The accounting policies of our reportable segments are the same as those described in Note 2, “Summary of Significant Accounting Policies,” in the Company’s 2015 Annual Report. We evaluate AmeriGas Propane’s performance principally based upon the Partnership’s earnings before interest expense, income taxes, depreciation and amortization as adjusted for net gains and losses on commodity derivative instruments not associated with current-period transactions (“Partnership Adjusted EBITDA”). Although we use Partnership Adjusted EBITDA to evaluate AmeriGas Propane’s profitability, it should not be considered as an alternative to net income (as an indicator of operating performance) or as an alternative to cash flow (as a measure of liquidity or ability to service debt obligations) and is not a measure of performance or financial condition under GAAP. Our definition of Partnership Adjusted EBITDA may be different from that used by other companies. We evaluate the performance of our other reportable segments principally based upon their income before income taxes as adjusted for gains and losses on commodity derivative instruments not associated with current-period transactions. Net gains and losses on commodity derivative instruments not associated with current-period transactions are reflected in Corporate & Other because the Company’s CODM does not consider such items when evaluating the financial performance of our reportable segments.



														Midstream & Marketing					UGI International
	Total			Elim- inations				AmeriGas Propane			UGI Utilities			Energy Services			Electric Generation		UGI France			Flaga & Other			Corporate & Other (b)
Three Months Ended December 31, 2015
Revenues	$	1,606.6		$	(45.4	)	(c)	$	644.1		$	198.0		$	214.8		$	14.8	$	408.7		$	169.5		$	2.1
Cost of sales	$	734.0		$	(44.5	)	(c)	$	243.2		$	75.4		$	151.2		$	6.0	$	192.6		$	110.2		$	(0.1	)
Segment profit:
Operating income (loss)	$	305.5		$	0.1			$	129.6		$	48.3		$	41.3		$	1.6	$	68.7		$	16.4		$	(0.5	)
Loss from equity investees	(0.1		)	—				—			—			—			—		(0.1		)	—			—
Interest expense	(57.9		)	—				(41.0		)	(9.5		)	(0.8		)	—		(5.6		)	(0.9		)	(0.1		)
Income (loss) before income taxes	$	247.5		$	0.1			$	88.6		$	38.8		$	40.5		$	1.6	$	63.0		$	15.5		$	(0.6	)
Partnership Adjusted EBITDA (a)								$	177.7
Noncontrolling interests’ net income	$	53.3		$	—			$	57.3		$	—		$	—		$	—	$	0.1		$	—		$	(4.1	)
Depreciation and amortization	$	100.6		$	—			$	49.2		$	16.7		$	4.1		$	3.3	$	21.6		$	5.6		$	0.1
Capital expenditures	$	132.9		$	—			$	28.0		$	61.5		$	21.9		$	0.5	$	16.3		$	4.7		$	—
As of December 31, 2015
Total assets	$	10,780.4		$	(106.2	)		$	4,242.6		$	2,606.3		$	721.0		$	279.0	$	2,378.9		$	534.8		$	124.0
Short-term borrowings	$	456.8		$	—			$	182.0		$	217.7		$	56.0		$	—	$	1.1		$	—		$	—
Goodwill	$	2,965.1		$	—			$	1,971.3		$	182.1		$	11.5		$	—	$	700.9		$	99.3		$	—



														Midstream & Marketing						UGI International
	Total			Elim- inations				AmeriGas Propane			UGI Utilities			Energy Services			Electric Generation			UGI France			Flaga & Other			Corporate & Other (b)
Three Months Ended December 31, 2014 (d)
Revenues	$	2,004.6		$	(67.7	)	(c)	$	888.8		$	287.3		$	314.1		$	16.5		$	337.9		$	224.6		$	3.1
Cost of sales	$	1,404.6		$	(67.0	)	(c)	$	462.4		$	143.1		$	244.6		$	8.0		$	209.3		$	172.6		$	231.6
Segment profit:
Operating income (loss)	$	83.3		$	—			$	139.7		$	75.6		$	46.3		$	(0.7	)	$	38.4		$	15.1		$	(231.1	)
Loss from equity investees	(1.0		)	—				—			—			—			—			(1.0		)	—			—
Interest expense	(59.0		)	—				(41.0		)	(10.6		)	(0.6		)	—			(5.6		)	(1.0		)	(0.2		)
Income (loss) before income taxes	$	23.3		$	—			$	98.7		$	65.0		$	45.7		$	(0.7	)	$	31.8		$	14.1		$	(231.3	)
Partnership EBITDA (a)								$	188.5
Noncontrolling interests’ net income (loss)	$	(33.9	)	$	—			$	66.8		$	—		$	—		$	—		$	0.1		$	—		$	(100.8	)
Depreciation and amortization	$	91.0		$	—			$	49.4		$	15.4		$	3.8		$	2.7		$	13.3		$	6.1		$	0.3
Capital expenditures	$	123.5		$	—			$	30.4		$	55.0		$	12.9		$	6.6		$	12.1		$	6.4		$	0.1
As of December 31, 2014
Total assets	$	10,430.0		$	(92.7	)		$	4,491.0		$	2,488.6		$	728.8		$	286.4		$	1,671.5		$	579.0		$	277.4
Short-term borrowings	$	458.5		$	—			$	253.0		$	153.5		$	43.0		$	—		$	—		$	9.0		$	—
Goodwill	$	2,806.8		$	—			$	1,949.6		$	182.1		$	11.8		$	—		$	575.9		$	87.4		$	—


(a)	The following table provides a reconciliation of Partnership Adjusted EBITDA to AmeriGas Propane operating income:



	Three Months Ended December 31,
	2015			2014
Partnership Adjusted EBITDA	$	177.7		$	188.5
Depreciation and amortization	(49.2		)	(49.4		)
Noncontrolling interests (i)	1.1			0.6
Operating income	$	129.6		$	139.7


(i)	Principally represents the General Partner’s 1.01% interest in AmeriGas OLP.

(b)

Corporate & Other results principally comprise (1) net expenses of UGI’s captive general liability insurance company, and (2) UGI Corporation’s unallocated corporate and general expenses and interest income. In addition, Corporate & Other results also include the effects of net pre-tax gains and (losses) on commodity derivative instruments not associated with current-period transactions totaling $1.1 and $(229.7) during the three months ended December 31, 2015 and 2014, respectively. Corporate & Other assets principally comprise cash and short-term investments.


(c)	Represents the elimination of intersegment transactions principally among Midstream & Marketing, UGI Utilities and AmeriGas Propane.


(d)	Certain amounts have been restated to reflect the current-year changes in our segment presentation as described above.