Net gains and losses on commodity derivative instruments not associated with current-period transactions are reflected in Corporate & Other because the Company’s CODM does not consider such items when evaluating the financial performance of our reportable segments.



														Midstream & Marketing					UGI International
Three Months Ended March 31, 2016	Total			Elim- inations				AmeriGas Propane			UGI Utilities			Energy Services			Electric Generation		UGI France			Flaga & Other			Corporate & Other (b)
Revenues	$	1,972.1		$	(59.2	)	(c)	$	827.5		$	322.0		$	285.7		$	15.8	$	446.7		$	132.0		$	1.6
Cost of sales	$	776.9		$	(58.5	)	(c)	$	298.2		$	137.5		$	186.1		$	6.3	$	197.2		$	73.8		$	(63.7	)
Segment profit:
Operating income	$	615.4		$	—			$	250.4		$	114.5		$	76.1		$	1.7	$	94.6		$	16.9		$	61.2
Interest expense	(57.3		)	—				(40.8		)	(9.3		)	(0.5		)	—		(5.6		)	(0.9		)	(0.2		)
Income before income taxes	$	558.1		$	—			$	209.6		$	105.2		$	75.6		$	1.7	$	89.0		$	16.0		$	61.0
Partnership Adjusted EBITDA (a)								$	295.4
Noncontrolling interests’ net income	$	174.8		$	—			$	146.0		$	—		$	—		$	—	$	0.1		$	—		$	28.7
Depreciation and amortization	$	100.7		$	(0.1	)		$	47.4		$	17.0		$	4.3		$	3.4	$	23.3		$	5.0		$	0.4
Capital expenditures (including the effects of accruals)	$	114.5		$	—			$	27.8		$	48.1		$	15.2		$	1.1	$	17.3		$	5.0		$	—



														Midstream & Marketing					UGI International
Three Months Ended March 31, 2015 (d)	Total			Elim- inations				AmeriGas Propane			UGI Utilities			Energy Services			Electric Generation		UGI France			Flaga & Other			Corporate & Other (b)
Revenues	$	2,455.6		$	(114.7	)	(c)	$	1,100.3		$	500.6		$	424.1		$	24.8	$	347.2		$	172.9		$	0.4
Cost of sales	$	1,205.4		$	(114.0	)	(c)	$	505.2		$	278.3		$	305.5		$	9.4	$	200.3		$	123.3		$	(102.6	)
Segment profit:
Operating income	$	702.1		$	0.1			$	296.9		$	142.7		$	91.1		$	8.0	$	53.2		$	11.5		$	98.6
Loss from equity investees	(0.1		)	—				—			—			—			—		(0.1		)	—			—
Interest expense	(58.2		)	—				(41.1		)	(10.7		)	(0.5		)	—		(4.9		)	(0.9		)	(0.1		)
Income before income taxes	$	643.8		$	0.1			$	255.8		$	132.0		$	90.6		$	8.0	$	48.2		$	10.6		$	98.5
Partnership Adjusted EBITDA (a)								$	342.1
Noncontrolling interests’ net income (e)	$	235.7		$	—			$	180.9		$	—		$	—		$	—	$	0.3		$	—		$	54.5
Depreciation and amortization	$	88.0		$	(0.1	)		$	48.1		$	15.7		$	3.9		$	3.3	$	11.8		$	5.2		$	0.1
Capital expenditures (including the effects of accruals)	$	91.4		$	—			$	26.8		$	41.3		$	6.0		$	2.3	$	9.6		$	5.4		$	—



														Midstream & Marketing					UGI International
Six Months Ended March 31, 2016	Total			Elim- inations				AmeriGas Propane			UGI Utilities			Energy Services			Electric Generation		UGI France			Flaga & Other			Corporate & Other (b)
Revenues	$	3,578.7		$	(104.6	)	(c)	$	1,471.6		$	520.0		$	500.5		$	30.6	$	855.4		$	301.5		$	3.7
Cost of sales	$	1,510.9		$	(103.0	)	(c)	$	541.4		$	212.9		$	337.3		$	12.3	$	389.8		$	184.0		$	(63.8	)
Segment profit:
Operating income	$	920.9		$	0.1			$	380.0		$	162.8		$	117.4		$	3.3	$	163.3		$	33.3		$	60.7
Loss from equity investees	(0.1		)	—				—			—			—			—		(0.1		)	—			—
Interest expense	(115.2		)	—				(81.8		)	(18.8		)	(1.3		)	—		(11.2		)	(1.8		)	(0.3		)
Income before income taxes	$	805.6		$	0.1			$	298.2		$	144.0		$	116.1		$	3.3	$	152.0		$	31.5		$	60.4
Partnership Adjusted EBITDA (a)								$	473.1
Noncontrolling interests’ net income	$	228.1		$	—			$	203.3		$	—		$	—		$	—	$	0.2		$	—		$	24.6
Depreciation and amortization	$	201.3		$	(0.1	)		$	96.6		$	33.7		$	8.4		$	6.7	$	44.9		$	10.6		$	0.5
Capital expenditures (including the effects of accruals)	$	247.4		$	—			$	55.8		$	109.6		$	37.1		$	1.6	$	33.6		$	9.7		$	—
As of March 31, 2016
Total assets	$	10,955.4		$	(87.5	)		$	4,201.1		$	2,641.6		$	723.0		$	277.2	$	2,522.4		$	551.7		$	125.9
Short-term borrowings	$	227.1		$	—			$	65.3		$	155.0		$	4.0		$	—	$	1.6		$	1.2		$	—
Goodwill	$	2,998.6		$	—			$	1,971.3		$	182.1		$	11.5		$	—	$	734.5		$	99.2		$	—



														Midstream & Marketing					UGI International
Six Months Ended March 31, 2015 (d)	Total			Elim- inations				AmeriGas Propane			UGI Utilities			Energy Services			Electric Generation		UGI France			Flaga & Other			Corporate & Other (b)
Revenues	$	4,460.2		$	(182.4	)	(c)	$	1,989.1		$	787.9		$	738.2		$	41.3	$	685.1		$	397.5		$	3.5
Cost of sales	$	2,610.0		$	(181.0	)	(c)	$	967.6		$	421.4		$	550.1		$	17.4	$	409.6		$	295.9		$	129.0
Segment profit:
Operating income (loss)	$	785.4		$	0.1			$	436.6		$	218.3		$	137.4		$	7.3	$	91.6		$	26.6		$	(132.5	)
Loss from equity investees	(1.1		)	—				—			—			—			—		(1.1		)	—			—
Interest expense	(117.2		)	—				(82.1		)	(21.3		)	(1.1		)	—		(10.5		)	(1.9		)	(0.3		)
Income (loss) before income taxes	$	667.1		$	0.1			$	354.5		$	197.0		$	136.3		$	7.3	$	80.0		$	24.7		$	(132.8	)
Partnership EBITDA (a)								$	530.6
Noncontrolling interests’ net income (e)	$	201.8		$	—			$	247.7		$	—		$	—		$	—	$	0.4		$	—		$	(46.3	)
Depreciation and amortization	$	179.0		$	—			$	97.5		$	31.1		$	7.7		$	6.0	$	25.1		$	11.3		$	0.3
Capital expenditures (including the effects of accruals)	$	214.9		$	—			$	57.2		$	96.3		$	18.9		$	8.9	$	21.7		$	11.8		$	0.1
As of March 31, 2015
Total assets	$	10,182.7		$	(109.5	)		$	4,423.8		$	2,506.0		$	719.6		$	281.2	$	1,569.2		$	539.7		$	252.7
Short-term borrowings	$	89.9		$	—			$	55.0		$	30.5		$	—		$	—	$	0.1		$	4.3		$	—
Goodwill	$	2,731.2		$	—			$	1,949.7		$	182.1		$	11.8		$	—	$	510.9		$	76.7		$	—


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



	Three Months Ended March 31,						Six Months Ended March 31,
	2016			2015			2016			2015
Partnership Adjusted EBITDA	$	295.4		$	342.1		$	473.1		$	530.6
Depreciation and amortization	(47.4		)	(48.1		)	(96.6		)	(97.5		)
Noncontrolling interests (i)	2.4			2.9			3.5			3.5
Operating income	$	250.4		$	296.9		$	380.0		$	436.6


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

(b)

Corporate & Other results principally comprise (1) net expenses of UGI’s captive general liability insurance company, and (2) UGI Corporation’s unallocated corporate and general expenses and interest income. In addition, Corporate & Other results also include the effects of net pre-tax gains and (losses) on commodity derivative instruments not associated with current-period transactions totaling $64.0 and $102.2 during the three months ended March 31, 2016 and 2015, respectively, and $65.1 and $(127.5) during the six months ended March 31, 2016 and 2015, respectively. Corporate & Other assets principally comprise cash and short-term investments of UGI and its captive insurance company; UGI corporate headquarters’ assets; and our investment in a private equity partnership.


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


(d)	Certain amounts have been restated to reflect the current-year changes in our segment presentation as described above.


(e)	Amounts for AmeriGas Propane and Corporate & Other have been corrected to properly reflect gains and (losses) on commodity derivative instruments not associated with current period transactions.