit-based awards are reflected in employee compensation and benefits accrued and other noncurrent liabilities in the Consolidated Balance Sheets. It is the Partnership’s practice to issue new AmeriGas Partners Common Units for the portion of any Common Unit-based awards paid in AmeriGas Partners Common Units. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Commitments | ||||
We lease various buildings and other facilities and vehicles, computer and office equipment under operating leases. Certain of the leases contain renewal and purchase options and also contain step-rent provisions. Our aggregate rental expense for such leases was $63,055 in Fiscal 2014, $63,585 in Fiscal 2013 and $61,075 in Fiscal 2012. | ||||
Minimum future payments under noncancelable operating leases are as follows: | ||||
Year Ending September 30, | ||||
2015 | $ | 58,317 | ||
2016 | 48,713 | |||
2017 | 38,565 | |||
2018 | 32,710 | |||
2019 | 28,010 | |||
Thereafter | 70,381 | |||
Total minimum operating lease payments | $ | 276,696 | ||
Certain of our operating lease arrangements, primarily vehicle leases with remaining lease terms of one to ten years, have residual value guarantees. At the end of the lease term, we guarantee that the fair value of the equipment will equal or exceed the guaranteed amount or we will pay the lessors the difference. Although such fair values at the end of the leases have historically exceeded the guaranteed amount, at September 30, 2014, the maximum potential amount of future payments under lease guarantees, assuming the leased equipment was deemed worthless at the end of the lease term, was approximately $23,400. The fair values of residual lease guarantees were not material at September 30, 2014. | ||||
The Partnership enters into fixed-price and variable-price contracts with suppliers to purchase a portion of its propane supply requirements. Obligations under these contracts existing at September 30, 2014, are: Fiscal 2015 - $130,758 and Fiscal 2016 - $74,307. | ||||
The Partnership also enters into contracts to purchase propane to meet additional supply requirements. Generally, these contracts are one- to three-year agreements subject to annual price and quantity adjustments. | ||||
Contingencies | ||||
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 relating 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 common 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. On August 25, 2014, the parties entered into an Agreement Containing Consent Orders, and on August 27, 2014, the FTC issued an Order Withdrawing Matter from Adjudication for the Purpose of Considering a Proposed Consent Agreement. The consent agreement was accepted by the FTC on October 31, 2014, and is subject to a 30-day public comment period. Thereafter, the FTC may either withdraw its acceptance of the consent agreement or issue its decision and order in settlement of the proceeding. | ||||
Purported Class Action Lawsuit. Following the issuance of the FTC’s administrative complaint described above, more than 35 class action lawsuits were filed in multiple jurisdictions against the Partnership/UGI Corporation and a competitor by certain of their direct and indirect customers. The class action lawsuits allege that the Partnership and its competitor colluded in 2008 to reduce the fill level and combined to persuade its common customer, Walmart Stores, Inc., to accept that fill reduction, resulting in increased cylinder costs to retailers and end-user customers in violation of federal and certain state antitrust laws. The claims seek treble damages, injunctive relief, attorneys’ fees and costs on behalf of the putative classes. On October 16, 2014, the United States Judicial Panel on Multidistrict Litigation transferred all of these purported class action cases to the Western Division of the Western District of Missouri. We are unable to reasonably estimate the impact, if any, arising from such litigation. We believe we have strong defenses to the claims and intend to vigorously defend against them. | ||||
In addition to the matters 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 financial position, results of operations or cash flows. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
Pursuant to the Partnership Agreement and, prior to the Merger, a management services agreement among Heritage Operating GP, LLC (“HOLP GP”), HOLP and the General Partner, the General Partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of the Partnership. These costs, which totaled $555,401 in Fiscal 2014, $540,273 in Fiscal 2013, and $374,899 in Fiscal 2012, include employee compensation and benefit expenses of employees of the General Partner and general and administrative expenses. | |
UGI provides certain financial and administrative services to the General Partner. UGI bills the General Partner monthly for all direct and indirect corporate expenses incurred in connection with providing these services and the General Partner is reimbursed by the Partnership for these expenses. The allocation of indirect UGI corporate expenses to the Partnership utilizes a weighted, three-component formula based on the relative percentage of the Partnership’s revenues, operating expenses and net assets employed to the total of such items for all UGI operating subsidiaries for which general and administrative services are provided. The General Partner believes that this allocation method is reasonable and equitable to the Partnership. Such corporate expenses totaled $20,531 in Fiscal 2014, $18,568 in Fiscal 2013 and $10,138 in Fiscal 2012. In addition, UGI and certain of its subsidiaries provide office space, stop loss medical coverage and automobile liability insurance to the Partnership. The costs related to these items totaled $3,989 in Fiscal 2014, $4,543 in Fiscal 2013 and $3,760 in Fiscal 2012. | |
From time to time, AmeriGas OLP purchases propane on an as needed basis from UGI Energy Services, LLC (“Energy Services”). The price of the purchases are generally based on market price at the time of purchase. Purchases of propane by AmeriGas OLP from Energy Services totaled $850, $1,979 and $359 during Fiscal 2014, Fiscal 2013 and Fiscal 2012, respectively. | |
In addition, the Partnership sells propane to affiliates of UGI. Sales of propane to affiliates of UGI totaled $1,212, $1,340 and $1,395 during Fiscal 2014, Fiscal 2013 and Fiscal 2012, respectively. |
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Other Current Liabilities | ' | |||||||
Other Current Liabilities | ||||||||
Other current liabilities comprise the following at September 30: | ||||||||
2014 | 2013 | |||||||
Litigation, property and casualty liabilities | $ | 35,933 | $ | 34,250 | ||||
Taxes other than income taxes | 16,353 | 9,922 | ||||||
Propane exchange liabilities | 21,402 | 16,654 | ||||||
Deferred tank fee revenue | 21,239 | 22,044 | ||||||
Other | 16,169 | 15,775 | ||||||
Total other current liabilities | $ | 111,096 | $ | 98,645 | ||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Derivative Instruments | ||||||||||||||||
The following table presents on a gross basis our financial assets and liabilities including both current and noncurrent portions, that are measured at fair value on a recurring basis within the fair value hierarchy as described in Note 2, as of September 30, 2014 and 2013: | ||||||||||||||||
Asset (Liability) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
September 30, 2014: | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | — | $ | 3,065 | $ | — | $ | 3,065 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | — | $ | (9,472 | ) | $ | — | $ | (9,472 | ) | ||||||
September 30, 2013 (a): | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | — | $ | 19,621 | $ | — | $ | 19,621 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | — | $ | (1,504 | ) | $ | — | $ | (1,504 | ) | ||||||
(a) | Certain immaterial amounts have been revised to correct the classification of derivatives. | |||||||||||||||
The fair values of our non-exchange traded commodity derivative contracts included in 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 not traded on an exchange, we use a Black Scholes option pricing model that considers time value and volatility of the underlying commodity. | ||||||||||||||||
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 September 30, 2014, the carrying amount and estimated fair value of our long-term debt (including current maturities) were $2,291,734 and $2,395,332, respectively. At September 30, 2013, the carrying amount and estimated fair value of our long-term debt (including current maturities) were $2,300,111 and $2,393,581, respectively. We estimate the fair value of long-term debt by using current market prices and by discounting future cash flows using rates available for similar type debt (Level 2). | ||||||||||||||||
We have other financial instruments such as short-term investments and trade accounts receivable which 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 and U.S. Government securities. The credit risk from trade accounts receivable is limited because we have a large customer base which extends across many different U.S. markets. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure | ' | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||||
The Partnership is exposed to certain market risks related to its 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 commodity price risk and interest 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 the Partnership can use, counterparty credit limits and contract authorization limits. | |||||||||||||||||||||||||||
Commodity Price Risk | |||||||||||||||||||||||||||
In order to manage market risk associated with the Partnership’s fixed-price programs, the Partnership uses over-the-counter derivative commodity instruments, principally price swap contracts. In addition, the Partnership uses over-the-counter price swap and option contracts to reduce propane price volatility associated with a portion of forecasted propane 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. At September 30, 2014 and 2013, total volumes associated with propane commodity derivatives totaled 266.9 million gallons and 206.1 million gallons, respectively. At September 30, 2014, the maximum period over which we are economically hedging propane market price risk is 21 months. | |||||||||||||||||||||||||||
At September 30, 2014, a portion of our commodity derivative instruments were designated and qualified as cash flow hedges. At September 30, 2014, the amount of net gains associated with such cash flow hedges expected to be reclassified into earnings during the next twelve months based upon current fair values is $2,722. | |||||||||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||||||||
Our 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”). We account for IRPAs as cash flow hedges. At September 30, 2014 or 2013, we had no settled or unsettled IRPAs. | |||||||||||||||||||||||||||
Derivative Instruments Credit Risk | |||||||||||||||||||||||||||
The Partnership is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Our counterparties principally comprise major energy companies and major U.S. 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. Certain of these agreements call for the posting of collateral by the counterparty or by the Partnership in the forms of letters of credit, parental guarantees or cash. Although we have concentrations of credit risk associated with derivative instruments held by certain derivative instrument counterparties, the maximum amount of loss due to credit risk that, based upon the gross fair values of the derivative instruments, we would incur if these counterparties that make up the concentration failed to perform according to the terms of their contracts was not material at September 30, 2014. Certain of our derivative contracts have credit-risk-related contingent features that may require the posting of additional collateral in the event of a downgrade in the Partnership’s debt rating. At September 30, 2014, if the credit-risk-related contingent features were triggered, the amount of collateral required to be posted would not be material. | |||||||||||||||||||||||||||
Offsetting Derivative Assets and Liabilities | |||||||||||||||||||||||||||
Derivative assets and liabilities are presented net by counterparty on our Consolidated Balance Sheets if the right of offset exists. Our derivative instruments comprise over-the-counter transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Certain over-the-counter contracts contain contractual rights of offset through master netting arrangements 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 are subject to collateral requirements. Types of collateral generally include cash or letters of credit. Cash collateral paid by us to our derivative counterparties, if any, is reflected in the table below to offset derivative liabilities. Cash collateral received by us from our derivative counterparties, if any, is reflected in the table below to offset derivative assets. Certain other accounts receivable and accounts payable balances recognized on our 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. | |||||||||||||||||||||||||||
Fair Value of Derivative Instruments | |||||||||||||||||||||||||||
The following table presents our derivative assets and liabilities by type, as well as the effects of offsetting, as of September 30, 2014 and 2013: | |||||||||||||||||||||||||||
2014 | 2013 (a) | ||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||
Propane contracts | $ | 2,278 | $ | 16,350 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||
Propane contracts | 787 | 3,271 | |||||||||||||||||||||||||
Total derivative assets - gross | 3,065 | 19,621 | |||||||||||||||||||||||||
Gross amounts offset in the balance sheet | (2,793 | ) | (1,369 | ) | |||||||||||||||||||||||
Total derivative assets - net | $ | 272 | $ | 18,252 | |||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||
Propane contracts | $ | (217 | ) | $ | (1,504 | ) | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||
Propane contracts | (9,255 | ) | — | ||||||||||||||||||||||||
Total derivative liabilities - gross | (9,472 | ) | (1,504 | ) | |||||||||||||||||||||||
Gross amounts offset in the balance sheet | 2,793 | 1,369 | |||||||||||||||||||||||||
Total derivative liabilities - net | $ | (6,679 | ) | $ | (135 | ) | |||||||||||||||||||||
(a) | Certain immaterial amounts have been revised to correct the classification of derivatives. | ||||||||||||||||||||||||||
Effect of Derivative Instruments | |||||||||||||||||||||||||||
The following table provides information on the effects of derivative instruments on the Consolidated Statements of Operations and changes in AOCI and noncontrolling interest for Fiscal 2014, Fiscal 2013 and Fiscal 2012: | |||||||||||||||||||||||||||
Gain (Loss) Recognized in | Gain (Loss) Reclassified from | Location of Gain (Loss) | |||||||||||||||||||||||||
AOCI and Noncontrolling | AOCI and Noncontrolling | Reclassified from | |||||||||||||||||||||||||
Interest | Interest into Income | AOCI and Noncontrolling | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | Interest into Income | |||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||||
Propane contracts | $ | 44,203 | $ | 6,647 | $ | (86,573 | ) | $ | 56,517 | $ | (52,503 | ) | $ | (47,569 | ) | Cost of sales-propane | |||||||||||
Gain (Loss) | Location of Gain (Loss) | ||||||||||||||||||||||||||
Recognized in Income | Recognized in Income | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||||||
Propane contracts | $ | (4,863 | ) | $ | 1,848 | $ | (14,883 | ) | Cost of sales-propane | ||||||||||||||||||
For those derivative instruments accounted for as cash flow hedges, the amounts of derivative gains or losses representing ineffectiveness, and the amounts of gains or losses recognized in income as a result of excluding derivatives from ineffectiveness testing, were not material for Fiscal 2014, Fiscal 2013 or Fiscal 2012. | |||||||||||||||||||||||||||
We are also a party to a number of contracts that have elements of a derivative instrument. These contracts include, among others, binding purchase orders, contracts which provide for the purchase and delivery of propane and service contracts that require the counterparty to provide commodity storage or transportation 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 purchase 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. |
Other_Income_Net
Other Income, Net | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Other Income, Net | ' | |||||||||||
Other Income, Net | ||||||||||||
Other income, net, comprises the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Gains on sales of fixed assets | $ | 6,524 | $ | 4,115 | $ | 3,169 | ||||||
Finance charges | 17,459 | 21,390 | 18,841 | |||||||||
Other | 3,467 | 6,998 | 4,511 | |||||||||
Total other income, net | $ | 27,450 | $ | 32,503 | $ | 26,521 | ||||||
Quarterly_Data_Unaudited
Quarterly Data (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Quarterly Data (Unaudited) | ' | |||||||||||||||||||||||||||||||
Quarterly Data (Unaudited) | ||||||||||||||||||||||||||||||||
The following unaudited quarterly data includes all adjustments (consisting only of normal recurring adjustments with the exception of those indicated below) which we consider necessary for a fair presentation unless otherwise indicated. Our quarterly results fluctuate because of the seasonal nature of our propane business. | ||||||||||||||||||||||||||||||||
December 31, | March 31, | June 30, | September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2014 | 2013 (a) | 2014 | 2013 (a) | 2014 | 2013 | |||||||||||||||||||||||||
Revenues | $ | 1,045,826 | $ | 876,647 | $ | 1,493,623 | $ | 1,176,207 | $ | 613,237 | $ | 581,719 | $ | 560,249 | $ | 531,970 | ||||||||||||||||
Operating income (loss) | $ | 179,693 | $ | 139,866 | $ | 284,922 | $ | 257,505 | $ | 4,426 | $ | 6,639 | $ | (6,408 | ) | $ | (11,816 | ) | ||||||||||||||
Net income (loss) | $ | 136,672 | $ | 98,043 | $ | 242,950 | $ | 215,781 | $ | (37,749 | ) | $ | (34,549 | ) | $ | (47,432 | ) | $ | (54,184 | ) | ||||||||||||
Net income (loss) attributable to AmeriGas Partners, L.P. | $ | 134,898 | $ | 96,665 | $ | 240,103 | $ | 213,208 | $ | (37,761 | ) | $ | (34,595 | ) | $ | (47,347 | ) | $ | (54,056 | ) | ||||||||||||
Income (loss) per limited partner unit (b): | ||||||||||||||||||||||||||||||||
Basic | $ | 1.14 | $ | 0.93 | $ | 1.71 | $ | 1.56 | $ | (0.47 | ) | $ | (0.43 | ) | $ | (0.58 | ) | $ | (0.63 | ) | ||||||||||||
Diluted | $ | 1.14 | $ | 0.93 | $ | 1.71 | $ | 1.56 | $ | (0.47 | ) | $ | (0.43 | ) | $ | (0.58 | ) | $ | (0.63 | ) | ||||||||||||
(a) | The Partnership recorded the cumulative effect of an error in accounting for certain customer credits as of January 1, 2013, which decreased revenues and operating income by $7,038, and decreased net income attributable to AmeriGas Partners, L.P. by $6,967, for the three months ended March 31, 2013. The correction of the error in accounting for customer credits increased propane revenues and operating income by $3,600, and decreased net loss attributable to AmeriGas Partners, L.P. by $3,564, for the three months ended June 30, 2013 (see Note 2). | |||||||||||||||||||||||||||||||
(b) | Theoretical distributions of net income (loss) attributable to AmeriGas Partners, L.P. in accordance with accounting guidance regarding the application of the two-class method for determining earnings per share (see Note 2) resulted in a different allocation of net income attributable to AmeriGas Partners, L.P. to the General Partner and the limited partners in the computation of income per limited partner unit which had the effect of decreasing quarterly earnings per limited partner unit for the quarters ended December 31 and March 31 as follows: | |||||||||||||||||||||||||||||||
December 31, | March 31, | |||||||||||||||||||||||||||||||
Quarter ended: | 2013 | 2012 | 2014 | 2013 | ||||||||||||||||||||||||||||
Decrease in income per limited partner unit | $ | (0.24 | ) | $ | (0.06 | ) | $ | (0.79 | ) | $ | (0.66 | ) |
Condensed_Financial_Informatio
Condensed Financial Information of Registrant (Parent Company) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Condensed Financial Information Of Registrant (Parent Company) | ' | |||||||||||
CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY) | ||||||||||||
BALANCE SHEETS | ||||||||||||
(Thousands of dollars) | ||||||||||||
September 30, | ||||||||||||
2014 | 2013 | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash | $ | 4,746 | $ | 262 | ||||||||
Accounts receivable — related party | 3,147 | 6,479 | ||||||||||
Prepaids and other current assets | 1,155 | 1,155 | ||||||||||
Total current assets | 9,048 | 7,896 | ||||||||||
Investment in AmeriGas Propane, L.P. | 3,588,863 | 3,648,909 | ||||||||||
Other assets | 23,610 | 27,300 | ||||||||||
Total assets | $ | 3,621,521 | $ | 3,684,105 | ||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable and other liabilities | $ | 500 | $ | 495 | ||||||||
Accrued interest | 47,662 | 47,662 | ||||||||||
Total current liabilities | 48,162 | 48,157 | ||||||||||
Long-term debt | 2,250,845 | 2,250,845 | ||||||||||
Commitments and contingencies | ||||||||||||
Partners’ capital: | ||||||||||||
Common unitholders | 1,299,260 | 1,354,187 | ||||||||||
General partner | 20,460 | 15,930 | ||||||||||
Accumulated other comprehensive income | 2,794 | 14,986 | ||||||||||
Total partners’ capital | 1,322,514 | 1,385,103 | ||||||||||
Total liabilities and partners’ capital | $ | 3,621,521 | $ | 3,684,105 | ||||||||
Commitments and Contingencies | ||||||||||||
Scheduled principal repayments during the next five fiscal years include $450,000 in Fiscal 2019. | ||||||||||||
AMERIGAS PARTNERS, L.P. AND SUBSIDIARIES | ||||||||||||
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY) | ||||||||||||
STATEMENTS OF OPERATIONS | ||||||||||||
(Thousands of dollars) | ||||||||||||
Year Ended | ||||||||||||
September 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Operating (expenses) income, net | $ | (258 | ) | $ | (289 | ) | $ | (3,568 | ) | |||
Loss on extinguishments of debt | — | — | (13,349 | ) | ||||||||
Interest expense | (155,510 | ) | (154,593 | ) | (133,372 | ) | ||||||
Loss before income taxes | (155,768 | ) | (154,882 | ) | (150,289 | ) | ||||||
Income tax expense | 6 | 1 | 3 | |||||||||
Loss before equity in income of AmeriGas Propane, L.P. | (155,774 | ) | (154,883 | ) | (150,292 | ) | ||||||
Equity in income of AmeriGas Propane, L.P. | 445,667 | 376,105 | 161,317 | |||||||||
Net income | $ | 289,893 | $ | 221,222 | $ | 11,025 | ||||||
General partner’s interest in net income | $ | 26,749 | $ | 21,498 | $ | 13,119 | ||||||
Limited partners’ interest in net income | $ | 263,144 | $ | 199,724 | $ | (2,094 | ) | |||||
Income (loss) per limited partner unit — basic and diluted | $ | 2.82 | $ | 2.14 | $ | (0.11 | ) | |||||
Average limited partner units outstanding — basic (thousands) | 92,876 | 92,832 | 81,433 | |||||||||
Average limited partner units outstanding — diluted (thousands) | 92,946 | 92,910 | 81,433 | |||||||||
AMERIGAS PARTNERS, L.P. AND SUBSIDIARIES | ||||||||||||
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY) | ||||||||||||
STATEMENTS OF CASH FLOWS | ||||||||||||
(Thousands of dollars) | ||||||||||||
Year Ended | ||||||||||||
September 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES (a) | $ | 348,704 | $ | 325,320 | $ | 170,598 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Acquisitions of businesses, net of cash acquired | — | — | (1,411,451 | ) | ||||||||
Contributions to AmeriGas Propane, L.P. | — | — | (60,748 | ) | ||||||||
Net cash used by investing activities | — | — | (1,472,199 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Distributions | (346,744 | ) | (327,000 | ) | (271,839 | ) | ||||||
Issuance of long-term debt | — | — | 1,524,174 | |||||||||
Repayments of long-term debt | — | — | (232,844 | ) | ||||||||
Proceeds from issuance of Common Units in public unit offering | — | — | 276,562 | |||||||||
Proceeds associated with equity based compensation plans, net of tax withheld | 2,499 | 1,221 | 951 | |||||||||
Capital contribution from General Partner | 25 | 13 | 2,824 | |||||||||
Net cash (used) provided by financing activities | (344,220 | ) | (325,766 | ) | 1,299,828 | |||||||
Increase (decrease) in cash and cash equivalents | $ | 4,484 | $ | (446 | ) | $ | (1,773 | ) | ||||
CASH AND CASH EQUIVALENTS: | ||||||||||||
End of year | $ | 4,746 | $ | 262 | $ | 708 | ||||||
Beginning of year | 262 | 708 | 2,481 | |||||||||
Increase (decrease) | $ | 4,484 | $ | (446 | ) | $ | (1,773 | ) | ||||
(a) | Includes cash distributions received from AmeriGas Propane, L.P. of $498,204, $478,458 and $334,527 for the years ended September 30, 2014, 2013 and 2012, respectively. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||||||
Balance at | Charged | Other | Balance at | |||||||||||||||
beginning | (credited) | end of | ||||||||||||||||
of year | to costs and | year | ||||||||||||||||
expenses | ||||||||||||||||||
Year Ended September 30, 2014 | ||||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||||
Allowance for doubtful accounts | $ | 18,552 | $ | 26,403 | $ | (27,274 | ) | -1 | $ | 17,681 | ||||||||
Year Ended September 30, 2013 | ||||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||||
Allowance for doubtful accounts | $ | 17,217 | $ | 16,477 | $ | (15,142 | ) | -1 | $ | 18,552 | ||||||||
Year Ended September 30, 2012 | ||||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||||
Allowance for doubtful accounts | $ | 17,181 | $ | 15,088 | $ | (15,052 | ) | -1 | $ | 17,217 | ||||||||
-1 | Uncollectible accounts written off, net of recoveries. | |||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||
(Thousands of dollars) | ||||||||||||||||||
Balance at | Charged | Other | Balance at | |||||||||||||||
beginning | (credited) | end of | ||||||||||||||||
of year | to costs and | year | ||||||||||||||||
expenses | ||||||||||||||||||
Year Ended September 30, 2014 | ||||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||||
Allowance for doubtful accounts | $ | 18,552 | $ | 26,403 | $ | (27,274 | ) | -1 | $ | 17,681 | ||||||||
Year Ended September 30, 2013 | ||||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||||
Allowance for doubtful accounts | $ | 17,217 | $ | 16,477 | $ | (15,142 | ) | -1 | $ | 18,552 | ||||||||
Year Ended September 30, 2012 | ||||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||||
Allowance for doubtful accounts | $ | 17,181 | $ | 15,088 | $ | (15,052 | ) | -1 | $ | 17,217 | ||||||||
-1 | Uncollectible accounts written off, net of recoveries. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation. Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). | ||
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. | ||
Certain prior-year amounts have been reclassified to conform to the current-year presentation. | ||
Principles of Consolidation | ' | |
Principles of Consolidation. The consolidated financial statements include the accounts of AmeriGas Partners, its majority-owned subsidiary AmeriGas OLP, and its 100%-owned finance subsidiaries AmeriGas Finance Corp., AP Eagle Finance Corp. and AmeriGas Finance LLC. The accounts of the AmeriGas Partners’ majority-owned subsidiary AmeriGas OLP are included based upon the determination that, given the Partnership’s structure, AmeriGas Partners will absorb a majority of AmeriGas OLP’s expected losses, will receive a majority of AmeriGas OLP’s expected residual returns and is AmeriGas OLP’s primary beneficiary. AmeriGas OLP includes the accounts of its wholly owned subsidiaries. We eliminate all significant intercompany accounts and transactions when we consolidate. We account for the General Partner’s 1.01% interest in AmeriGas OLP as noncontrolling interest in the consolidated financial statements. | ||
Finance Corps | ' | |
Finance Corps. AmeriGas Finance Corp., AP Eagle Finance Corp. and AmeriGas Finance LLC are 100%-owned finance subsidiaries of AmeriGas Partners. Their sole purpose is to serve as issuers or co-obligors for debt securities issued or guaranteed by AmeriGas Partners. | ||
Fair Value Measurements | ' | |
Fair Value Measurements. The Company applies fair value measurements on a recurring and, as otherwise required under GAAP, also on a nonrecurring basis. Fair value measurements performed on a recurring basis principally relate to derivative instruments. | ||
GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). A level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | ||
We use the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: | ||
• | Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date. | |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. | |
• | Level 3 — Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for the asset or liability. | |
Fair value is based upon assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and risks inherent in valuation techniques and inputs to valuations. This includes not only the credit standing of counterparties and credit enhancements but also the impact of our own nonperformance risk on our liabilities. We evaluate the need for credit adjustments to our derivative instrument fair values. | ||
Derivative Instruments | ' | |
Derivative Instruments. Derivative instruments are reported in the Consolidated Balance Sheets at their fair values, unless the derivative instruments qualify for the normal purchase and normal sale (“NPNS”) exemption under GAAP. The accounting for changes in fair value depends upon the purpose of the derivative instrument and whether it is designated and qualifies for hedge accounting. | ||
Prior to April 1, 2014, substantially all of our derivative financial instruments were designated and qualified as cash flow hedges. For cash flow hedges, changes in the fair values of the derivative instruments are recorded in accumulated other comprehensive income (“AOCI”) or noncontrolling interests, to the extent effective at offsetting changes in the hedged item, until earnings are affected by the hedged item. When earnings are affected by the hedged item, gains or losses are recorded in cost of sales on the Consolidated Statements of Operations. We discontinue cash flow hedge accounting if the occurrence of the forecasted transaction is determined to be no longer probable. Effective April 1, 2014, the Partnership determined that on a prospective basis, it would no longer elect cash flow hedge accounting for its commodity derivative instruments. Changes in the fair values of these derivative instruments are reflected in cost of sales on the Consolidated Statements of Operations. | ||
Revenue Recognition | ' | |
Revenue Recognition. Revenues from the sale of propane are recognized principally upon delivery. Revenues from the sale of appliances and equipment are recognized at the later of sale or installation. Revenues from repair or maintenance services are recognized upon completion of services. Revenues from annually billed fees are recorded on a straight-line basis over one year. We present revenue-related taxes collected from customers and remitted to taxing authorities, principally sales and use taxes, on a net basis. | ||
Delivery Expenses | ' | |
Delivery Expenses. Expenses associated with the delivery of propane to customers (including vehicle expenses, expenses of delivery personnel, vehicle repair and maintenance and general liability expenses) are classified as operating and administrative expenses on the Consolidated Statements of Operations. Depreciation expense associated with delivery vehicles is classified in depreciation on the Consolidated Statements of Operations. | ||
Income Taxes | ' | |
Income Taxes. AmeriGas Partners and the Operating Partnership are not directly subject to federal income taxes. Instead, their taxable income or loss is allocated to their individual partners. The Operating Partnership has corporate subsidiaries which are directly subject to federal and state income taxes. Accordingly, our consolidated financial statements reflect income taxes related to these corporate subsidiaries. Legislation in certain states allows for taxation of partnerships’ income and the accompanying financial statements reflect state income taxes resulting from such legislation. Net income for financial statement purposes may differ significantly from taxable income reportable to unitholders. This is a result of (1) differences between the tax basis and financial reporting basis of assets and liabilities and (2) the taxable income allocation requirements of the Fourth Amended and Restated Agreement of Limited Partnership of AmeriGas Partners, L.P., as amended (“Partnership Agreement”) and the Internal Revenue Code. | ||
Comprehensive Income (Loss) | ' | |
Comprehensive Income (Loss). Comprehensive income (loss) comprises net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) principally results from gains and losses on derivative instruments qualifying as cash flow hedges, net of reclassifications to net income. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents. All highly liquid investments with maturities of three months or less when purchased are classified as cash equivalents. | ||
Inventories | ' | |
Inventories. Our inventories are stated at the lower of cost or market. We determine cost using an average cost method for propane, specific identification for appliances and the first-in, first-out (“FIFO”) method for all other inventories. | ||
Property, Plant and Equipment and Related Depreciation | ' | |
Property, Plant and Equipment and Related Depreciation. We record property, plant and equipment at cost. The amounts we assign to property, plant and equipment of acquired businesses are based upon estimated fair value at date of acquisition. | ||
We compute depreciation expense on plant and equipment using the straight-line method over estimated service lives generally ranging from 15 to 40 years for buildings and improvements; 6 to 30 years for storage and customer tanks and cylinders; and 3 to 10 years for vehicles, equipment and office furniture and fixtures. Costs to install Partnership-owned tanks at customer locations, net of amounts billed to customers, are capitalized and depreciated over the estimated period of benefit not exceeding 10 years. | ||
We include in property, plant and equipment costs associated with computer software we develop or obtain for use in our business. We amortize computer software costs on a straight-line basis over expected periods of benefit not exceeding 10 years once the installed software is ready for its intended use. | ||
Segment Information | ' | |
Segment Information. We have determined that we have a single reportable operating segment that engages in the distribution of propane and related equipment and supplies. No single customer represents ten percent or more of consolidated revenues on an accrual basis. In addition, substantially all of our revenues are derived from sources within the United States and substantially all of our long-lived assets are located in the United States. | ||
Goodwill and Intangible Assets | ' | |
Goodwill and Intangible Assets. In accordance with GAAP relating to intangible assets, we amortize intangible assets over their estimated useful lives unless we determine their lives to be indefinite. Estimated useful lives of definite-lived intangible assets, consisting of customer relationships and noncompete agreements, do not exceed 15 years. We review definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the associated carrying amounts may not be recoverable. Determining whether an impairment loss occurred requires comparing the carrying amount to the sum of undiscounted cash flows expected to be generated by the asset. Intangible assets with indefinite lives are not amortized but are tested annually for impairment and written down to fair value as required. | ||
We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (a component) if discrete financial information is prepared and regularly reviewed by segment management. We are required to recognize an impairment charge under GAAP if the carrying amount of the reporting unit exceeds its fair value and the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill. As permitted under GAAP, we assess qualitative factors to determine whether it is more likely than not that the fair value of the Partnership is less than its carrying amount. Among the significant factors considered in performing the qualitative assessment is the market price of AmeriGas Partners Common Units. Based upon this assessment, we determined that it is not more likely than not that the fair value of the Partnership is less than its carrying amount. | ||
Impairment of Long-Lived Assets | ' | |
Impairment of Long-Lived Assets. We evaluate the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. We evaluate recoverability based upon undiscounted future cash flows expected to be generated by such assets. If the undiscounted future cash flows indicate that the recorded amounts are not expected to be recoverable, such long-lived assets are reduced to their estimated fair values. Estimates of fair values are generally based on recent sales of similar assets and other market indicators (Level 2). | ||
Customer Deposits | ' | |
Customer Deposits. We offer certain of our customers prepayment programs which require customers to pay a fixed periodic amount or to otherwise prepay a portion of their anticipated propane purchases. Customer prepayments, in excess of associated billings, are classified as customer deposits and advances on the Consolidated Balance Sheets. | ||
Equity-Based Compensation | ' | |
Equity-Based Compensation. The General Partner may grant Common Unit awards (as further described in Note 11) to employees and non-employee directors under its Common Unit plans, and employees of the General Partner may be granted stock options for UGI Common Stock. All of our equity-based compensation is measured at fair value on the grant date, date of modification or end of the period, as applicable, and recognized in earnings over the requisite service period. Depending upon the settlement terms of the awards, all or a portion of the fair value of equity-based awards may be presented as a liability or as equity on our Consolidated Balance Sheets. Equity-based compensation costs associated with the portion of Common Unit awards classified as equity are measured based upon their estimated fair value on the date of grant or modification. Equity-based compensation costs associated with the portion of Common Unit awards classified as liabilities are measured based upon their estimated fair value at the grant date and remeasured as of the end of each period. For a further description of our equity-based compensation plans and related disclosures, see Note 11. | ||
Environmental Matters | ' | |
Environmental Matters. We are subject to environmental laws and regulations intended to mitigate or remove the effect of past operations and improve or maintain the quality of the environment. These laws and regulations require the removal or remedy of the effect on the environment of the disposal or release of certain specified hazardous substances at current or former operating sites. | ||
Environmental reserves are accrued when assessments indicate that it is probable that a liability has been incurred and an amount can reasonably be estimated and represent our best estimate of costs expected to be incurred or, if no best estimate can be made, the minimum liability associated with a range of expected environmental investigation and remediation costs. | ||
Allocation of Net Income | ' | |
Allocation of Net Income. Net income attributable to AmeriGas Partners, L.P. for partners’ capital and statement of operations presentation purposes is allocated to the General Partner and the limited partners in accordance with their respective ownership percentages after giving effect to amounts distributed to the General Partner in excess of its 1% general partner interest in AmeriGas Partners based on its incentive distribution rights (“IDRs”) under the Partnership Agreement (see Note 5). | ||
Net Income Per Unit | ' | |
Net Income (Loss) Per Unit. Income (loss) per limited partner unit is computed in accordance with GAAP regarding the application of the two-class method for determining income (loss) per unit for master limited partnerships (“MLPs”) when IDRs are present. The two-class method requires that income per limited partner unit be calculated as if all earnings for the period were distributed and requires a separate calculation for each quarter and year-to-date period. In periods when our net income attributable to AmeriGas Partners exceeds our Available Cash, as defined in the Partnership Agreement, and is above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the General Partner. Generally, in periods when our Available Cash in respect of the quarter or year-to-date periods exceeds our net income (loss) attributable to AmeriGas Partners, the calculation according to the two-class method results in an allocation of earnings to the General Partner greater than its relative ownership interest in the Partnership (or in the case of a net loss attributable to AmeriGas Partners, an allocation of such net loss to the Common Unitholders greater than their relative ownership interest in the Partnership). |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Income Per Limited Partner Unit | ' | |||||||||||
The following table sets forth reconciliations of the numerators and denominators of the basic and diluted income (loss) per limited partner unit computations: | ||||||||||||
2014 | 2013 | 2012 (a) | ||||||||||
Net income attributable to AmeriGas Partners, L.P. | $ | 289,893 | $ | 221,222 | $ | 11,025 | ||||||
Adjust for general partner share and theoretical distributions of net income attributable to AmeriGas Partners, L.P. to the general partner in accordance with the two-class method for MLPs | (27,895 | ) | (22,639 | ) | (20,181 | ) | ||||||
Common Unitholders’ interest in net income attributable to AmeriGas Partners, L.P. under the two-class method for MLPs | $ | 261,998 | $ | 198,583 | $ | (9,156 | ) | |||||
Weighted average Common Units outstanding — basic (thousands) | 92,876 | 92,832 | 81,433 | |||||||||
Potentially dilutive Common Units (thousands) | 70 | 78 | — | |||||||||
Weighted average Common Units outstanding — diluted (thousands) | 92,946 | 92,910 | 81,433 | |||||||||
(a) | There were 58 potentially dilutive Common Units excluded from the calculation because of the net loss attributable under the two-class method. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Allocation of Purchase Price | ' | |||||||||||
The final allocation of the purchase price to the assets acquired and liabilities assumed for the Heritage Acquisition is as follows: | ||||||||||||
Assets acquired: | ||||||||||||
Current assets | $ | 301,372 | ||||||||||
Property, plant & equipment | 890,215 | |||||||||||
Customer relationships (estimated useful life of 15 years) | 418,900 | |||||||||||
Trademarks and tradenames (a) | 91,100 | |||||||||||
Goodwill (a) (b) | 1,217,717 | |||||||||||
Other assets | 9,947 | |||||||||||
Total assets acquired | $ | 2,929,251 | ||||||||||
Liabilities assumed: | ||||||||||||
Current liabilities | $ | (238,016 | ) | |||||||||
Long-term debt | (62,927 | ) | ||||||||||
Other noncurrent liabilities | (23,481 | ) | ||||||||||
Total liabilities assumed | $ | (324,424 | ) | |||||||||
Total | $ | 2,604,827 | ||||||||||
(a) | During Fiscal 2013, the Partnership made correcting adjustments to trademarks and tradenames and goodwill which are not reflected in the table above (see Note 10). | |||||||||||
(b) | Goodwill associated with the Heritage Acquisition principally results from synergies expected from combining the operations and from assembled workforce. | |||||||||||
The total purchase price of these acquisitions has been allocated to the assets acquired and liabilities assumed as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net current assets | $ | 136 | $ | 691 | $ | 1,590 | ||||||
Property, plant and equipment | 6,916 | 5,167 | 6,175 | |||||||||
Goodwill | 6,751 | 12,481 | 5,363 | |||||||||
Customer relationships and noncompete agreements (estimated useful life of 10 and 5 years, respectively) | 6,434 | 5,576 | 5,234 | |||||||||
Total | $ | 20,237 | $ | 23,915 | $ | 18,362 | ||||||
Pro Forma Income Statement and Income Per Unit | ' | |||||||||||
The following presents unaudited Fiscal 2012 pro forma income statement and income per unit data as if the Heritage Acquisition had occurred at the beginning of the period: | ||||||||||||
2012 | ||||||||||||
Revenues | $ | 3,413,331 | ||||||||||
Net income attributable to AmeriGas Partners | $ | 30,977 | ||||||||||
Income per limited partner unit: | ||||||||||||
Basic | $ | 0.17 | ||||||||||
Diluted | $ | 0.17 | ||||||||||
Quarterly_Distributions_of_Ava1
Quarterly Distributions of Available Cash (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Distributions Made to Members or Limited Partners [Abstract] | ' | |||||||||||
Quarterly Distributions of Available Cash Per Limited Partner Unit | ' | |||||||||||
Quarterly distributions of Available Cash per limited partner unit during Fiscal 2014, Fiscal 2013 and Fiscal 2012 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
1st Quarter | $ | 0.84 | $ | 0.8 | $ | 0.74 | ||||||
2nd Quarter | $ | 0.84 | $ | 0.8 | $ | 0.76 | ||||||
3rd Quarter | $ | 0.88 | $ | 0.84 | $ | 0.8 | ||||||
4th Quarter | $ | 0.88 | $ | 0.84 | $ | 0.8 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Net Components of Long Term Debt | ' | |||||||
Long-term debt comprises the following at September 30: | ||||||||
2014 | 2013 | |||||||
AmeriGas Partners Senior Notes: | ||||||||
7.00%, due May 2022 | $ | 980,844 | $ | 980,844 | ||||
6.75%, due May 2020 | 550,000 | 550,000 | ||||||
6.50%, due May 2021 | 270,001 | 270,001 | ||||||
6.25%, due August 2019 | 450,000 | 450,000 | ||||||
HOLP Senior Secured Notes | 26,497 | 32,001 | ||||||
Other | 14,392 | 17,265 | ||||||
Total long-term debt | 2,291,734 | 2,300,111 | ||||||
Less: current maturities | (11,589 | ) | (12,014 | ) | ||||
Total long-term debt due after one year | $ | 2,280,145 | $ | 2,288,097 | ||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Summary of Inventories | ' | |||||||
Inventories comprise the following at September 30: | ||||||||
2014 | 2013 | |||||||
Propane gas | $ | 157,032 | $ | 130,410 | ||||
Materials, supplies and other | 19,680 | 22,860 | ||||||
Appliances for sale | 5,234 | 5,658 | ||||||
Total inventories | $ | 181,946 | $ | 158,928 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Summary of Property, Plant and Equipment | ' | |||||||
Property, plant and equipment comprise the following at September 30: | ||||||||
2014 | 2013 | |||||||
Land | $ | 142,505 | $ | 147,405 | ||||
Buildings and improvements | 188,183 | 176,638 | ||||||
Transportation equipment | 243,437 | 227,242 | ||||||
Storage facilities | 248,757 | 240,251 | ||||||
Equipment, primarily cylinders and tanks | 1,598,120 | 1,688,512 | ||||||
Other, including work in progress | 205,675 | 189,154 | ||||||
Gross property, plant and equipment | 2,626,677 | 2,669,202 | ||||||
Less accumulated depreciation and amortization | (1,239,767 | ) | (1,231,688 | ) | ||||
Net property, plant and equipment | $ | 1,386,910 | $ | 1,437,514 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Changes in the Carrying Amount of Goodwill | ' | |||||||
Changes in the carrying amount of goodwill are as follows: | ||||||||
Balance September 30, 2012 | $ | 1,914,808 | ||||||
Acquisitions | 12,481 | |||||||
Purchase accounting adjustments | 19 | |||||||
Correcting adjustment | 9,300 | |||||||
Balance September 30, 2013 | 1,936,608 | |||||||
Acquisitions | 6,751 | |||||||
Purchase accounting adjustments | (2,684 | ) | ||||||
Goodwill push-down adjustment associated with prior-year acquisition | 5,073 | |||||||
Balance September 30, 2014 | $ | 1,945,748 | ||||||
Components of Intangible Assets | ' | |||||||
The Partnership’s intangible assets comprise the following at September 30: | ||||||||
2014 | 2013 | |||||||
Customer relationships and noncompete agreements | $ | 519,103 | $ | 511,130 | ||||
Trademarks and tradenames (not subject to amortization) | 82,944 | 81,800 | ||||||
Gross carrying amount | 602,047 | 592,930 | ||||||
Accumulated amortization | (137,709 | ) | (99,281 | ) | ||||
Intangible assets, net | $ | 464,338 | $ | 493,649 | ||||
Partners_Capital_and_Incentive1
Partners' Capital and Incentive Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Fair Value of AmeriGas Performance Unit Awards and Related Compensation Costs | ' | ||||||||||||||||||||
The following table summarizes the weighted-average assumptions used to determine the fair value of AmeriGas Performance Unit awards and related compensation costs: | |||||||||||||||||||||
Grants Awarded in Fiscal Year | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Risk-free rate | 0.8 | % | 0.4 | % | 0.4 | % | |||||||||||||||
Expected life | 3 years | 3 years | 3 years | ||||||||||||||||||
Expected volatility | 21.1 | % | 20.7 | % | 23 | % | |||||||||||||||
Dividend Yield | 7.5 | % | 8.2 | % | 6.4 | % | |||||||||||||||
AmeriGas Common Unit-Based Award Activity | ' | ||||||||||||||||||||
The following table summarizes AmeriGas Common Unit-based award activity for Fiscal 2014: | |||||||||||||||||||||
Total | Vested | Non-Vested | |||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||
Common | Average | Common | Average | Common | Average | ||||||||||||||||
Units | Grant Date | Units Subject | Grant Date | Units | Grant Date | ||||||||||||||||
Subject to | Fair Value | to Award | Fair Value | Subject to | Fair Value | ||||||||||||||||
Award | (per Unit) | (per Unit) | Award | (per Unit) | |||||||||||||||||
September 30, 2013 | 224,167 | $ | 47.88 | 47,715 | $ | 47.92 | 176,452 | $ | 47.87 | ||||||||||||
AmeriGas Performance Units: | |||||||||||||||||||||
Granted | 53,800 | $ | 41.5 | 633 | $ | 41.37 | 53,167 | $ | 41.5 | ||||||||||||
Forfeited | (8,150 | ) | $ | 45.96 | — | $ | — | (8,150 | ) | $ | 45.96 | ||||||||||
Vested | — | $ | — | 15,319 | $ | 53.93 | (15,319 | ) | $ | 53.93 | |||||||||||
Performance criteria not met | (31,317 | ) | $ | 54.51 | (31,317 | ) | $ | 54.51 | — | $ | — | ||||||||||
AmeriGas Stock Units: | |||||||||||||||||||||
Granted | 32,658 | $ | 46.37 | 15,936 | $ | 48 | 16,722 | $ | 44.81 | ||||||||||||
Forfeited | (7,783 | ) | $ | 51.1 | — | $ | — | (7,783 | ) | $ | (51.10 | ) | |||||||||
Vested | — | $ | — | 52,061 | $ | 47.58 | (52,061 | ) | $ | 47.58 | |||||||||||
Awards paid | (63,140 | ) | $ | 48 | (63,140 | ) | $ | 48 | — | $ | — | ||||||||||
September 30, 2014 | 200,235 | $ | 44.82 | 37,207 | $ | 44.27 | 163,028 | $ | 44.95 | ||||||||||||
Partnership Paid AmeriGas Common Unit-Based Awards in Common Units and Cash | ' | ||||||||||||||||||||
During Fiscal 2014, Fiscal 2013 and Fiscal 2012, the Partnership paid AmeriGas Performance Unit and AmeriGas Stock Unit awards in Common Units and cash as follows: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
AmeriGas Performance Unit awards: | |||||||||||||||||||||
Number of Common Units subject to original Awards granted | 41,251 | 48,150 | 53,600 | ||||||||||||||||||
Fiscal year granted | 2011 | 2010 | 2009 | ||||||||||||||||||
Payment of Awards: | |||||||||||||||||||||
AmeriGas Partners Common Units issued | — | — | — | ||||||||||||||||||
Cash paid | $ | — | $ | — | $ | — | |||||||||||||||
AmeriGas Stock Unit awards: | |||||||||||||||||||||
Number of Common Units subject to original Awards granted | 72,023 | 35,934 | 67,246 | ||||||||||||||||||
Payment of Awards: | |||||||||||||||||||||
AmeriGas Partners Common Units issued | 40,842 | 23,192 | 44,016 | ||||||||||||||||||
Cash paid | $ | 1,364 | $ | 629 | $ | 980 | |||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Minimum Future Payments Under Noncancellable Operating Leases | ' | |||
Minimum future payments under noncancelable operating leases are as follows: | ||||
Year Ending September 30, | ||||
2015 | $ | 58,317 | ||
2016 | 48,713 | |||
2017 | 38,565 | |||
2018 | 32,710 | |||
2019 | 28,010 | |||
Thereafter | 70,381 | |||
Total minimum operating lease payments | $ | 276,696 | ||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Other current liabilities | ' | |||||||
Other current liabilities comprise the following at September 30: | ||||||||
2014 | 2013 | |||||||
Litigation, property and casualty liabilities | $ | 35,933 | $ | 34,250 | ||||
Taxes other than income taxes | 16,353 | 9,922 | ||||||
Propane exchange liabilities | 21,402 | 16,654 | ||||||
Deferred tank fee revenue | 21,239 | 22,044 | ||||||
Other | 16,169 | 15,775 | ||||||
Total other current liabilities | $ | 111,096 | $ | 98,645 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Financial Assets and Financial Liabilities at Fair Value | ' | |||||||||||||||
The following table presents on a gross basis our financial assets and liabilities including both current and noncurrent portions, that are measured at fair value on a recurring basis within the fair value hierarchy as described in Note 2, as of September 30, 2014 and 2013: | ||||||||||||||||
Asset (Liability) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
September 30, 2014: | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | — | $ | 3,065 | $ | — | $ | 3,065 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | — | $ | (9,472 | ) | $ | — | $ | (9,472 | ) | ||||||
September 30, 2013 (a): | ||||||||||||||||
Derivative instruments: | ||||||||||||||||
Assets: | ||||||||||||||||
Commodity contracts | $ | — | $ | 19,621 | $ | — | $ | 19,621 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | — | $ | (1,504 | ) | $ | — | $ | (1,504 | ) | ||||||
(a) | Certain immaterial amounts have been revised to correct the classification of derivatives. |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Components of Fair Value of Derivative Assets and Liabilities | ' | ||||||||||||||||||||||||||
The following table presents our derivative assets and liabilities by type, as well as the effects of offsetting, as of September 30, 2014 and 2013: | |||||||||||||||||||||||||||
2014 | 2013 (a) | ||||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||
Propane contracts | $ | 2,278 | $ | 16,350 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||
Propane contracts | 787 | 3,271 | |||||||||||||||||||||||||
Total derivative assets - gross | 3,065 | 19,621 | |||||||||||||||||||||||||
Gross amounts offset in the balance sheet | (2,793 | ) | (1,369 | ) | |||||||||||||||||||||||
Total derivative assets - net | $ | 272 | $ | 18,252 | |||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||
Propane contracts | $ | (217 | ) | $ | (1,504 | ) | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||
Propane contracts | (9,255 | ) | — | ||||||||||||||||||||||||
Total derivative liabilities - gross | (9,472 | ) | (1,504 | ) | |||||||||||||||||||||||
Gross amounts offset in the balance sheet | 2,793 | 1,369 | |||||||||||||||||||||||||
Total derivative liabilities - net | $ | (6,679 | ) | $ | (135 | ) | |||||||||||||||||||||
(a) | Certain immaterial amounts have been revised to correct the classification of derivatives. | ||||||||||||||||||||||||||
Components of Derivative Instruments Gain Loss In Statement Of Operations | ' | ||||||||||||||||||||||||||
The following table provides information on the effects of derivative instruments on the Consolidated Statements of Operations and changes in AOCI and noncontrolling interest for Fiscal 2014, Fiscal 2013 and Fiscal 2012: | |||||||||||||||||||||||||||
Gain (Loss) Recognized in | Gain (Loss) Reclassified from | Location of Gain (Loss) | |||||||||||||||||||||||||
AOCI and Noncontrolling | AOCI and Noncontrolling | Reclassified from | |||||||||||||||||||||||||
Interest | Interest into Income | AOCI and Noncontrolling | |||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | Interest into Income | |||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||||||
Propane contracts | $ | 44,203 | $ | 6,647 | $ | (86,573 | ) | $ | 56,517 | $ | (52,503 | ) | $ | (47,569 | ) | Cost of sales-propane | |||||||||||
Gain (Loss) | Location of Gain (Loss) | ||||||||||||||||||||||||||
Recognized in Income | Recognized in Income | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||||||
Propane contracts | $ | (4,863 | ) | $ | 1,848 | $ | (14,883 | ) | Cost of sales-propane | ||||||||||||||||||
Other_Income_Net_Tables
Other Income, Net (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Schedule of Other Income, Net | ' | |||||||||||
Other income, net, comprises the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Gains on sales of fixed assets | $ | 6,524 | $ | 4,115 | $ | 3,169 | ||||||
Finance charges | 17,459 | 21,390 | 18,841 | |||||||||
Other | 3,467 | 6,998 | 4,511 | |||||||||
Total other income, net | $ | 27,450 | $ | 32,503 | $ | 26,521 | ||||||
Quarterly_Data_Unaudited_Table
Quarterly Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Unaudited Quarterly Data Including Adjustments | ' | |||||||||||||||||||||||||||||||
The following unaudited quarterly data includes all adjustments (consisting only of normal recurring adjustments with the exception of those indicated below) which we consider necessary for a fair presentation unless otherwise indicated. Our quarterly results fluctuate because of the seasonal nature of our propane business. | ||||||||||||||||||||||||||||||||
December 31, | March 31, | June 30, | September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2014 | 2013 (a) | 2014 | 2013 (a) | 2014 | 2013 | |||||||||||||||||||||||||
Revenues | $ | 1,045,826 | $ | 876,647 | $ | 1,493,623 | $ | 1,176,207 | $ | 613,237 | $ | 581,719 | $ | 560,249 | $ | 531,970 | ||||||||||||||||
Operating income (loss) | $ | 179,693 | $ | 139,866 | $ | 284,922 | $ | 257,505 | $ | 4,426 | $ | 6,639 | $ | (6,408 | ) | $ | (11,816 | ) | ||||||||||||||
Net income (loss) | $ | 136,672 | $ | 98,043 | $ | 242,950 | $ | 215,781 | $ | (37,749 | ) | $ | (34,549 | ) | $ | (47,432 | ) | $ | (54,184 | ) | ||||||||||||
Net income (loss) attributable to AmeriGas Partners, L.P. | $ | 134,898 | $ | 96,665 | $ | 240,103 | $ | 213,208 | $ | (37,761 | ) | $ | (34,595 | ) | $ | (47,347 | ) | $ | (54,056 | ) | ||||||||||||
Income (loss) per limited partner unit (b): | ||||||||||||||||||||||||||||||||
Basic | $ | 1.14 | $ | 0.93 | $ | 1.71 | $ | 1.56 | $ | (0.47 | ) | $ | (0.43 | ) | $ | (0.58 | ) | $ | (0.63 | ) | ||||||||||||
Diluted | $ | 1.14 | $ | 0.93 | $ | 1.71 | $ | 1.56 | $ | (0.47 | ) | $ | (0.43 | ) | $ | (0.58 | ) | $ | (0.63 | ) | ||||||||||||
(a) | The Partnership recorded the cumulative effect of an error in accounting for certain customer credits as of January 1, 2013, which decreased revenues and operating income by $7,038, and decreased net income attributable to AmeriGas Partners, L.P. by $6,967, for the three months ended March 31, 2013. The correction of the error in accounting for customer credits increased propane revenues and operating income by $3,600, and decreased net loss attributable to AmeriGas Partners, L.P. by $3,564, for the three months ended June 30, 2013 (see Note 2). | |||||||||||||||||||||||||||||||
(b) | Theoretical distributions of net income (loss) attributable to AmeriGas Partners, L.P. in accordance with accounting guidance regarding the application of the two-class method for determining earnings per share (see Note 2) resulted in a different allocation of net income attributable to AmeriGas Partners, L.P. to the General Partner and the limited partners in the computation of income per limited partner unit which had the effect of decreasing quarterly earnings per limited partner unit for the quarters ended December 31 and March 31 as follows: | |||||||||||||||||||||||||||||||
December 31, | March 31, | |||||||||||||||||||||||||||||||
Quarter ended: | 2013 | 2012 | 2014 | 2013 | ||||||||||||||||||||||||||||
Decrease in income per limited partner unit | $ | (0.24 | ) | $ | (0.06 | ) | $ | (0.79 | ) | $ | (0.66 | ) |
Condensed_Financial_Informatio1
Condensed Financial Information of Registrant (Parent Company) (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Balance Sheets | ' | |||||||||||
BALANCE SHEETS | ||||||||||||
(Thousands of dollars) | ||||||||||||
September 30, | ||||||||||||
2014 | 2013 | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash | $ | 4,746 | $ | 262 | ||||||||
Accounts receivable — related party | 3,147 | 6,479 | ||||||||||
Prepaids and other current assets | 1,155 | 1,155 | ||||||||||
Total current assets | 9,048 | 7,896 | ||||||||||
Investment in AmeriGas Propane, L.P. | 3,588,863 | 3,648,909 | ||||||||||
Other assets | 23,610 | 27,300 | ||||||||||
Total assets | $ | 3,621,521 | $ | 3,684,105 | ||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable and other liabilities | $ | 500 | $ | 495 | ||||||||
Accrued interest | 47,662 | 47,662 | ||||||||||
Total current liabilities | 48,162 | 48,157 | ||||||||||
Long-term debt | 2,250,845 | 2,250,845 | ||||||||||
Commitments and contingencies | ||||||||||||
Partners’ capital: | ||||||||||||
Common unitholders | 1,299,260 | 1,354,187 | ||||||||||
General partner | 20,460 | 15,930 | ||||||||||
Accumulated other comprehensive income | 2,794 | 14,986 | ||||||||||
Total partners’ capital | 1,322,514 | 1,385,103 | ||||||||||
Total liabilities and partners’ capital | $ | 3,621,521 | $ | 3,684,105 | ||||||||
Commitments and Contingencies | ||||||||||||
Scheduled principal repayments during the next five fiscal years include $450,000 in Fiscal 2019. | ||||||||||||
Statements of Operations | ' | |||||||||||
STATEMENTS OF OPERATIONS | ||||||||||||
(Thousands of dollars) | ||||||||||||
Year Ended | ||||||||||||
September 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Operating (expenses) income, net | $ | (258 | ) | $ | (289 | ) | $ | (3,568 | ) | |||
Loss on extinguishments of debt | — | — | (13,349 | ) | ||||||||
Interest expense | (155,510 | ) | (154,593 | ) | (133,372 | ) | ||||||
Loss before income taxes | (155,768 | ) | (154,882 | ) | (150,289 | ) | ||||||
Income tax expense | 6 | 1 | 3 | |||||||||
Loss before equity in income of AmeriGas Propane, L.P. | (155,774 | ) | (154,883 | ) | (150,292 | ) | ||||||
Equity in income of AmeriGas Propane, L.P. | 445,667 | 376,105 | 161,317 | |||||||||
Net income | $ | 289,893 | $ | 221,222 | $ | 11,025 | ||||||
General partner’s interest in net income | $ | 26,749 | $ | 21,498 | $ | 13,119 | ||||||
Limited partners’ interest in net income | $ | 263,144 | $ | 199,724 | $ | (2,094 | ) | |||||
Income (loss) per limited partner unit — basic and diluted | $ | 2.82 | $ | 2.14 | $ | (0.11 | ) | |||||
Average limited partner units outstanding — basic (thousands) | 92,876 | 92,832 | 81,433 | |||||||||
Average limited partner units outstanding — diluted (thousands) | 92,946 | 92,910 | 81,433 | |||||||||
Statements of Cash Flows | ' | |||||||||||
STATEMENTS OF CASH FLOWS | ||||||||||||
(Thousands of dollars) | ||||||||||||
Year Ended | ||||||||||||
September 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES (a) | $ | 348,704 | $ | 325,320 | $ | 170,598 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Acquisitions of businesses, net of cash acquired | — | — | (1,411,451 | ) | ||||||||
Contributions to AmeriGas Propane, L.P. | — | — | (60,748 | ) | ||||||||
Net cash used by investing activities | — | — | (1,472,199 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Distributions | (346,744 | ) | (327,000 | ) | (271,839 | ) | ||||||
Issuance of long-term debt | — | — | 1,524,174 | |||||||||
Repayments of long-term debt | — | — | (232,844 | ) | ||||||||
Proceeds from issuance of Common Units in public unit offering | — | — | 276,562 | |||||||||
Proceeds associated with equity based compensation plans, net of tax withheld | 2,499 | 1,221 | 951 | |||||||||
Capital contribution from General Partner | 25 | 13 | 2,824 | |||||||||
Net cash (used) provided by financing activities | (344,220 | ) | (325,766 | ) | 1,299,828 | |||||||
Increase (decrease) in cash and cash equivalents | $ | 4,484 | $ | (446 | ) | $ | (1,773 | ) | ||||
CASH AND CASH EQUIVALENTS: | ||||||||||||
End of year | $ | 4,746 | $ | 262 | $ | 708 | ||||||
Beginning of year | 262 | 708 | 2,481 | |||||||||
Increase (decrease) | $ | 4,484 | $ | (446 | ) | $ | (1,773 | ) | ||||
(a) | Includes cash distributions received from AmeriGas Propane, L.P. of $498,204, $478,458 and $334,527 for the years ended September 30, 2014, 2013 and 2012, respectively. |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Tables) | 12 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||||||
Balance at | Charged | Other | Balance at | |||||||||||||||
beginning | (credited) | end of | ||||||||||||||||
of year | to costs and | year | ||||||||||||||||
expenses | ||||||||||||||||||
Year Ended September 30, 2014 | ||||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||||
Allowance for doubtful accounts | $ | 18,552 | $ | 26,403 | $ | (27,274 | ) | -1 | $ | 17,681 | ||||||||
Year Ended September 30, 2013 | ||||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||||
Allowance for doubtful accounts | $ | 17,217 | $ | 16,477 | $ | (15,142 | ) | -1 | $ | 18,552 | ||||||||
Year Ended September 30, 2012 | ||||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||||
Allowance for doubtful accounts | $ | 17,181 | $ | 15,088 | $ | (15,052 | ) | -1 | $ | 17,217 | ||||||||
-1 | Uncollectible accounts written off, net of recoveries. | |||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||
(Thousands of dollars) | ||||||||||||||||||
Balance at | Charged | Other | Balance at | |||||||||||||||
beginning | (credited) | end of | ||||||||||||||||
of year | to costs and | year | ||||||||||||||||
expenses | ||||||||||||||||||
Year Ended September 30, 2014 | ||||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||||
Allowance for doubtful accounts | $ | 18,552 | $ | 26,403 | $ | (27,274 | ) | -1 | $ | 17,681 | ||||||||
Year Ended September 30, 2013 | ||||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||||
Allowance for doubtful accounts | $ | 17,217 | $ | 16,477 | $ | (15,142 | ) | -1 | $ | 18,552 | ||||||||
Year Ended September 30, 2012 | ||||||||||||||||||
Reserves deducted from assets in the consolidated balance sheet: | ||||||||||||||||||
Allowance for doubtful accounts | $ | 17,181 | $ | 15,088 | $ | (15,052 | ) | -1 | $ | 17,217 | ||||||||
-1 | Uncollectible accounts written off, net of recoveries. |
Nature_of_Operations_Details
Nature of Operations (Details) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
State | ||
Employee | ||
General Partners Interest | ' | ' |
Number of states in which the company has market share (in states) | 50 | ' |
Common units held by the general partner and its wholly owned subsidiary Petrolane Incorporated | 23,756,882 | ' |
Common Units held by public | 69,110,322 | ' |
Common Units held by ETP | 29,567,362 | ' |
Units issued in secondary offering | 18,942,362 | 7,500,000 |
Limited partner interest held by AmeriGas Partners in AmeriGas OLP | 99.00% | ' |
Employees of the AmeriGas Partners and the Operating Partnerships (in employees) | 0 | ' |
AmeriGas Propane Inc Partnership Interest In AmeriGas Partners | ' | ' |
General Partners Interest | ' | ' |
General Partners ownership interest | 1.00% | ' |
AmeriGas Propane Inc Partnership Interest In AmeriGas OLP | ' | ' |
General Partners Interest | ' | ' |
General Partners ownership interest | 1.01% | ' |
Energy Transfer Partners LP | ' | ' |
General Partners Interest | ' | ' |
Common Units held by ETP | 3,125,000 | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Customers | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Computer Software Costs | Customer Relationships and Noncompete Agreements | AmeriGas Finance Corp., AP Eagle Finance Corp. and AmeriGas Finance LLC | AmeriGas Propane Inc Partnership Interest In AmeriGas OLP | AmeriGas Propane Inc Partnership Interest In AmeriGas Partners | Impact on Net Income Attributable to AmeriGas Partners, L.P. | Impact on Net Income Attributable to AmeriGas Partners, L.P. | Impact on Net Income Attributable to AmeriGas Partners, L.P. | Impact on Revenues and Accounts Receivable | Impact on Revenues and Accounts Receivable | Restatement Adjustment | |||
Buildings and Improvements | Storage and Customer Tanks and Cylinders | Vehicles, Equipment and Office Furniture and Fixtures | Buildings and Improvements | Storage and Customer Tanks and Cylinders | Vehicles, Equipment and Office Furniture and Fixtures | Owned Tanks at Customer Locations | Maximum | Maximum | |||||||||||||
Property, Plant and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General Partners ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.01% | 1.00% | ' | ' | ' | ' | ' | ' |
Ownership percentage of finance subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Quantifying misstatement in current year Financial Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,564,000 | $4,652,000 | ' | $3,600,000 | $4,700,000 | ' |
Impact of customer credit adjustment as of the end of the prior fiscal year. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | ' |
Maximum maturity period of highly liquid investments | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | '15 years | '6 years | '3 years | '40 years | '30 years | '10 years | '10 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of customer represent ten percent or more of consolidated revenue | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of consolidated revenue on accrual basis | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated impairment losses | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill and intangible asset impairment | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairment charges | 0 | 3,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred debt issuance costs | 28,226,000 | 31,772,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | ' | ' | 58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dilutive effect of theoretical distributions of net income on earnings | $0.01 | $0.01 | $0.09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | 29,290,000 | 23,185,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,302,000 |
Total current assets | 505,908,000 | 504,994,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,302,000 |
Other assets | 61,154,000 | 64,690,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,523,000 |
Total assets | 4,364,058,000 | 4,437,671,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,825,000 |
Accounts payable and other liabilities | 111,096,000 | 98,645,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,302,000 |
Total current liabilities | 617,514,000 | 621,276,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,302,000 |
Other noncurrent liabilities | 105,483,000 | 104,161,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,523,000 |
Total liabilities | 3,003,168,000 | 3,013,534,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,825,000 |
Total liabilities and partners’ capital | $4,364,058,000 | $4,437,671,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27,825,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Income Per Limited Partner Unit (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Income per limited partner unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income attributable to AmeriGas Partners, L.P. | ($47,347) | ($37,761) | $240,103 | $134,898 | ($54,056) | ($34,595) | [1] | $213,208 | [1] | $96,665 | $289,893 | $221,222 | $11,025 | [2] |
Adjust for general partner share and theoretical distributions of net income attributable to AmeriGas Partners, L.P. to the general partner in accordance with the two-class method for MLPs | ' | ' | ' | ' | ' | ' | ' | ' | -27,895 | -22,639 | -20,181 | [2] | ||
Common Unitholders’ interest in net income attributable to AmeriGas Partners, L.P. under the two-class method for MLPs | ' | ' | ' | ' | ' | ' | ' | ' | $261,998 | $198,583 | ($9,156) | [2] | ||
Weighted average Common Units outstanding — basic (in units) | ' | ' | ' | ' | ' | ' | ' | ' | 92,876 | 92,832 | 81,433 | |||
Potentially dilutive Common Units (in units) | ' | ' | ' | ' | ' | ' | ' | ' | 70 | 78 | 0 | [2] | ||
Weighted average Common Units outstanding — diluted (in units) | ' | ' | ' | ' | ' | ' | ' | ' | 92,946 | 92,910 | 81,433 | |||
Potentially dilutive Common Units excluded from the calculation (in units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58 | |||
[1] | The Partnership recorded the cumulative effect of an error in accounting for certain customer credits as of January 1, 2013, which decreased revenues and operating income by $7,038, and decreased net income attributable to AmeriGas Partners, L.P. by $6,967, for the three months ended March 31, 2013. The correction of the error in accounting for customer credits increased propane revenues and operating income by $3,600, and decreased net loss attributable to AmeriGas Partners, L.P. by $3,564, for the three months ended June 30, 2013 (see Note 2). | |||||||||||||
[2] | There were 58 potentially dilutive Common Units excluded from the calculation because of the net loss attributable under the two-class method. |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 12, 2012 | Jan. 12, 2012 | Sep. 30, 2012 | Jan. 12, 2012 | Jan. 12, 2012 | Jan. 12, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Heritage Propane | Heritage Propane | Heritage Propane | Energy Transfer Partners LP | Heritage Operating LP | Titan Energy GP LLC | AmeriGas OLP | AmeriGas OLP | AmeriGas OLP | ||||
Customers | States | |||||||||||
gal | ||||||||||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration | ' | ' | ' | $2,604,827 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash included in the acquisition of propane operations | ' | ' | ' | 1,472,199 | ' | ' | ' | ' | ' | ' | ' | ' |
Common units issued | ' | ' | ' | ' | 29,567,362 | ' | ' | ' | ' | ' | ' | ' |
Common units included in the acquisition of propane operations | ' | ' | ' | 1,132,628 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of states included in the propane operations (in states) | ' | ' | ' | ' | ' | ' | 41 | ' | ' | ' | ' | ' |
Annual delivery of propane by subsidiary (over 500 million gallons) | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' |
Retail propane customers (more than 1 million retail propane customers) | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of contribution by contributor in form of limited partner interest | ' | ' | ' | ' | ' | ' | ' | 100.00% | 99.99% | ' | ' | ' |
Percentage of contribution by contributor in form of membership interest | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' |
Percentage of remaining contribution by contributor in form of general partner interest | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.01% | ' | ' | ' |
Contributed Common Units to the partnership | ' | ' | ' | 934,327 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of Common Units contributed | ' | ' | ' | ' | 41,680 | ' | ' | ' | ' | ' | ' | ' |
Operating and administrative expenses | ' | ' | ' | ' | ' | 5,252 | ' | ' | ' | ' | ' | ' |
Cash consideration for acquisition of retail propane distribution business | 15,746 | 19,946 | 1,425,002 | ' | ' | ' | ' | ' | ' | 15,746 | 19,946 | 13,518 |
Liabilities incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,491 | $3,969 | $4,844 |
Acquisitions_Allocation_of_Pur
Acquisitions - Allocation of Purchase Price (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Assets acquired: | ' | ' | ' | |
Goodwill | 1,945,748 | 1,936,608 | 1,914,808 | |
Heritage Propane | ' | ' | ' | |
Assets acquired: | ' | ' | ' | |
Current assets | ' | ' | 301,372 | |
Property, plant & equipment | ' | ' | 890,215 | |
Goodwill | ' | ' | 1,217,717 | [1],[2] |
Other assets | ' | ' | 9,947 | |
Total assets acquired | ' | ' | 2,929,251 | |
Liabilities assumed: | ' | ' | ' | |
Current liabilities | ' | ' | -238,016 | |
Long-term debt | ' | ' | -62,927 | |
Other noncurrent liabilities | ' | ' | -23,481 | |
Total liabilities assumed | ' | ' | -324,424 | |
Total | ' | ' | 2,604,827 | |
Heritage Propane | Customer Relationships | ' | ' | ' | |
Assets acquired: | ' | ' | ' | |
Finite-lived intangible assets | ' | ' | 418,900 | |
Liabilities assumed: | ' | ' | ' | |
Estimated useful life of intangible assets | '15 years | ' | ' | |
Heritage Propane | Trademarks and Trade Names | ' | ' | ' | |
Assets acquired: | ' | ' | ' | |
Indefinite-lived intangible assets | ' | ' | 91,100 | [1] |
Other Acquisitions | ' | ' | ' | |
Assets acquired: | ' | ' | ' | |
Net current assets | 136 | 691 | 1,590 | |
Property, plant & equipment | 6,916 | 5,167 | 6,175 | |
Goodwill | 6,751 | 12,481 | 5,363 | |
Total assets acquired | 20,237 | 23,915 | 18,362 | |
Other Acquisitions | Customer Relationships | ' | ' | ' | |
Liabilities assumed: | ' | ' | ' | |
Estimated useful life of intangible assets | '10 years | '10 years | '10 years | |
Other Acquisitions | Noncompete Agreements | ' | ' | ' | |
Liabilities assumed: | ' | ' | ' | |
Estimated useful life of intangible assets | '5 years | '5 years | '5 years | |
Other Acquisitions | Customer Relationships and Noncompete Agreements | ' | ' | ' | |
Assets acquired: | ' | ' | ' | |
Finite-lived intangible assets | 6,434 | 5,576 | 5,234 | |
[1] | During Fiscal 2013, the Partnership made correcting adjustments to trademarks and tradenames and goodwill which are not reflected in the table above (see Note 10). | |||
[2] | Goodwill associated with the Heritage Acquisition principally results from synergies expected from combining the operations and from assembled workforce. |
Acquisitions_Pro_Forma_Income_
Acquisitions - Pro Forma Income Statement and Income Per Unit (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2012 |
Business Combinations [Abstract] | ' |
Revenues | $3,413,331 |
Net income attributable to AmeriGas Partners | $30,977 |
Income per limited partner unit: | ' |
Basic | $0.17 |
Diluted | $0.17 |
Quarterly_Distributions_of_Ava2
Quarterly Distributions of Available Cash (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Distributions Made to Members or Limited Partners [Abstract] | ' | ' | ' |
Quarterly distributions of available cash description | '45 days | ' | ' |
Distribution of available cash to limited partners percentage | 98.00% | ' | ' |
Distribution of available cash to general partners percentage | 2.00% | ' | ' |
Minimum quarterly distribution | $0.55 | ' | ' |
First target distribution | $0.06 | ' | ' |
Total of minimum target distribution and first target distribution | $0.61 | ' | ' |
Aggregate general partner interest | 2.00% | ' | ' |
Aggregate amount of distributions received by the General Partner | $32,401 | $27,438 | $19,719 |
Incentive distributions received by the General Partner | $23,850 | $19,286 | $13,008 |
Quarterly_Distributions_of_Ava3
Quarterly Distributions of Available Cash - Quarterly Distributions of Available Cash Per Limited Partner Unit (Details) (USD $) | 3 Months Ended | |||||||||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | |
Distributions Made to Members or Limited Partners [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly distributions of available cash per limited partner unit | $0.88 | $0.88 | $0.84 | $0.84 | $0.84 | $0.84 | $0.80 | $0.80 | $0.80 | $0.80 | $0.76 | $0.74 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2012 | Jun. 30, 2012 | Jan. 12, 2012 | Jan. 12, 2012 | Mar. 28, 2012 | Mar. 28, 2012 | |
HOLP Senior Secured Notes | HOLP Senior Secured Notes | Line of Credit | Line of Credit | Line of Credit | Letter of Credit | Federal Funds Rate | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | ||||
AmeriGas OLP | AmeriGas OLP | AmeriGas OLP | AmeriGas OLP | Line of Credit | Line of Credit | Base Rate | Eurodollar | Line of Credit | Base Rate | Eurodollar | 7.00%, due May 2022 | 7.00%, due May 2022 | 6.75%, due May 2020 | 6.50%, due May 2021 | 6.50%, due May 2021 | ||||||||
Credit Agreement | Credit Agreement | Predecessor Credit Agreement | Credit Agreement | Credit Agreement | AmeriGas OLP | Line of Credit | Line of Credit | AmeriGas OLP | Line of Credit | Line of Credit | |||||||||||||
Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | ||||||||||||||||||
Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal repayments of long-term debt due in 2015 | $10,999,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal repayments of long-term debt due in 2016 | 7,602,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal repayments of long-term debt due in 2017 | 5,588,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal repayments of long-term debt due in 2018 | 4,887,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal repayments of long-term debt due in 2019 | 454,523,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of senior notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | 550,000,000 | ' | ' |
Stated percentage rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 6.75% | ' | 6.50% |
Early redemption percentage of Senior Notes with equity offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 105.00% | ' |
Guaranteed debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' |
Debt holders of certain amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 383,455,000 |
Percentage of aggregate amount outstanding tendered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82.00% | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 470,000,000 |
Maximum Amount of Notes Offered for Cash Purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 |
Amount Redeemed on Tendered Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 199,999,000 |
Percentage of Proration Factor in Tendered Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.30% |
Repayments of Long-term Debt | 12,272,000 | 30,531,000 | 256,992,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,156,000 | ' | ' | ' | ' |
Gain (loss) on extinguishments of debt | 0 | 0 | -13,349,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,349,000 | ' | ' | ' | ' | ' |
HOLP Senior Secured Notes | ' | ' | ' | 26,497,000 | 32,001,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Premium | ' | ' | ' | 3,134,000 | 3,729,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face interest rate, minimum | ' | ' | ' | 7.89% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face interest rate, maximum | ' | ' | ' | 8.87% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity under revolving credit facility | ' | ' | ' | ' | ' | ' | 525,000,000 | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spread on variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | 0.50% | 1.50% | ' | 1.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' |
Facility fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | 0.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term bank loans and notes payable | 109,000,000 | 116,900,000 | ' | ' | ' | 109,000,000 | ' | 116,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at period end | ' | ' | ' | ' | ' | 2.16% | ' | 2.69% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit issued and outstanding | ' | ' | ' | ' | ' | 64,705,000 | ' | 53,705,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75 | ' | ' | ' | ' | ' | ' |
Cash distributions in a total amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' |
Amount of net assets | $3,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Net_Components_of_Long_Te
Debt - Net Components of Long Term Debt (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Net components of Long Term Debt | ' | ' |
Other | $14,392 | $17,265 |
Total long-term debt | 2,291,734 | 2,300,111 |
Less: current maturities | -11,589 | -12,014 |
Total long-term debt due after one year | 2,280,145 | 2,288,097 |
7.00%, due May 2022 | Senior Notes | ' | ' |
Net components of Long Term Debt | ' | ' |
AmeriGas Partners Senior Notes | 980,844 | 980,844 |
6.75%, due May 2020 | Senior Notes | ' | ' |
Net components of Long Term Debt | ' | ' |
AmeriGas Partners Senior Notes | 550,000 | 550,000 |
6.50%, due May 2021 | Senior Notes | ' | ' |
Net components of Long Term Debt | ' | ' |
AmeriGas Partners Senior Notes | 270,001 | 270,001 |
6.25%, due August 2019 | Senior Notes | ' | ' |
Net components of Long Term Debt | ' | ' |
AmeriGas Partners Senior Notes | 450,000 | 450,000 |
HOLP Senior Secured Notes | ' | ' |
Net components of Long Term Debt | ' | ' |
HOLP Senior Secured Notes | $26,497 | $32,001 |
Employee_Retirement_Plans_Deta
Employee Retirement Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Employee contribution on retirement plans, dollar-for-dollar percentage match | 100.00% | ' | ' |
Percentage of eligible compensation | 5.00% | ' | ' |
Cost of benefits under savings plan | $11,237 | $10,777 | $10,716 |
Inventories_Details
Inventories (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Inventory contract period minimum | '1 year | ' |
Inventory contract period maximum | '3 years | ' |
Summary of Inventories | ' | ' |
Propane gas | $157,032 | $130,410 |
Materials, supplies and other | 19,680 | 22,860 |
Appliances for sale | 5,234 | 5,658 |
Total inventories | $181,946 | $158,928 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment | ' | ' |
Gross property, plant and equipment | $2,626,677 | $2,669,202 |
Less accumulated depreciation and amortization | -1,239,767 | -1,231,688 |
Net property, plant and equipment | 1,386,910 | 1,437,514 |
Land | ' | ' |
Property, Plant and Equipment | ' | ' |
Gross property, plant and equipment | 142,505 | 147,405 |
Buildings and Improvements | ' | ' |
Property, Plant and Equipment | ' | ' |
Gross property, plant and equipment | 188,183 | 176,638 |
Transportation Equipment | ' | ' |
Property, Plant and Equipment | ' | ' |
Gross property, plant and equipment | 243,437 | 227,242 |
Storage Facilities | ' | ' |
Property, Plant and Equipment | ' | ' |
Gross property, plant and equipment | 248,757 | 240,251 |
Equipment, Primarily Cylinders and Tanks | ' | ' |
Property, Plant and Equipment | ' | ' |
Gross property, plant and equipment | 1,598,120 | 1,688,512 |
Other, Including Work In Progress | ' | ' |
Property, Plant and Equipment | ' | ' |
Gross property, plant and equipment | $205,675 | $189,154 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization of intangible assets | $38,428 | $38,810 | $30,649 |
2015 | 37,422 | ' | ' |
2016 | 36,132 | ' | ' |
2017 | 33,967 | ' | ' |
2018 | 32,607 | ' | ' |
2019 | $31,411 | ' | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill [Roll Forward] | ' | ' |
Beginning balance, Goodwill | $1,936,608 | $1,914,808 |
Acquisitions | 6,751 | 12,481 |
Purchase accounting adjustments | -2,684 | 19 |
Correcting adjustment | ' | 9,300 |
Goodwill push-down adjustment associated with prior-year acquisition | 5,073 | ' |
Ending balance, Goodwill | $1,945,748 | $1,936,608 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Components of Intangible Assets (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Customer relationships and noncompete agreements | $519,103 | $511,130 |
Trademarks and tradenames (not subject to amortization) | 82,944 | 81,800 |
Gross carrying amount | 602,047 | 592,930 |
Accumulated amortization | -137,709 | -99,281 |
Intangible assets, net | $464,338 | $493,649 |
Partners_Capital_and_Incentive2
Partners' Capital and Incentive Compensation Plans (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 21, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 30, 2010 | Mar. 21, 2012 | Mar. 21, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Common Unit Awards | UGI Stock Option | AmeriGas Performance Units | 2010 Propane Plan | 2010 Propane Plan | 2010 Propane Plan | 2010 Propane Plan | 6.50%, due May 2021 | 6.50%, due May 2021 | Minimum | Maximum | Grants Issued on or After January 1, 2013 | Grants Issued on or After January 1, 2013 | Grants Issued on or After January 1, 2013 | Grants Issued on or After January 1, 2013 | Grants Issued on or After January 1, 2013 | Grants Issued on or After January 1, 2013 | Grants Issued Before January 1, 2013 | Grants Issued Before January 1, 2013 | Grants Issued Before January 1, 2013 | Grants Issued Before January 1, 2013 | Grants Issued Before January 1, 2013 | Certain Grants Issued on or After January 1, 2014 | |||||
AmeriGas Performance Units | AmeriGas Performance Units | Total Unitholder Return vs Alerian MLP Group at 25th Percentile | Total Unitholder Return vs Alerian MLP Group at 40th Percentile | Total Unitholder Return vs Alerian MLP Group at 50th Percentile | Total Unitholder Return vs Alerian MLP Group at 60th Percentile | Total Unitholder Return vs Alerian MLP Group at 75th Percentile | Total Unitholder Return vs Alerian MLP Group at 90th Percentile | Total Unitholder Return vs Alerian MLP Group at 40th Percentile | Total Unitholder Return vs Alerian MLP Group at 50th Percentile | Total Unitholder Return vs Alerian MLP Group at 75th Percentile | Total Unitholder Return vs Alerian MLP Group at 90th Percentile | Total Unitholder Return vs Alerian MLP Group at 100th Percentile | Total Unitholder Return Highest of Propane MLP Group | ||||||||||||||
AmeriGas Performance Units | AmeriGas Performance Units | AmeriGas Performance Units | AmeriGas Performance Units | AmeriGas Performance Units | AmeriGas Performance Units | AmeriGas Performance Units | AmeriGas Performance Units | AmeriGas Performance Units | AmeriGas Performance Units | AmeriGas Performance Units | AmeriGas Performance Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Units issued in connection with public offering (in units) | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering price per unit | $41.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Units issued in connection with public offering | $276,562 | ' | ' | $279,362 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General Partner contribution to AmeriGas Propane, L.P. | 2,800 | ' | ' | 1,013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early redemption of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 199,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated percentage rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity based compensation expenses | ' | 4,286 | 4,647 | 8,373 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Units were available for future award grants | ' | ' | ' | ' | ' | ' | ' | 2,443,808 | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date, maximum | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of the AmeriGas performance unit awards | ' | '3 years | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of target award to be granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 200.00% | 25.00% | 70.00% | 100.00% | 125.00% | 162.50% | 200.00% | 50.00% | 100.00% | 150.00% | 175.00% | 200.00% | 150.00% |
Expected volatility of performance unit awards | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Units granted by General Partner in period | ' | ' | ' | ' | ' | ' | 53,800 | 86,458 | 65,136 | 248,818 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant date fair value per Common Unit subject to award during period | ' | ' | ' | ' | ' | ' | $41.50 | $43.34 | $42.58 | $43.22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized equity-based compensation expense related to non-vested UGI stock options | ' | ' | ' | ' | 2,888 | 1,261 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period of recognition | ' | ' | ' | ' | '1 year 8 months 12 days | '1 year 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units subject to award | ' | ' | ' | ' | 200,235 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of Common Unit based awards that vested during period | ' | 4,100 | 2,752 | 5,090 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities associated with Common Unit based awards reflected in the Consolidated Balance Sheet | ' | $1,513 | $1,053 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners_Capital_and_Incentive3
Partners' Capital and Incentive Compensation Plans - Weighted-Average Assumptions Used to Determine Fair Value of AmeriGas Performance Unit Awards and Related Compensation Costs (Details) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Fair value of AmeriGas Performance Unit awards and related compensation costs | ' | ' | ' |
Risk-free rate | 0.80% | 0.40% | 0.40% |
Expected life | '3 years | '3 years | '3 years |
Expected volatility | 21.10% | 20.70% | 23.00% |
Dividend Yield | 7.50% | 8.20% | 6.40% |
Partners_Capital_and_Incentive4
Partners' Capital and Incentive Compensation Plans - Amerigas Common Unit-Based Award Activity (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
AmeriGas Performance Units | AmeriGas Stock Units | Vested | Vested | Vested | Vested | Non-Vested | Non-Vested | Non-Vested | Non-Vested | |||
AmeriGas Performance Units | AmeriGas Stock Units | AmeriGas Performance Units | AmeriGas Stock Units | |||||||||
Number of Common Units Subject to Award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance, shares | 200,235 | 224,167 | ' | ' | 37,207 | 47,715 | ' | ' | 163,028 | 176,452 | ' | ' |
Granted | ' | ' | 53,800 | 32,658 | ' | ' | 633 | 15,936 | ' | ' | 53,167 | 16,722 |
Forfeited | ' | ' | -8,150 | -7,783 | ' | ' | 0 | 0 | ' | ' | -8,150 | -7,783 |
Vested | ' | ' | 0 | 0 | ' | ' | 15,319 | 52,061 | ' | ' | -15,319 | -52,061 |
Performance criteria not met | ' | ' | -31,317 | ' | ' | ' | -31,317 | ' | ' | ' | 0 | ' |
Awards paid | ' | ' | ' | -63,140 | ' | ' | ' | -63,140 | ' | ' | ' | 0 |
Ending Balance, shares | 200,235 | 224,167 | ' | ' | 37,207 | 47,715 | ' | ' | 163,028 | 176,452 | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance (in dollars per unit) | $44.82 | $47.88 | ' | ' | $44.27 | $47.92 | ' | ' | $44.95 | $47.87 | ' | ' |
Granted (in dollars per unit) | ' | ' | $41.50 | $46.37 | ' | ' | $41.37 | $48 | ' | ' | $41.50 | $44.81 |
Forfeited (in dollars per unit) | ' | ' | $45.96 | $51.10 | ' | ' | $0 | $0 | ' | ' | $45.96 | ($51.10) |
Vested (in dollars per unit) | ' | ' | $0 | $0 | ' | ' | $53.93 | $47.58 | ' | ' | $53.93 | $47.58 |
Performance criteria not met (in dollars per unit) | ' | ' | $54.51 | ' | ' | ' | $54.51 | ' | ' | ' | $0 | ' |
Awards paid (in dollars per unit) | ' | ' | ' | $48 | ' | ' | ' | $48 | ' | ' | ' | $0 |
Ending Balance (in dollars per unit) | $44.82 | $47.88 | ' | ' | $44.27 | $47.92 | ' | ' | $44.95 | $47.87 | ' | ' |
Partners_Capital_and_Incentive5
Partners' Capital and Incentive Compensation Plans - Partnership Paid AmeriGas Common Unit-Based Awards in Common Units and Cash (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
AmeriGas Performance Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Number of Common Units subject to original Awards granted | 41,251 | 48,150 | 53,600 |
Fiscal year granted | '2011 | '2010 | '2009 |
Payment of Awards: | ' | ' | ' |
AmeriGas Partners Common Units issued | 0 | 0 | 0 |
Cash paid | $0 | $0 | $0 |
AmeriGas Stock Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' |
Number of Common Units subject to original Awards granted | 72,023 | 35,934 | 67,246 |
Payment of Awards: | ' | ' | ' |
AmeriGas Partners Common Units issued | 40,842 | 23,192 | 44,016 |
Cash paid | $1,364 | $629 | $980 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
lawsuit | |||
lb | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Aggregate rental expense for leases | $63,055 | $63,585 | $61,075 |
Minimum lease term | '1 year | ' | ' |
Maximum lease term | '10 years | ' | ' |
Residual value guarantee of operating lease arrangement | 23,400 | ' | ' |
Recorded Unconditional Purchase Obligation | ' | ' | ' |
Number of class action lawsuits (more than 35) | 35 | ' | ' |
Amount of propane in cylinders before reduction (in pounds) | 17 | ' | ' |
Amount of propane in cylinders after reduction (in pounds) | 15 | ' | ' |
Propane Supply Contract | ' | ' | ' |
Recorded Unconditional Purchase Obligation | ' | ' | ' |
Fiscal 2015 | 130,758 | ' | ' |
Fiscal 2016 | $74,307 | ' | ' |
Maximum terms of purchase contract | '3 years | ' | ' |
Minimum terms of purchase contract | '1 year | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Minimum Future Payments Under Noncancellable Operating Leases (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2015 | $58,317 |
2016 | 48,713 |
2017 | 38,565 |
2018 | 32,710 |
2019 | 28,010 |
Thereafter | 70,381 |
Total minimum operating lease payments | $276,696 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
General Partner Expense | ' | ' | ' |
Related Party Transaction | ' | ' | ' |
Costs and Expenses, Related Party | $555,401 | $540,273 | $374,899 |
UGI Corp Expense Reimbursement | ' | ' | ' |
Related Party Transaction | ' | ' | ' |
Costs and Expenses, Related Party | 20,531 | 18,568 | 10,138 |
UGI Corp Office Insurance Reimbursement | ' | ' | ' |
Related Party Transaction | ' | ' | ' |
Costs and Expenses, Related Party | 3,989 | 4,543 | 3,760 |
Energy Service Atlantic Energy Purchase | ' | ' | ' |
Related Party Transaction | ' | ' | ' |
Costs and Expenses, Related Party | 850 | 1,979 | 359 |
Sales to UGI Affiliates | ' | ' | ' |
Related Party Transaction | ' | ' | ' |
Revenue from Related Parties | $1,212 | $1,340 | $1,395 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Liabilities | ' | ' |
Other current liabilities | $111,096 | $98,645 |
Litigation, Property and Casualty Liabilities | ' | ' |
Other Current Liabilities | ' | ' |
Other current liabilities | 35,933 | 34,250 |
Taxes Other Than Income Taxes | ' | ' |
Other Current Liabilities | ' | ' |
Other current liabilities | 16,353 | 9,922 |
Propane Exchange Liabilities | ' | ' |
Other Current Liabilities | ' | ' |
Other current liabilities | 21,402 | 16,654 |
Deferred Tank Fee Revenue | ' | ' |
Other Current Liabilities | ' | ' |
Other current liabilities | 21,239 | 22,044 |
Other | ' | ' |
Other Current Liabilities | ' | ' |
Other current liabilities | $16,169 | $15,775 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Carrying amount of long-term debt | $2,291,734 | $2,300,111 |
Estimated fair value of long-term debt | $2,395,332 | $2,393,581 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Financial Liabilities at Fair Value (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | |||
Assets: | ' | ' | |
Commodity contracts | $3,065 | $19,621 | [1] |
Liabilities: | ' | ' | |
Commodity contracts | -9,472 | -1,504 | [1] |
Commodity Contracts | Fair Value, Measurements, Recurring | ' | ' | |
Assets: | ' | ' | |
Commodity contracts | 3,065 | 19,621 | [1] |
Liabilities: | ' | ' | |
Commodity contracts | -9,472 | -1,504 | [1] |
Commodity Contracts | Level 1 | Fair Value, Measurements, Recurring | ' | ' | |
Assets: | ' | ' | |
Commodity contracts | 0 | 0 | [1] |
Liabilities: | ' | ' | |
Commodity contracts | 0 | 0 | [1] |
Commodity Contracts | Level 2 | Fair Value, Measurements, Recurring | ' | ' | |
Assets: | ' | ' | |
Commodity contracts | 3,065 | 19,621 | [1] |
Liabilities: | ' | ' | |
Commodity contracts | -9,472 | -1,504 | [1] |
Commodity Contracts | Level 3 | Fair Value, Measurements, Recurring | ' | ' | |
Assets: | ' | ' | |
Commodity contracts | 0 | 0 | [1] |
Liabilities: | ' | ' | |
Commodity contracts | $0 | $0 | [1] |
[1] | Certain immaterial amounts have been revised to correct the classification of derivatives. |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
gal | gal | Agreement | Agreement | |
Agreement | Agreement | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' |
Underlying, Derivative | 266,900,000 | 206,100,000 | ' | ' |
Maximum Period of hedging exposure to availability in Cash Flows | ' | ' | '21 months | ' |
Net losses associated with commodity price risk hedges expected to be reclassified into earnings during the next twelve months | ' | ' | $2,722 | ' |
Number of settled or unsettled interest rate protection agreements outstanding (in agreements) | ' | ' | 0 | 0 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Components of Fair Value of Derivative Assets and Liabilities (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | |||
Derivative Asset, Fair Value | ' | ' | |
Fair value of derivative assets, gross | $3,065 | $19,621 | [1] |
Gross amounts offset in the balance sheet | -2,793 | -1,369 | [1] |
Total derivative assets - net | 272 | 18,252 | [1] |
Derivative Liability, Fair Value | ' | ' | |
Fair value of derivative liabilities, gross | -9,472 | -1,504 | [1] |
Gross amounts offset in the balance sheet | 2,793 | 1,369 | [1] |
Total derivative liabilities - net | -6,679 | -135 | [1] |
Derivative Financial Instruments, Assets | Derivatives Designated as Hedging Instruments | Propane Contracts | ' | ' | |
Derivative Asset, Fair Value | ' | ' | |
Fair value of derivative assets, gross | 2,278 | 16,350 | [1] |
Derivative Financial Instruments, Assets | Derivatives Not Designated as Hedging Instruments | Propane Contracts | ' | ' | |
Derivative Asset, Fair Value | ' | ' | |
Fair value of derivative assets, gross | 787 | 3,271 | [1] |
Derivative Financial Instruments, Liabilities | Derivatives Designated as Hedging Instruments | Propane Contracts | ' | ' | |
Derivative Liability, Fair Value | ' | ' | |
Fair value of derivative liabilities, gross | -217 | -1,504 | [1] |
Derivative Financial Instruments, Liabilities | Derivatives Not Designated as Hedging Instruments | Propane Contracts | ' | ' | |
Derivative Liability, Fair Value | ' | ' | |
Fair value of derivative liabilities, gross | ($9,255) | $0 | [1] |
[1] | Certain immaterial amounts have been revised to correct the classification of derivatives. |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Components of Derivative Instruments Gain Loss In Statement Of Operations (Details) (Propane Contracts, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flow Hedges | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Gain (Loss) recognized in AOCI and Noncontrolling Interests | $44,203 | $6,647 | ($86,573) |
Cash Flow Hedges | Cost of sales-propane | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Gain (Loss) reclassified from AOCI and Noncontrolling Interest into income | 56,517 | -52,503 | -47,569 |
Derivatives Not Designated as Hedging Instruments | Cost of sales-propane | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Gain (Loss) recognized in AOCI and Noncontrolling Interests | ($4,863) | $1,848 | ($14,883) |
Other_Income_Net_Details
Other Income, Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Gains on sales of fixed assets | $6,524 | $4,115 | $3,169 |
Finance charges | 17,459 | 21,390 | 18,841 |
Other | 3,467 | 6,998 | 4,511 |
Total other income, net | $27,450 | $32,503 | $26,521 |
Quarterly_Data_Unaudited_Unaud
Quarterly Data (Unaudited) - Unaudited Quarterly Data Including Adjustments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||||||||
Quantifying Misstatement in Current Year Financial Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Revenues | $560,249 | $613,237 | $1,493,623 | $1,045,826 | $531,970 | $581,719 | [1] | $1,176,207 | [1] | $876,647 | $3,712,935 | $3,166,543 | $2,921,616 | |||||||
Operating income | -6,408 | 4,426 | 284,922 | 179,693 | -11,816 | 6,639 | [1] | 257,505 | [1] | 139,866 | 462,633 | 392,194 | 170,592 | |||||||
Net income | -47,432 | -37,749 | 242,950 | 136,672 | -54,184 | -34,549 | [1] | 215,781 | [1] | 98,043 | 294,441 | 225,091 | 12,671 | |||||||
Net income (loss) attributable to AmeriGas Partners, L.P. | -47,347 | -37,761 | 240,103 | 134,898 | -54,056 | -34,595 | [1] | 213,208 | [1] | 96,665 | 289,893 | 221,222 | 11,025 | [2] | ||||||
Income (loss) per limited partner unit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Basic (in dollars per unit) | ($0.58) | [3] | ($0.47) | [3] | $1.71 | [3] | $1.14 | [3] | ($0.63) | [3] | ($0.43) | [1],[3] | $1.56 | [1],[3] | $0.93 | [3] | $2.82 | $2.14 | ($0.11) | |
Diluted (in dollars per unit) | ($0.58) | [3] | ($0.47) | [3] | $1.71 | [3] | $1.14 | [3] | ($0.63) | [3] | ($0.43) | [1],[3] | $1.56 | [1],[3] | $0.93 | [3] | $2.82 | $2.14 | ($0.11) | |
Decrease in income per limited partner unit (in dollars per unit) | ' | ' | ($0.79) | ($0.24) | ' | ' | ($0.66) | ($0.06) | ' | ' | ' | |||||||||
Impact on Revenues and Accounts Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Income (loss) per limited partner unit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Quantifying misstatement in current year Financial Statements, decrease in revenues | ' | ' | ' | ' | ' | ' | 7,038 | ' | ' | ' | ' | |||||||||
Quantifying misstatement in current year Financial Statements | ' | ' | ' | ' | ' | 3,600 | ' | ' | ' | 4,700 | ' | |||||||||
Impact on Net Income Attributable to AmeriGas Partners, L.P. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Income (loss) per limited partner unit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Quantifying misstatement in current year Financial Statements, decrease in revenues | ' | ' | ' | ' | ' | ' | 6,967 | ' | ' | ' | ' | |||||||||
Quantifying misstatement in current year Financial Statements | ' | ' | ' | ' | ' | $3,564 | ' | ' | ' | $4,652 | ' | |||||||||
[1] | The Partnership recorded the cumulative effect of an error in accounting for certain customer credits as of January 1, 2013, which decreased revenues and operating income by $7,038, and decreased net income attributable to AmeriGas Partners, L.P. by $6,967, for the three months ended March 31, 2013. The correction of the error in accounting for customer credits increased propane revenues and operating income by $3,600, and decreased net loss attributable to AmeriGas Partners, L.P. by $3,564, for the three months ended June 30, 2013 (see Note 2). | |||||||||||||||||||
[2] | There were 58 potentially dilutive Common Units excluded from the calculation because of the net loss attributable under the two-class method. | |||||||||||||||||||
[3] | Theoretical distributions of net income (loss) attributable to AmeriGas Partners, L.P. in accordance with accounting guidance regarding the application of the two-class method for determining earnings per share (see Note 2) resulted in a different allocation of net income attributable to AmeriGas Partners, L.P. to the General Partner and the limited partners in the computation of income per limited partner unit which had the effect of decreasing quarterly earnings per limited partner unit for the quarters ended December 31 and March 31 as follows: December 31, March 31,Quarter ended: 2013 2012 2014 2013Decrease in income per limited partner unit $(0.24) $(0.06) $(0.79) $(0.66) |
Condensed_Financial_Informatio2
Condensed Financial Information of Registrant (Parent Company) - Balance Sheets (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Condensed Balance Sheet Statements | ' | ' |
Principal repayments of long-term debt due in 2019 | $454,523 | ' |
Current assets: | ' | ' |
Accounts receivable — related party | 1,925 | 1,509 |
Total current assets | 505,908 | 504,994 |
Other assets | 61,154 | 64,690 |
Total assets | 4,364,058 | 4,437,671 |
Current liabilities: | ' | ' |
Accounts payable and other liabilities | 111,096 | 98,645 |
Total current liabilities | 617,514 | 621,276 |
Long-term debt | 2,280,145 | 2,288,097 |
Commitments and contingencies | ' | ' |
Partners’ capital: | ' | ' |
Common unitholders | 1,299,260 | 1,354,187 |
General partner | 20,460 | 15,930 |
Accumulated other comprehensive income | 2,794 | 14,986 |
Total liabilities and partners’ capital | 4,364,058 | 4,437,671 |
Parent Company | ' | ' |
Condensed Balance Sheet Statements | ' | ' |
Principal repayments of long-term debt due in 2019 | 450,000 | ' |
Current assets: | ' | ' |
Cash | 4,746 | 262 |
Accounts receivable — related party | 3,147 | 6,479 |
Prepaids and other current assets | 1,155 | 1,155 |
Total current assets | 9,048 | 7,896 |
Investment in AmeriGas Propane, L.P. | 3,588,863 | 3,648,909 |
Other assets | 23,610 | 27,300 |
Total assets | 3,621,521 | 3,684,105 |
Current liabilities: | ' | ' |
Accounts payable and other liabilities | 500 | 495 |
Accrued interest | 47,662 | 47,662 |
Total current liabilities | 48,162 | 48,157 |
Long-term debt | 2,250,845 | 2,250,845 |
Commitments and contingencies | ' | ' |
Partners’ capital: | ' | ' |
Common unitholders | 1,299,260 | 1,354,187 |
General partner | 20,460 | 15,930 |
Accumulated other comprehensive income | 2,794 | 14,986 |
Total partners’ capital | 1,322,514 | 1,385,103 |
Total liabilities and partners’ capital | $3,621,521 | $3,684,105 |
Condensed_Financial_Informatio3
Condensed Financial Information of Registrant (Parent Company) - Statements of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||||||||
Condensed Income Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Operating (expenses) income, net | ($6,408) | $4,426 | $284,922 | $179,693 | ($11,816) | $6,639 | [1] | $257,505 | [1] | $139,866 | $462,633 | $392,194 | $170,592 | |||||||
Loss on extinguishments of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -13,349 | |||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -165,581 | -165,432 | -142,641 | |||||||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 297,052 | 226,762 | 14,602 | |||||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,611 | 1,671 | 1,931 | |||||||||
Net income | -47,432 | -37,749 | 242,950 | 136,672 | -54,184 | -34,549 | [1] | 215,781 | [1] | 98,043 | 294,441 | 225,091 | 12,671 | |||||||
Less: net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -4,548 | -3,869 | -1,646 | |||||||||
Net income attributable to AmeriGas Partners, L.P. | -47,347 | -37,761 | 240,103 | 134,898 | -54,056 | -34,595 | [1] | 213,208 | [1] | 96,665 | 289,893 | 221,222 | 11,025 | [2] | ||||||
General partner’s interest in net income | ' | ' | ' | ' | ' | ' | ' | ' | 26,749 | 21,498 | 13,119 | |||||||||
Limited partners’ interest in net income | ' | ' | ' | ' | ' | ' | ' | ' | 263,144 | 199,724 | -2,094 | |||||||||
Income (loss) per limited partner unit — basic and diluted (in dollars per unit) | ($0.58) | [3] | ($0.47) | [3] | $1.71 | [3] | $1.14 | [3] | ($0.63) | [3] | ($0.43) | [1],[3] | $1.56 | [1],[3] | $0.93 | [3] | $2.82 | $2.14 | ($0.11) | |
Average limited partner units outstanding — basic (thousands) (in units) | ' | ' | ' | ' | ' | ' | ' | ' | 92,876 | 92,832 | 81,433 | |||||||||
Average limited partner units outstanding — diluted (thousands) (in units) | ' | ' | ' | ' | ' | ' | ' | ' | 92,946 | 92,910 | 81,433 | |||||||||
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Condensed Income Statements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Operating (expenses) income, net | ' | ' | ' | ' | ' | ' | ' | ' | -258 | -289 | -3,568 | |||||||||
Loss on extinguishments of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -13,349 | |||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -155,510 | -154,593 | -133,372 | |||||||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -155,768 | -154,882 | -150,289 | |||||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 1 | 3 | |||||||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -155,774 | -154,883 | -150,292 | |||||||||
Less: net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 445,667 | 376,105 | 161,317 | |||||||||
Net income attributable to AmeriGas Partners, L.P. | ' | ' | ' | ' | ' | ' | ' | ' | 289,893 | 221,222 | 11,025 | |||||||||
General partner’s interest in net income | ' | ' | ' | ' | ' | ' | ' | ' | 26,749 | 21,498 | 13,119 | |||||||||
Limited partners’ interest in net income | ' | ' | ' | ' | ' | ' | ' | ' | $263,144 | $199,724 | ($2,094) | |||||||||
Income (loss) per limited partner unit — basic and diluted (in dollars per unit) | ' | ' | ' | ' | ' | ' | ' | ' | $2.82 | $2.14 | ($0.11) | |||||||||
Average limited partner units outstanding — basic (thousands) (in units) | ' | ' | ' | ' | ' | ' | ' | ' | 92,876 | 92,832 | 81,433 | |||||||||
Average limited partner units outstanding — diluted (thousands) (in units) | ' | ' | ' | ' | ' | ' | ' | ' | 92,946 | 92,910 | 81,433 | |||||||||
[1] | The Partnership recorded the cumulative effect of an error in accounting for certain customer credits as of January 1, 2013, which decreased revenues and operating income by $7,038, and decreased net income attributable to AmeriGas Partners, L.P. by $6,967, for the three months ended March 31, 2013. The correction of the error in accounting for customer credits increased propane revenues and operating income by $3,600, and decreased net loss attributable to AmeriGas Partners, L.P. by $3,564, for the three months ended June 30, 2013 (see Note 2). | |||||||||||||||||||
[2] | There were 58 potentially dilutive Common Units excluded from the calculation because of the net loss attributable under the two-class method. | |||||||||||||||||||
[3] | Theoretical distributions of net income (loss) attributable to AmeriGas Partners, L.P. in accordance with accounting guidance regarding the application of the two-class method for determining earnings per share (see Note 2) resulted in a different allocation of net income attributable to AmeriGas Partners, L.P. to the General Partner and the limited partners in the computation of income per limited partner unit which had the effect of decreasing quarterly earnings per limited partner unit for the quarters ended December 31 and March 31 as follows: December 31, March 31,Quarter ended: 2013 2012 2014 2013Decrease in income per limited partner unit $(0.24) $(0.06) $(0.79) $(0.66) |
Condensed_Financial_Informatio4
Condensed Financial Information of Registrant (Parent Company) - Statements of Cash Flows (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Condensed Cash Flow Statements | ' | ' | ' | |||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $480,070 | $355,603 | $344,429 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | |||
Acquisitions of businesses, net of cash acquired | -15,746 | -19,946 | -1,425,002 | |||
Net cash used by investing activities | -109,749 | -108,891 | -1,520,060 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | |||
Distributions | -346,744 | -327,000 | -271,839 | |||
Issuance of long-term debt | 0 | 0 | 1,524,174 | |||
Repayment of long-term debt | -12,272 | -30,531 | -256,992 | |||
Proceeds from issuance of Common Units in public unit offering | 0 | 0 | 276,562 | |||
Proceeds associated with equity based compensation plans, net of tax withheld | 2,499 | 1,221 | 951 | |||
Capital contributions from General Partner | 25 | 13 | 2,824 | |||
Net cash (used) provided by financing activities | -369,476 | -294,179 | 1,227,101 | |||
Cash and cash equivalents increase (decrease) | 845 | -47,467 | 51,470 | |||
CASH AND CASH EQUIVALENTS: | ' | ' | ' | |||
End of year | 13,480 | 12,635 | 60,102 | |||
Beginning of year | 12,635 | 60,102 | 8,632 | |||
Increase (decrease) | 845 | -47,467 | 51,470 | |||
Parent Company | ' | ' | ' | |||
Condensed Cash Flow Statements | ' | ' | ' | |||
Distributions received from AmeriGas Propane, L.P | 498,204 | 478,458 | 334,527 | |||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 348,704 | [1] | 325,320 | [1] | 170,598 | [1] |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | |||
Acquisitions of businesses, net of cash acquired | 0 | 0 | -1,411,451 | |||
Contributions to AmeriGas Propane, L.P. | 0 | 0 | -60,748 | |||
Net cash used by investing activities | 0 | 0 | -1,472,199 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | |||
Distributions | -346,744 | -327,000 | -271,839 | |||
Issuance of long-term debt | 0 | 0 | 1,524,174 | |||
Repayment of long-term debt | 0 | 0 | -232,844 | |||
Proceeds from issuance of Common Units in public unit offering | 0 | 0 | 276,562 | |||
Proceeds associated with equity based compensation plans, net of tax withheld | 2,499 | 1,221 | 951 | |||
Capital contributions from General Partner | 25 | 13 | 2,824 | |||
Net cash (used) provided by financing activities | -344,220 | -325,766 | 1,299,828 | |||
Cash and cash equivalents increase (decrease) | 4,484 | -446 | -1,773 | |||
CASH AND CASH EQUIVALENTS: | ' | ' | ' | |||
End of year | 4,746 | 262 | 708 | |||
Beginning of year | 262 | 708 | 2,481 | |||
Increase (decrease) | $4,484 | ($446) | ($1,773) | |||
[1] | Includes cash distributions received from AmeriGas Propane, L.P. of $498,204, $478,458 and $334,527 for the years ended September 30, 2014, 2013 and 2012, respectiv |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Accounts, USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Allowance for Doubtful Accounts | ' | ' | ' | |||
Valuation And Qualifying Accounts | ' | ' | ' | |||
Balance at beginning of year | $18,552 | $17,217 | $17,181 | |||
Charged (credited) to costs and expenses | 26,403 | 16,477 | 15,088 | |||
Other | -27,274 | [1] | -15,142 | [1] | -15,052 | [1] |
Balance at end of year | $17,681 | $18,552 | $17,217 | |||
[1] | Uncollectible accounts written off, net of recoveries. |