

	Total			Elim- inations				AmeriGas Propane				UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (b)
2018 (f)
Revenues from external customers	$	7,651.2		$	—			$	2,823.0			$	2,683.8		$	1,149.1			$	998.5		$	(3.2	)
Intersegment revenues	$	—		$	(370.8	)	(c)	$	—			$	—		$	272.6			$	93.9		$	4.3
Cost of sales	$	4,074.9		$	(366.6	)	(c)	$	1,314.7			$	1,620.1		$	1,090.8			$	522.9		$	(107.0	)
Operating income	$	1,064.1		$	0.3			$	347.2		(e)	$	223.1		$	173.9			$	237.5		$	82.1
Income (loss) from equity investees	$	4.3		$	—			$	—			$	(0.5	)	$	4.8		(d)	$	—		$	—
Gain (loss) on foreign currency contracts, net	$	16.2		$	—			$	—			$	(12.7	)	$	—			$	—		$	28.9
Interest expense	$	(230.1	)	$	—			$	(163.1	)		$	(21.1	)	$	(2.4	)		$	(42.9	)	$	(0.6	)
Income before income taxes	$	854.5		$	0.3			$	184.1			$	188.8		$	176.3			$	194.6		$	110.4
Net income attributable to UGI	$	718.7		$	(1.1	)		$	174.7			$	138.6		$	196.8			$	148.9		$	60.8
Depreciation and amortization	$	455.1		$	(0.3	)		$	185.8			$	140.6		$	43.5			$	84.6		$	0.9
Noncontrolling interests’ net income (loss)	$	103.7		$	—			$	97.6			$	(3.0	)	$	—			$	—		$	9.1
Partnership Adjusted EBITDA (a)								$	605.5
Total assets	$	11,980.9		$	(125.3	)		$	3,933.9			$	3,279.0		$	1,328.9			$	3,266.6		$	297.8
Short-term borrowings	$	424.9		$	—			$	232.0			$	1.4		$	2.0			$	189.5		$	—
Capital expenditures (including the effects of accruals)	$	597.0		$	—			$	101.3			$	111.4		$	43.1			$	338.5		$	2.7
Investments in equity investees	$	87.6		$	—			$	—			$	12.8		$	74.8			$	—		$	—
Goodwill	$	3,160.4		$	—			$	2,003.0			$	963.7		$	11.6			$	182.1		$	—

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)	$	—		$	—
Loss on foreign currency contracts, net	$	(23.9	)	$	—			$	—			$	(0.1	)	$	—			$	—		$	(23.8	)
Loss on extinguishments of debt	$	(59.7	)	$	—			$	(59.7	)		$	—		$	—			$	—		$	—



	Total			Elim- inations				AmeriGas Propane			UGI International			Midstream & Marketing			UGI Utilities			Corporate & Other (b)
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
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		$	—


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



	2018			2017			2016
Partnership Adjusted EBITDA	$	605.5		$	551.3		$	543.0
Depreciation and amortization	(185.8		)	(190.5		)	(190.0		)
Interest expense	(163.1		)	(160.2		)	(164.1		)
Impairment of Partnership tradenames and trademarks	(75.0		)	—			—
Loss on extinguishments of debt	—			(59.7		)	(48.9		)
MGP environmental accrual	—			(7.5		)	—
Noncontrolling interest (i)	2.5			2.0			3.3
Income before income taxes	$	184.1		$	135.4		$	143.3


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

(b)

Includes net pre-tax gains on commodity and certain foreign currency derivative instruments not associated with current-period transactions (including such amounts attributable to noncontrolling interests) totaling $132.8, $82.0 and $91.6 in Fiscal 2018, Fiscal 2017 and Fiscal 2016, 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 impairment charge of $75.0 as a result of a plan to discontinue the use of certain Partnership tradenames and trademarks (see Note 11).


(f)	Fiscal 2018 results include impacts from the TCJA in the U.S. See Notes 6 and 8 for additional information.