

	Total			Elim- inations				AmeriGas Propane			UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (b)
2017
Revenues from external customers	$	6,120.7		$	—			$	2,453.5		$	1,877.5		$	943.0			$	847.5		$	(0.8	)
Intersegment revenues	$	—		$	(222.7	)	(c)	$	—		$	—		$	178.2			$	40.1		$	4.4
Cost of sales	$	2,837.3		$	(218.3	)	(c)	$	1,002.9		$	935.3		$	856.7			$	367.3		$	(106.6	)
Operating income	$	1,004.2		$	0.3			$	355.3		$	195.7		$	139.2			$	228.3		$	85.4
Income from equity investees	$	4.3		$	—			$	—		$	—		$	4.3		(d)	$	—		$	—
Losses on foreign currency contracts, net	$	(23.9	)	$	—			$	—		$	(0.1	)	$	—			$	—		$	(23.8	)
Loss on extinguishments of debt	$	(59.7	)	$	—			$	(59.7	)	$	—		$	—			$	—		$	—
Interest expense	$	(223.5	)	$	—			$	(160.2	)	$	(20.6	)	$	(2.1	)		$	(40.2	)	$	(0.4	)
Income before income taxes	$	701.4		$	0.3			$	135.4		$	175.0		$	141.4			$	188.1		$	61.2
Net income attributable to UGI	$	436.6		$	0.1			$	44.6		$	158.6		$	86.9			$	116.0		$	30.4
Depreciation and amortization	$	416.3		$	(0.2	)		$	190.5		$	117.4		$	35.4			$	72.3		$	0.9
Noncontrolling interests’ net income	$	87.2		$	—			$	64.4		$	0.2		$	—			$	—		$	22.6
Partnership Adjusted EBITDA (a)								$	551.3
Total assets	$	11,582.2		$	(51.5	)		$	4,069.4		$	3,132.0		$	1,165.5			$	2,994.0		$	272.8
Short-term borrowings	$	366.9		$	—			$	140.0		$	17.9		$	39.0			$	170.0		$	—
Capital expenditures (including the effects of accruals)	$	624.3		$	—			$	98.1		$	90.3		$	117.5			$	317.7		$	0.7
Investments in equity investees	$	59.1		$	—			$	—		$	8.1		$	51.0			$	—		$	—
Goodwill	$	3,107.2		$	—			$	2,001.3		$	912.2		$	11.6			$	182.1		$	—

2016 (f)
Revenues from external customers	$	5,685.7		$	—			$	2,311.8		$	1,868.8		$	752.3			$	751.4		$	1.4
Intersegment revenues	$	—		$	(133.9	)	(c)	$	—		$	—		$	114.3			$	17.1		$	2.5
Cost of sales	$	2,437.5		$	(131.5	)	(c)	$	864.8		$	903.8		$	602.2			$	289.8		$	(91.6	)
Operating income	$	988.0		$	0.2			$	356.3		$	206.6		$	146.7			$	200.9		$	77.3
Loss from equity investees	$	(0.2	)	$	—			$	—		$	(0.2	)	$	—			$	—		$	—
Loss on extinguishments of debt	$	(48.9	)	$	—			$	(48.9	)	$	—		$	—			$	—		$	—
Interest expense	$	(228.9	)	$	—			$	(164.1	)	$	(24.4	)	$	(2.1	)		$	(37.6	)	$	(0.7	)
Income before income taxes	$	710.0		$	0.2			$	143.3		$	182.0		$	144.6			$	163.3		$	76.6
Net income attributable to UGI	$	364.7		$	0.1			$	43.2		$	111.6		$	87.1			$	97.4		$	25.3
Depreciation and amortization	$	400.9		$	(0.2	)		$	190.0		$	112.4		$	30.6			$	67.3		$	0.8
Noncontrolling interests’ net income	$	124.1		$	—			$	75.9		$	—		$	—			$	—		$	48.2
Partnership Adjusted EBITDA (a)								$	543.0
Total assets	$	10,847.2		$	(136.6	)		$	4,071.8		$	2,865.1		$	1,038.2			$	2,743.1		$	265.6
Short-term borrowings	$	291.7		$	—			$	153.2		$	0.5		$	25.5			$	112.5		$	—
Capital expenditures (including the effects of accruals)	$	604.6		$	—			$	101.7		$	99.9		$	140.4			$	262.5		$	0.1
Investments in equity investees	$	25.9		$	—			$	—		$	8.5		$	17.4			$	—		$	—
Goodwill	$	2,989.0		$	—			$	1,978.3		$	817.0		$	11.6			$	182.1		$	—



	Total			Elim- inations				AmeriGas Propane			UGI International				Midstream & Marketing			UGI Utilities			Corporate & Other (b)
2015 (f)
Revenues from external customers	$	6,691.1		$	—			$	2,885.3		$	1,808.5			$	1,012.3		$	981.9		$	3.1
Intersegment revenues	$	—		$	(213.6	)	(c)	$	—		$	—			$	151.3		$	59.7		$	2.6
Cost of sales	$	3,736.5		$	(209.8	)	(c)	$	1,340.0		$	1,120.0			$	854.6		$	510.8		$	120.9
Operating income (loss)	$	834.9		$	(0.9	)		$	427.6		$	112.8			$	182.6		$	241.7		$	(128.9	)
Loss from equity investees	$	(1.2	)	$	—			$	—		$	(1.2	)		$	—		$	—		$	—
Interest expense	$	(241.9	)	$	—			$	(162.8	)	$	(35.2	)	(e)	$	(2.1	)	$	(41.1	)	$	(0.7	)
Income (loss) before income taxes	$	591.8		$	(0.9	)		$	264.8		$	76.4			$	180.5		$	200.6		$	(129.6	)
Net income (loss) attributable to UGI	$	281.0		$	(0.6	)		$	61.0		$	52.7			$	107.5		$	121.1		$	(60.7	)
Depreciation and amortization	$	374.1		$	—			$	194.9		$	86.9			$	28.0		$	63.5		$	0.8
Noncontrolling interests’ net income (loss)	$	133.0		$	—			$	167.9		$	(0.1	)		$	—		$	—		$	(34.8	)
Partnership Adjusted EBITDA (a)								$	619.2
Total assets	$	10,514.2		$	(90.4	)		$	4,128.4		$	2,860.9			$	969.6		$	2,506.0		$	139.7
Short-term borrowings	$	189.9		$	—			$	68.1		$	0.6			$	49.5		$	71.7		$	—
Capital expenditures (including the effects of accruals)	$	475.4		$	—			$	102.0		$	87.5			$	88.0		$	197.7		$	0.2
Investments in equity investees	$	16.2		$	—			$	—		$	9.8			$	6.4		$	—		$	—
Goodwill	$	2,953.4		$	—			$	1,956.0		$	803.7			$	11.6		$	182.1		$	—


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



	2017			2016			2015
Partnership Adjusted EBITDA	$	551.3		$	543.0		$	619.2
Depreciation and amortization	(190.5		)	(190.0		)	(194.9		)
Interest expense	(160.2		)	(164.1		)	(162.8		)
Loss on extinguishments of debt	(59.7		)	(48.9		)	—
MGP environmental accrual	(7.5		)	—			—
Noncontrolling interest (i)	2.0			3.3			3.3
Income before income taxes	$	135.4		$	143.3		$	264.8


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

(b)

Includes net pre-tax gains (losses) on commodity and certain foreign currency derivative instruments not associated with current-period transactions (including such amounts attributable to noncontrolling interests) totaling $82.0, $91.6 and $(119.1) in Fiscal 2017, Fiscal 2016 and Fiscal 2015, respectively. Fiscal 2017 also includes a pre-tax loss of $11.0 associated with the impairment of a cost basis investment (see Note 2).


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


(d)	Represents AFUDC associated with PennEast (see Note 2).


(e)	Includes pre-tax costs of $10.3 associated with an extinguishment of debt (see Note 5).


(f)	Restated to reflect the current-year changes in the presentation of our UGI International and Midstream & Marketing reportable segments.