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Restatements of Condensed Consolidated Financial Statements | 9 Months Ended
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Jun. 30, 2014
Revisions of Condensed Consolidated Financial Statements [Abstract] |
Restatements of Condensed Consolidated Financial Statements | Revisions 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 not material to the Company’s historical condensed consolidated statements of income for the three and nine months ended June 30, 2013. However, in conjunction with its conclusion that the error was material to the three months ended March 31, 2013, the Company decided to revise its consolidated financial statements for the three and nine months ended June 30, 2013. Accordingly, the accompanying condensed consolidated financial statements as of June 30, 2013, and for the three and nine months ended June 30, 2013, have been revised 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 revisions on the affected line items within the Company’s previously reported condensed consolidated financial statements as of and for the three and nine months ended June 30, 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
| June 30, 2013
| As Previously Reported | Adjustment | As Revised
Assets: |  |  |
Deferred income taxes | $ | 27.3 |  | $ | (20.7 | ) | $ | 6.6 |
Property, plant and equipment | $ | 4,325.0 |  | $ | (1.3 | ) | $ | 4,323.7 |
Liabilities and equity: |  |  |
Deferred income taxes | $ | 956.9 |  | $ | (23.4 | ) | $ | 933.5 |
Other noncurrent liabilities | $ | 613.5 |  | $ | 3.4 |  | $ | 616.9 |
Retained earnings | $ | 1,361.9 |  | $ | (7.0 | ) | $ | 1,354.9 |
Accumulated other comprehensive loss | $ | (30.7 | ) | $ | 3.3 |  | $ | (27.4 | )
Noncontrolling interests, principally in AmeriGas Partners | $ | 1,132.2 |  | $ | 1.7 |  | $ | 1,133.9 |
Condensed Consolidated Statement of Income
| For the three months ended June 30, 2013 |  | For the nine months ended June 30, 2013
| As Previously Reported | Adjustment | As Revised |  | As Previously Reported | Adjustment | As Revised
Revenues | $ | 1,372.3 |  | $ | 2.0 |  | $ | 1,374.3 |  |  | $ | 5,932.6 |  | $ | 3.1 |  | $ | 5,935.7 |
Cost of sales | $ | 827.9 |  | $ | 8.9 |  | $ | 836.8 |  |  | $ | 3,547.3 |  | $ | (8.3 | ) | $ | 3,539.0 |
Operating and administrative expenses | $ | 404.7 |  | $ | 2.8 |  | $ | 407.5 |  |  | $ | 1,297.4 |  | $ | (1.5 | ) | $ | 1,295.9 |
Depreciation | $ | 76.5 |  | $ | (0.1 | ) | $ | 76.4 |  |  | $ | 220.0 |  | $ | 2.9 |  | $ | 222.9 |
Other income, net | $ | (9.0 | ) | $ | 2.0 |  | $ | (7.0 | ) |  | $ | (26.5 | ) | $ | 2.0 |  | $ | (24.5 | )
Operating income | $ | 53.1 |  | $ | (11.6 | ) | $ | 41.5 |  |  | $ | 835.4 |  | $ | 8.0 |  | $ | 843.4 |
Interest expense | $ | (59.2 | ) | $ | — |  | $ | (59.2 | ) |  | $ | (179.6 | ) | $ | (1.2 | ) | $ | (180.8 | )
Income (loss) before income taxes | $ | (6.1 | ) | $ | (11.6 | ) | $ | (17.7 | ) |  | $ | 655.9 |  | $ | 6.8 |  | $ | 662.7 |
Income taxes | $ | (9.0 | ) | $ | 3.9 |  | $ | (5.1 | ) |  | $ | (174.1 | ) | $ | (1.9 | ) | $ | (176.0 | )
Net (loss) income | $ | (15.1 | ) | $ | (7.7 | ) | $ | (22.8 | ) |  | $ | 481.8 |  | $ | 4.9 |  | $ | 486.7 |
Add net loss (deduct net income) attributable to noncontrolling interests, principally in AmeriGas Partners | $ | 29.8 |  | $ | 2.1 |  | $ | 31.9 |  |  | $ | (192.6 | ) | $ | (1.8 | ) | $ | (194.4 | )
Net income attributable to UGI Corporation | $ | 14.7 |  | $ | (5.6 | ) | $ | 9.1 |  |  | $ | 289.2 |  | $ | 3.1 |  | $ | 292.3 |
Basic earnings per common share | $ | 0.13 |  |  | $ | 0.08 |  |  | $ | 2.54 |  |  | $ | 2.57 |
Diluted earnings per common share | $ | 0.13 |  |  | $ | 0.08 |  |  | $ | 2.51 |  |  | $ | 2.54 |
Condensed Consolidated Statement of Comprehensive Income
| For the three months ended June 30, 2013 |  | For the nine months ended June 30, 2013
| As Previously Reported | Adjustment | As Revised |  | As Previously Reported | Adjustment | As Revised
Net (loss) income | $ | (15.1 | ) | $ | (7.7 | ) | $ | (22.8 | ) |  | $ | 481.8 |  | $ | 4.9 |  | $ | 486.7 |
Net losses on derivative instruments | $ | (11.0 | ) | $ | 3.4 |  | $ | (7.6 | ) |  | $ | (11.1 | ) | $ | 3.9 |  | $ | (7.2 | )
Reclassifications of net losses on derivative instruments | $ | 8.9 |  | $ | 0.8 |  | $ | 9.7 |  |  | $ | 59.7 |  | $ | (7.4 | ) | $ | 52.3 |
Other comprehensive income | $ | 7.0 |  | $ | 4.2 |  | $ | 11.2 |  |  | $ | 51.0 |  | $ | (3.5 | ) | $ | 47.5 |
Comprehensive (loss) income | $ | (8.1 | ) | $ | (3.5 | ) | $ | (11.6 | ) |  | $ | 532.8 |  | $ | 1.4 |  | $ | 534.2 |
Add comprehensive loss (deduct comprehensive income) attributable to noncontrolling interests, principally in AmeriGas Partners | $ | 37.8 |  | $ | 2.1 |  | $ | 39.9 |  |  | $ | (212.2 | ) | $ | (1.8 | ) | $ | (214.0 | )
Comprehensive income attributable to UGI Corporation | $ | 29.7 |  | $ | (1.4 | ) | $ | 28.3 |  |  | $ | 320.6 |  | $ | (0.4 | ) | $ | 320.2 |
Condensed Consolidated Statements of Cash Flows
| For the nine months ended June 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES: | As Previously Reported | Adjustment | As Revised
Net income | $ | 481.8 |  | $ | 4.9 |  | $ | 486.7 |
Depreciation and amortization | $ | 266.3 |  | $ | 2.9 |  | $ | 269.2 |
Deferred income taxes, net | $ | 35.5 |  | $ | (3.3 | ) | $ | 32.2 |
Net change in realized gains and losses deferred as cash flow hedges | $ | 5.0 |  | $ | (5.0 | ) | $ | — |
Unrealized losses on derivative instruments | $ | — |  | $ | (0.7 | ) | $ | (0.7 | )
Other, net | $ | (11.3 | ) | $ | 7.7 |  | $ | (3.6 | )
Net change in: |  |  |
Accounts receivable and accrued utility revenues | $ | (141.1 | ) | $ | (5.1 | ) | $ | (146.2 | )
Inventories | $ | 54.1 |  | $ | (2.8 | ) | $ | 51.3 |
Accounts payable | $ | (26.9 | ) | $ | 1.4 |  | $ | (25.5 | )
Other current liabilities | $ | (73.8 | ) | $ | — |  | $ | (73.8 | )
Condensed Consolidated Statements of Changes in Equity
| For the nine months ended June 30, 2013
| As Previously Reported | Adjustment | As Revised
Retained earnings | $ | 1,361.9 |  | $ | (7.0 | ) | $ | 1,354.9 |
Accumulated other comprehensive loss | $ | (30.7 | ) | $ | 3.3 |  | $ | (27.4 | )
Noncontrolling interests | $ | 1,132.2 |  | $ | 1.7 |  | $ | 1,133.9 |

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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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