

Three Months Ended March 31, 2019	Total			Eliminations				AmeriGas Propane			UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (b)
Revenues	$	2,606.1		$	—			$	971.6		$	783.2		$	443.6			$	404.3		$	3.4
Intersegment revenues	$	—		$	(124.8	)	(c)	$	—		$	—		$	98.8			$	25.3		$	0.7
Cost of sales	$	1,426.9		$	(123.6	)	(c)	$	435.2		$	444.7		$	449.3			$	218.0		$	3.3
Segment profit:
Operating income (loss)	$	538.8		$	(0.4	)		$	246.4		$	126.9		$	51.3			$	119.9		$	(5.3	)
Income from equity investees	1.6			—				—			0.1			1.5			(d)	—			—
Other non-operating income, net	7.9			—				—			3.1			—				0.4			4.4
Interest expense	(61.0		)	—				(42.2		)	(6.1		)	(0.5		)		(12.2		)	—
Income (loss) before income taxes	$	487.3		$	(0.4	)		$	204.2		$	124.0		$	52.3			$	108.1		$	(0.9	)
Partnership Adjusted EBITDA (a)								$	290.3
Noncontrolling interests’ net income	$	151.3		$	—			$	138.7		$	0.2		$	—			$	—		$	12.4
Depreciation and amortization	$	108.9		$	(0.1	)		$	44.3		$	30.6		$	11.5			$	22.3		$	0.3
Capital expenditures (including the effects of accruals)	$	151.2		$	—			$	25.8		$	22.1		$	32.3			$	70.8		$	0.2



Three Months Ended March 31, 2018	Total			Eliminations				AmeriGas Propane			UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (b)
Revenues	$	2,812.0		$	—			$	1,040.3		$	909.6		$	436.2			$	424.6		$	1.3
Intersegment revenues	$	—		$	(188.9	)	(c)	$	—		$	—		$	129.0			$	58.7		$	1.2
Cost of sales	$	1,560.2		$	(187.9	)	(c)	$	483.7		$	541.1		$	418.6			$	257.3		$	47.4
Segment profit:
Operating income (loss) (e)	$	591.0		$	0.3			$	266.6		$	132.0		$	107.6			$	135.7		$	(51.2	)
Income (loss) from equity investees	0.7			—				—			(0.1		)	0.8			(d)	—			—
Other non-operating expense, net (e)	(12.5		)	—				—			(9.2		)	(0.1		)		(0.6		)	(2.6		)
Interest expense	(58.1		)	—				(41.0		)	(5.2		)	(0.7		)		(11.1		)	(0.1		)
Income (loss) before income taxes	$	521.1		$	0.3			$	225.6		$	117.5		$	107.6			$	124.0		$	(53.9	)
Partnership Adjusted EBITDA (a)								$	309.5
Noncontrolling interests’ net income (loss)	$	131.7		$	—			$	155.7		$	(1.2	)	$	—			$	—		$	(22.8	)
Depreciation and amortization	$	112.2		$	(0.1	)		$	45.2		$	34.9		$	10.8			$	21.1		$	0.3
Capital expenditures (including the effects of accruals)	$	110.1		$	—			$	23.6		$	26.1		$	4.3			$	55.1		$	1.0



Six Months Ended March 31, 2019	Total			Eliminations				AmeriGas Propane			UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (b)
Revenues	$	4,806.3		$	—			$	1,791.8		$	1,493.9		$	816.1			$	703.4		$	1.1
Intersegment revenues	$	—		$	(236.4	)	(c)	$	—		$	—		$	185.7			$	48.9		$	1.8
Cost of sales	$	2,851.9		$	(234.4	)	(c)	$	813.7		$	893.3		$	826.8			$	377.5		$	175.0
Segment profit:
Operating income (loss)	$	706.5		$	—			$	413.0		$	185.2		$	92.4			$	196.9		$	(181.0	)
Income from equity investees	3.1			—				—			0.1			3.0			(d)	—			—
Loss on extinguishments of debt	(6.1		)	—				—			(6.1		)	—				—			—
Other non-operating income, net	16.9			—				—			3.8			—				0.8			12.3
Interest expense	(121.2		)	—				(84.6		)	(11.5		)	(1.0		)		(23.9		)	(0.2		)
Income (loss) before income taxes	$	599.2		$	—			$	328.4		$	171.5		$	94.4			$	173.8		$	(168.9	)
Partnership Adjusted EBITDA (a)								$	500.9
Noncontrolling interests’ net income (loss)	$	175.6		$	—			$	220.2		$	0.3		$	—			$	—		$	(44.9	)
Depreciation and amortization	$	220.1		$	(0.1	)		$	90.0		$	62.0		$	23.0			$	44.8		$	0.4
Capital expenditures (including the effects of accruals)	$	313.0		$	—			$	56.8		$	49.9		$	57.4			$	148.1		$	0.8
As of March 31, 2019
Total assets	$	12,350.9		$	(121.5	)		$	3,978.1		$	3,229.6		$	1,500.9			$	3,438.4		$	325.4
Short-term borrowings	$	341.0		$	—			$	236.0		$	—		$	—			$	105.0		$	—
Goodwill	$	3,147.8		$	—			$	2,003.1		$	944.8		$	17.8			$	182.1		$	—



Six Months Ended March 31, 2018	Total			Eliminations				AmeriGas Propane			UGI International			Midstream & Marketing				UGI Utilities			Corporate & Other (b)
Revenues	$	4,937.2		$	—			$	1,827.6		$	1,693.8		$	686.0			$	730.0		$	(0.2	)
Intersegment revenues	$	—		$	(286.0	)	(c)	$	—		$	—		$	207.2			$	76.4		$	2.4
Cost of sales	$	2,697.6		$	(283.9	)	(c)	$	849.8		$	1,025.9		$	657.6			$	409.1		$	39.1
Segment profit:
Operating income (loss) (e)	$	986.0		$	0.5			$	414.5		$	225.2		$	161.0			$	232.6		$	(47.8	)
Income (loss) from equity investees	1.7			—				—			(0.3		)	2.0			(d)	—			—
Other non-operating expense, net (e)	(20.5		)	—				—			(14.0		)	(1.2		)		(1.2		)	(4.1		)
Interest expense	(116.3		)	—				(81.6		)	(10.8		)	(1.6		)		(22.0		)	(0.3		)
Income (loss) before income taxes	$	850.9		$	0.5			$	332.9		$	200.1		$	160.2			$	209.4		$	(52.2	)
Partnership Adjusted EBITDA (a)								$	503.6
Noncontrolling interests’ net income (loss)	$	200.0		$	—			$	223.7		$	(1.5	)	$	—			$	—		$	(22.2	)
Depreciation and amortization	$	222.5		$	(0.1	)		$	92.6		$	67.1		$	20.9			$	41.5		$	0.5
Capital expenditures (including the effects of accruals)	$	238.6		$	—			$	47.2		$	47.8		$	15.6			$	126.8		$	1.2
As of March 31, 2018
Total assets	$	12,445.3		$	(59.4	)		$	4,149.8		$	3,562.3		$	1,347.7			$	3,204.0		$	240.9
Short-term borrowings	$	302.8		$	—			$	154.5		$	3.3		$	10.0			$	135.0		$	—
Goodwill	$	3,218.1		$	—			$	2,001.3		$	1,023.2		$	11.5			$	182.1		$	—

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



	Three Months Ended March 31,						Six Months Ended March 31,
	2019			2018			2019			2018
Partnership Adjusted EBITDA	$	290.3		$	309.5		$	500.9		$	503.6
Depreciation and amortization	(44.3		)	(45.2		)	(90.0		)	(92.6		)
Interest expense	(42.2		)	(41.0		)	(84.6		)	(81.6		)
Merger expense	(0.9		)	—			(0.9		)	—
Noncontrolling interest (i)	1.3			2.3			3.0			3.5
Income before income taxes	$	204.2		$	225.6		$	328.4		$	332.9


(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 $4.7 and $(48.1) for the three months ended March 31, 2019 and 2018, respectively, and $(161.2) and $(41.5) for the six months ended March 31, 2019 and 2018, respectively.


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


(d)	Represents AFUDC associated with our PennEast Pipeline equity investment.


(e)	Amounts reflect the reclassification of non-service income (expense) associated with our pension and other postretirement plans from “Operating and administrative expenses” to “Other non-operating income (expense), net,” on the Condensed Consolidated Statements of Income as a result of the adoption of ASU No. 2017-07 (see Note 3).