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Restatements of Condensed Consolidated Financial Statements | 6 Months Ended
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Mar. 31, 2014
Revisions of Condensed Consolidated Financial Statements [Abstract] |
Restatements of Condensed Consolidated Financial Statements | Restatements of Condensed Consolidated Financial Statements During the preparation of the Fiscal 2013 consolidated financial statements, management concluded that it had incorrectly accounted for certain commodity derivative instruments as cash flow hedges. Management had incorrectly applied the hedge accounting criteria when designating certain commodity derivative instruments at its Midstream & Marketing businesses as cash flow hedges. Management has discontinued the use of hedge accounting for Midstream & Marketing’s commodity derivative instruments and reports changes in the fair values of unsettled commodity derivative instruments, and gains and losses on settled commodity derivatives for which the associated forecasted transaction has not yet occurred, in net income. The Company had previously determined that the impact of the error was material to the Company’s historical condensed consolidated statements of income for the three months ended March 31, 2013. Accordingly, the accompanying condensed consolidated financial statements as of March 31, 2013, and for the three and six months ended March 31, 2013, have been restated to report changes in the fair values of unsettled commodity derivative instruments and gains and losses on settled commodity derivative instruments for which the associated forecasted transactions have not yet occurred in cost of sales or revenues in the Condensed Consolidated Statement of Income rather than in other comprehensive income. The following tables set forth the effects of the restatement on the affected line items within the Company’s previously reported condensed consolidated financial statements as of and for the three and six months ended March 31, 2013. Also included in the adjustment columns in the tables below are certain other immaterial corrections that the Company made, including, but not limited to, adjustments to correct the Partnership’s accounting for certain customer credits and to correct the classification of deferred income tax assets, as well as certain other minor adjustments related principally to the timing of certain expense and income accruals. Condensed Consolidated Balance Sheet
| March 31, 2013
| As Previously Reported | Adjustment | As Restated
Assets: |  |  |
Deferred income taxes | $ | 35.9 |  | $ | (21.0 | ) | $ | 14.9 |
Prepaid expenses and other current assets | $ | 52.1 |  | $ | 1.4 |  | $ | 53.5 |
Property, plant and equipment | $ | 4,286.7 |  | $ | (1.3 | ) | $ | 4,285.4 |
Liabilities and equity: |  |  |
Other current liabilities | $ | 644.2 |  | $ | (1.4 | ) | $ | 642.8 |
Deferred income taxes | $ | 941.4 |  | $ | (22.7 | ) | $ | 918.7 |
Other noncurrent liabilities | $ | 614.0 |  | $ | 1.7 |  | $ | 615.7 |
Retained earnings | $ | 1,379.4 |  | $ | (1.4 | ) | $ | 1,378.0 |
Accumulated other comprehensive loss | $ | (45.6 | ) | $ | (0.9 | ) | $ | (46.5 | )
Noncontrolling interests | $ | 1,227.3 |  | $ | 3.8 |  | $ | 1,231.1 |
Condensed Consolidated Statement of Income
| For the three months ended March 31, 2013 |  | For the six months ended March 31, 2013
| As Previously Reported | Adjustment | As Restated |  | As Previously Reported | Adjustment | As Restated
Revenues | $ | 2,537.1 |  | $ | 5.6 |  | $ | 2,542.7 |  |  | $ | 4,560.3 |  | $ | 1.1 |  | $ | 4,561.4 |
Cost of sales | $ | 1,500.6 |  | $ | (13.9 | ) | $ | 1,486.7 |  |  | $ | 2,719.4 |  | $ | (17.2 | ) | $ | 2,702.2 |
Operating and administrative expenses | $ | 465.8 |  | $ | (4.3 | ) | $ | 461.5 |  |  | $ | 892.7 |  | $ | (4.3 | ) | $ | 888.4 |
Depreciation | $ | 71.7 |  | $ | 2.3 |  | $ | 74.0 |  |  | $ | 143.5 |  | $ | 3.0 |  | $ | 146.5 |
Operating income | $ | 486.2 |  | $ | 21.5 |  | $ | 507.7 |  |  | $ | 782.3 |  | $ | 19.6 |  | $ | 801.9 |
Interest expense | $ | (60.1 | ) | $ | — |  | $ | (60.1 | ) |  | $ | (120.4 | ) | $ | (1.2 | ) | $ | (121.6 | )
Income before income taxes | $ | 426.2 |  | $ | 21.5 |  | $ | 447.7 |  |  | $ | 662.0 |  | $ | 18.4 |  | $ | 680.4 |
Income taxes | $ | (100.0 | ) | $ | (6.0 | ) | $ | (106.0 | ) |  | $ | (165.1 | ) | $ | (5.8 | ) | $ | (170.9 | )
Net income | $ | 326.2 |  | $ | 15.5 |  | $ | 341.7 |  |  | $ | 496.9 |  | $ | 12.6 |  | $ | 509.5 |
Deduct net income attributable to noncontrolling interests | $ | (154.3 | ) | $ | (6.7 | ) | $ | (161.0 | ) |  | $ | (222.4 | ) | $ | (3.9 | ) | $ | (226.3 | )
Net income attributable to UGI Corporation | $ | 171.9 |  | $ | 8.8 |  | $ | 180.7 |  |  | $ | 274.5 |  | $ | 8.7 |  | $ | 283.2 |
Basic earnings per common share | $ | 1.51 |  |  | $ | 1.59 |  |  | $ | 2.42 |  |  | $ | 2.50 |
Diluted earnings per common share | $ | 1.49 |  |  | $ | 1.57 |  |  | $ | 2.39 |  |  | $ | 2.47 |
Condensed Consolidated Statement of Comprehensive Income
| For the three months ended March 31, 2013 |  | For the six months ended March 31, 2013
| As Previously Reported | Adjustment | As Restated |  | As Previously Reported | Adjustment | As Restated
Net income | $ | 326.2 |  | $ | 15.5 |  | $ | 341.7 |  |  | $ | 496.9 |  | $ | 12.6 |  | $ | 509.5 |
Net gains (losses) on derivative instruments | $ | 9.2 |  | $ | (3.5 | ) | $ | 5.7 |  |  | $ | (0.1 | ) | $ | 0.5 |  | $ | 0.4 |
Reclassifications of net losses on derivative instruments | $ | 29.0 |  | $ | (3.8 | ) | $ | 25.2 |  |  | $ | 50.8 |  | $ | (8.2 | ) | $ | 42.6 |
Other comprehensive income | $ | 15.1 |  | $ | (7.3 | ) | $ | 7.8 |  |  | $ | 44.0 |  | $ | (7.7 | ) | $ | 36.3 |
Comprehensive income | $ | 341.3 |  | $ | 8.2 |  | $ | 349.5 |  |  | $ | 540.9 |  | $ | 4.9 |  | $ | 545.8 |
Deduct comprehensive income attributable to noncontrolling interests | $ | (171.3 | ) | $ | (6.7 | ) | $ | (178.0 | ) |  | $ | (250.0 | ) | $ | (3.9 | ) | $ | (253.9 | )
Comprehensive income attributable to UGI Corporation | $ | 170.0 |  | $ | 1.5 |  | $ | 171.5 |  |  | $ | 290.9 |  | $ | 1.0 |  | $ | 291.9 |
Condensed Consolidated Statements of Cash Flows
| For the six months ended March 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES: | As Previously Reported | Adjustment | As Restated
Net income | $ | 496.9 |  | $ | 12.6 |  | $ | 509.5 |
Depreciation and amortization | $ | 174.4 |  | $ | 3.0 |  | $ | 177.4 |
Deferred income taxes, net | $ | 18.8 |  | $ | 0.6 |  | $ | 19.4 |
Net change in realized gains and losses deferred as cash flow hedges | $ | 8.3 |  | $ | (8.3 | ) | $ | — |
Unrealized gains on derivative instruments | $ | — |  | $ | (5.8 | ) | $ | (5.8 | )
Other, net | $ | 7.1 |  | $ | 4.4 |  | $ | 11.5 |
Net change in: |  |  |
Accounts receivable and accrued utility revenues | $ | (550.1 | ) | $ | (5.1 | ) | $ | (555.2 | )
Inventories | $ | 64.5 |  | $ | (2.8 | ) | $ | 61.7 |
Accounts payable | $ | 175.0 |  | $ | 1.4 |  | $ | 176.4 |
Condensed Consolidated Statements of Changes in Equity
| For the six months ended March 31, 2013
| As Previously Reported | Adjustment | As Restated
Retained earnings | $ | 1,379.4 |  | $ | (1.4 | ) | $ | 1,378.0 |
Accumulated other comprehensive loss | $ | (45.6 | ) | $ | (0.9 | ) | $ | (46.5 | )
Noncontrolling interests | $ | 1,227.3 |  | $ | 3.8 |  | $ | 1,231.1 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N + Details
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