We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
AmeriGas Partners LP | NYSE:APU | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.22 | 0 | 01:00:00 |
|
|
|
|
|
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
23-2787918
|
(State or Other Jurisdiction of
|
|
(I.R.S. Employer
|
Incorporation or Organization)
|
|
Identification No.)
|
Large accelerated filer
|
ý
|
|
Accelerated filer
|
¨
|
|
|
|
|
|
Non-accelerated filer
|
¨
|
|
Smaller reporting company
|
¨
|
|
|
|
|
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2016 |
|
September 30,
2015 |
|
June 30,
2015 |
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Current assets:
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
307,657
|
|
|
$
|
14,757
|
|
|
$
|
16,222
|
|
Accounts receivable (less allowances for doubtful accounts of $11,952, $12,257 and $16,007, respectively)
|
|
187,551
|
|
|
199,067
|
|
|
223,228
|
|
|||
Accounts receivable - related parties
|
|
3,108
|
|
|
2,360
|
|
|
3,187
|
|
|||
Inventories
|
|
81,571
|
|
|
93,934
|
|
|
93,301
|
|
|||
Derivative instruments
|
|
8,968
|
|
|
—
|
|
|
—
|
|
|||
Prepaid expenses and other current assets
|
|
50,836
|
|
|
56,243
|
|
|
49,981
|
|
|||
Total current assets
|
|
639,691
|
|
|
366,361
|
|
|
385,919
|
|
|||
Property, plant and equipment (less accumulated depreciation and amortization of $1,468,332, $1,369,733 and $1,333,992, respectively)
|
|
1,285,518
|
|
|
1,324,327
|
|
|
1,341,325
|
|
|||
Goodwill
|
|
1,978,894
|
|
|
1,956,688
|
|
|
1,954,791
|
|
|||
Intangible assets, net
|
|
420,473
|
|
|
433,713
|
|
|
441,349
|
|
|||
Derivative instruments
|
|
891
|
|
|
—
|
|
|
—
|
|
|||
Other assets
|
|
71,772
|
|
|
60,623
|
|
|
62,364
|
|
|||
Total assets
|
|
$
|
4,397,239
|
|
|
$
|
4,141,712
|
|
|
$
|
4,185,748
|
|
LIABILITIES AND PARTNERS’ CAPITAL
|
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
|
||||||
Current maturities of long-term debt
|
|
$
|
361,177
|
|
|
$
|
9,679
|
|
|
$
|
10,353
|
|
Short-term borrowings
|
|
11,400
|
|
|
68,100
|
|
|
43,600
|
|
|||
Accounts payable - trade
|
|
81,358
|
|
|
101,588
|
|
|
100,634
|
|
|||
Accounts payable - related parties
|
|
684
|
|
|
445
|
|
|
39
|
|
|||
Customer deposits and advances
|
|
79,174
|
|
|
117,087
|
|
|
61,412
|
|
|||
Derivative instruments
|
|
4,562
|
|
|
47,507
|
|
|
47,514
|
|
|||
Other current liabilities
|
|
178,173
|
|
|
201,888
|
|
|
178,627
|
|
|||
Total current liabilities
|
|
716,528
|
|
|
546,294
|
|
|
442,179
|
|
|||
Long-term debt
|
|
2,356,908
|
|
|
2,273,817
|
|
|
2,279,237
|
|
|||
Derivative instruments
|
|
963
|
|
|
7,670
|
|
|
8,660
|
|
|||
Other noncurrent liabilities
|
|
116,855
|
|
|
113,558
|
|
|
109,252
|
|
|||
Total liabilities
|
|
3,191,254
|
|
|
2,941,339
|
|
|
2,839,328
|
|
|||
Commitments and contingencies (Note 6)
|
|
|
|
|
|
|
||||||
Partners’ capital:
|
|
|
|
|
|
|
||||||
AmeriGas Partners, L.P. partners’ capital:
|
|
|
|
|
|
|
||||||
Common unitholders (units issued - 92,922,926, 92,889,980 and 92,889,543, respectively)
|
|
1,150,641
|
|
|
1,145,291
|
|
|
1,288,367
|
|
|||
General partner
|
|
19,004
|
|
|
18,925
|
|
|
20,369
|
|
|||
Accumulated other comprehensive income
|
|
—
|
|
|
—
|
|
|
301
|
|
|||
Total AmeriGas Partners, L.P. partners’ capital
|
|
1,169,645
|
|
|
1,164,216
|
|
|
1,309,037
|
|
|||
Noncontrolling interest
|
|
36,340
|
|
|
36,157
|
|
|
37,383
|
|
|||
Total partners’ capital
|
|
1,205,985
|
|
|
1,200,373
|
|
|
1,346,420
|
|
|||
Total liabilities and partners’ capital
|
|
$
|
4,397,239
|
|
|
$
|
4,141,712
|
|
|
$
|
4,185,748
|
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Propane
|
|
$
|
385,566
|
|
|
$
|
414,146
|
|
|
$
|
1,718,748
|
|
|
$
|
2,254,961
|
|
Other
|
|
61,118
|
|
|
63,831
|
|
|
199,521
|
|
|
212,125
|
|
||||
|
|
446,684
|
|
|
477,977
|
|
|
1,918,269
|
|
|
2,467,086
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales - propane (excluding depreciation shown below)
|
|
121,812
|
|
|
172,803
|
|
|
591,355
|
|
|
1,163,089
|
|
||||
Cost of sales - other (excluding depreciation shown below)
|
|
21,145
|
|
|
23,745
|
|
|
59,173
|
|
|
64,607
|
|
||||
Operating and administrative expenses
|
|
217,154
|
|
|
223,306
|
|
|
686,578
|
|
|
727,303
|
|
||||
Depreciation
|
|
35,668
|
|
|
37,370
|
|
|
110,807
|
|
|
113,454
|
|
||||
Amortization
|
|
10,742
|
|
|
10,666
|
|
|
32,228
|
|
|
32,065
|
|
||||
Other operating income, net
|
|
(6,041
|
)
|
|
(5,548
|
)
|
|
(22,079
|
)
|
|
(23,088
|
)
|
||||
|
|
400,480
|
|
|
462,342
|
|
|
1,458,062
|
|
|
2,077,430
|
|
||||
Operating income
|
|
46,204
|
|
|
15,635
|
|
|
460,207
|
|
|
389,656
|
|
||||
Loss on extinguishments of debt
|
|
(37,086
|
)
|
|
—
|
|
|
(37,086
|
)
|
|
—
|
|
||||
Interest expense
|
|
(40,838
|
)
|
|
(40,274
|
)
|
|
(122,669
|
)
|
|
(122,404
|
)
|
||||
(Loss) income before income taxes
|
|
(31,720
|
)
|
|
(24,639
|
)
|
|
300,452
|
|
|
267,252
|
|
||||
Income tax expense
|
|
(907
|
)
|
|
(802
|
)
|
|
(2,107
|
)
|
|
(2,478
|
)
|
||||
Net (loss) income including noncontrolling interest
|
|
(32,627
|
)
|
|
(25,441
|
)
|
|
298,345
|
|
|
264,774
|
|
||||
Deduct net income attributable to noncontrolling interest
|
|
(442
|
)
|
|
(137
|
)
|
|
(4,533
|
)
|
|
(3,868
|
)
|
||||
Net (loss) income attributable to AmeriGas Partners, L.P.
|
|
$
|
(33,069
|
)
|
|
$
|
(25,578
|
)
|
|
$
|
293,812
|
|
|
$
|
260,906
|
|
|
|
|
|
|
|
|
|
|
||||||||
General partner’s interest in net (loss) income attributable to AmeriGas Partners, L.P.
|
|
$
|
10,101
|
|
|
$
|
8,389
|
|
|
$
|
30,663
|
|
|
$
|
24,321
|
|
Limited partners’ interest in net (loss) income attributable to AmeriGas Partners, L.P.
|
|
$
|
(43,170
|
)
|
|
$
|
(33,967
|
)
|
|
$
|
263,149
|
|
|
$
|
236,585
|
|
(Loss) income per limited partner unit - basic and diluted:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
(0.46
|
)
|
|
$
|
(0.37
|
)
|
|
$
|
2.81
|
|
|
$
|
2.53
|
|
Diluted
|
|
$
|
(0.46
|
)
|
|
$
|
(0.37
|
)
|
|
$
|
2.80
|
|
|
$
|
2.53
|
|
Weighted average limited partner units outstanding (thousands):
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
92,960
|
|
|
92,918
|
|
|
92,945
|
|
|
92,908
|
|
||||
Diluted
|
|
92,960
|
|
|
92,918
|
|
|
93,019
|
|
|
92,972
|
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net (loss) income including noncontrolling interest
|
|
$
|
(32,627
|
)
|
|
$
|
(25,441
|
)
|
|
$
|
298,345
|
|
|
$
|
264,774
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
||||||||
Reclassifications of net gains on derivative instruments
|
|
—
|
|
|
(213
|
)
|
|
—
|
|
|
(2,518
|
)
|
||||
Other comprehensive loss
|
|
—
|
|
|
(213
|
)
|
|
—
|
|
|
(2,518
|
)
|
||||
Total comprehensive (loss) income including noncontrolling interest
|
|
(32,627
|
)
|
|
(25,654
|
)
|
|
298,345
|
|
|
262,256
|
|
||||
Deduct comprehensive income attributable to noncontrolling interest
|
|
(442
|
)
|
|
(135
|
)
|
|
(4,533
|
)
|
|
(3,843
|
)
|
||||
Comprehensive (loss) income attributable to AmeriGas Partners, L.P.
|
|
$
|
(33,069
|
)
|
|
$
|
(25,789
|
)
|
|
$
|
293,812
|
|
|
$
|
258,413
|
|
|
|
Nine Months Ended
June 30, |
||||||
|
|
2016
|
|
2015
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
||||
Net income including noncontrolling interest
|
|
$
|
298,345
|
|
|
$
|
264,774
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
143,035
|
|
|
145,519
|
|
||
Provision for uncollectible accounts
|
|
9,354
|
|
|
13,791
|
|
||
Unrealized (gains) losses on derivative instruments
|
|
(61,671
|
)
|
|
48,678
|
|
||
Loss on extinguishments of debt
|
|
37,086
|
|
|
—
|
|
||
Other, net
|
|
649
|
|
|
(3,774
|
)
|
||
Net change in:
|
|
|
|
|
||||
Accounts receivable
|
|
427
|
|
|
29,700
|
|
||
Inventories
|
|
12,609
|
|
|
86,606
|
|
||
Accounts payable
|
|
(22,105
|
)
|
|
(51,564
|
)
|
||
Other current assets
|
|
10,610
|
|
|
(5,827
|
)
|
||
Other current liabilities
|
|
(65,937
|
)
|
|
(103,852
|
)
|
||
Net cash provided by operating activities
|
|
362,402
|
|
|
424,051
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
||||
Expenditures for property, plant and equipment
|
|
(74,472
|
)
|
|
(77,858
|
)
|
||
Proceeds from disposals of assets
|
|
11,230
|
|
|
18,380
|
|
||
Acquisitions of businesses, net of cash acquired
|
|
(36,678
|
)
|
|
(17,008
|
)
|
||
Net cash used by investing activities
|
|
(99,920
|
)
|
|
(76,486
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
||||
Distributions
|
|
(288,891
|
)
|
|
(273,372
|
)
|
||
Noncontrolling interest activity
|
|
(4,350
|
)
|
|
(4,836
|
)
|
||
Decrease in short-term borrowings
|
|
(56,700
|
)
|
|
(65,400
|
)
|
||
Issuances of long-term debt
|
|
1,333,407
|
|
|
—
|
|
||
Repayments of long-term debt
|
|
(954,186
|
)
|
|
(4,698
|
)
|
||
Proceeds associated with equity-based compensation plans, net of tax withheld
|
|
1,127
|
|
|
3,449
|
|
||
Capital contributions from General Partner
|
|
11
|
|
|
34
|
|
||
Net cash provided (used) by financing activities
|
|
30,418
|
|
|
(344,823
|
)
|
||
Cash and cash equivalents increase
|
|
$
|
292,900
|
|
|
$
|
2,742
|
|
CASH AND CASH EQUIVALENTS
|
|
|
|
|
||||
End of period
|
|
$
|
307,657
|
|
|
$
|
16,222
|
|
Beginning of period
|
|
14,757
|
|
|
13,480
|
|
||
Increase
|
|
$
|
292,900
|
|
|
$
|
2,742
|
|
|
|
Number of
Common Units
|
|
Common
unitholders
|
|
General
partner
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Total
AmeriGas
Partners, L.P.
partners’ capital
|
|
Noncontrolling
interest
|
|
Total
partners’
capital
|
|||||||||||||
For the nine months ended June 30, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance September 30, 2015
|
|
92,889,980
|
|
|
$
|
1,145,291
|
|
|
$
|
18,925
|
|
|
$
|
—
|
|
|
$
|
1,164,216
|
|
|
$
|
36,157
|
|
|
$
|
1,200,373
|
|
Net income
|
|
|
|
263,149
|
|
|
30,663
|
|
|
|
|
293,812
|
|
|
4,533
|
|
|
298,345
|
|
||||||||
Distributions
|
|
|
|
(258,296
|
)
|
|
(30,595
|
)
|
|
|
|
(288,891
|
)
|
|
(4,350
|
)
|
|
(293,241
|
)
|
||||||||
Unit-based compensation expense
|
|
|
|
1,070
|
|
|
|
|
|
|
1,070
|
|
|
|
|
1,070
|
|
||||||||||
Common Units issued in connection with employee and director plans, net of tax withheld
|
|
32,946
|
|
|
(573
|
)
|
|
11
|
|
|
|
|
(562
|
)
|
|
|
|
(562
|
)
|
||||||||
Balance June 30, 2016
|
|
92,922,926
|
|
|
$
|
1,150,641
|
|
|
$
|
19,004
|
|
|
$
|
—
|
|
|
$
|
1,169,645
|
|
|
$
|
36,340
|
|
|
$
|
1,205,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Number of
Common Units
|
|
Common
unitholders
|
|
General
partner
|
|
Accumulated
other comprehensive income (loss) |
|
Total
AmeriGas
Partners, L.P.
partners’ capital
|
|
Noncontrolling
interest
|
|
Total
partners’
capital
|
|||||||||||||
For the nine months ended June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance September 30, 2014
|
|
92,867,204
|
|
|
$
|
1,299,260
|
|
|
$
|
20,460
|
|
|
$
|
2,794
|
|
|
$
|
1,322,514
|
|
|
$
|
38,376
|
|
|
$
|
1,360,890
|
|
Net income
|
|
|
|
236,585
|
|
|
24,321
|
|
|
|
|
260,906
|
|
|
3,868
|
|
|
264,774
|
|
||||||||
Reclassification of net gains on derivative instruments
|
|
|
|
|
|
|
|
(2,493
|
)
|
|
(2,493
|
)
|
|
(25
|
)
|
|
(2,518
|
)
|
|||||||||
Distributions
|
|
|
|
(248,926
|
)
|
|
(24,446
|
)
|
|
|
|
(273,372
|
)
|
|
(4,192
|
)
|
|
(277,564
|
)
|
||||||||
Unit-based compensation expense
|
|
|
|
1,999
|
|
|
|
|
|
|
1,999
|
|
|
|
|
1,999
|
|
||||||||||
Common Units issued in connection with employee and director plans, net of tax withheld
|
|
22,339
|
|
|
(551
|
)
|
|
34
|
|
|
|
|
(517
|
)
|
|
|
|
(517
|
)
|
||||||||
Distribution related to common control transaction (Note 9)
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(644
|
)
|
|
(644
|
)
|
||||||||||
Balance June 30, 2015
|
|
92,889,543
|
|
|
$
|
1,288,367
|
|
|
$
|
20,369
|
|
|
$
|
301
|
|
|
$
|
1,309,037
|
|
|
$
|
37,383
|
|
|
$
|
1,346,420
|
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net (loss) income attributable to AmeriGas Partners, L.P.
|
|
$
|
(33,069
|
)
|
|
$
|
(25,578
|
)
|
|
$
|
293,812
|
|
|
$
|
260,906
|
|
Adjust for general partner share and theoretical distributions of net (loss) income attributable to AmeriGas Partners, L.P. to the general partner in accordance with the two-class method for MLPs
|
|
(10,101
|
)
|
|
(8,389
|
)
|
|
(33,039
|
)
|
|
(25,695
|
)
|
||||
Common Unitholders’ interest in net (loss) income attributable to AmeriGas Partners, L.P. under the two-class method for MLPs
|
|
$
|
(43,170
|
)
|
|
$
|
(33,967
|
)
|
|
$
|
260,773
|
|
|
$
|
235,211
|
|
Weighted average Common Units outstanding—basic (thousands)
|
|
92,960
|
|
|
92,918
|
|
|
92,945
|
|
|
92,908
|
|
||||
Potentially dilutive Common Units (thousands)
|
|
—
|
|
|
—
|
|
|
74
|
|
|
64
|
|
||||
Weighted average Common Units outstanding—diluted (thousands)
|
|
92,960
|
|
|
92,918
|
|
|
93,019
|
|
|
92,972
|
|
|
|
June 30,
2016 |
|
September 30,
2015 |
|
June 30,
2015 |
||||||
Goodwill (not subject to amortization)
|
|
$
|
1,978,894
|
|
|
$
|
1,956,688
|
|
|
$
|
1,954,791
|
|
Intangible assets:
|
|
|
|
|
|
|
||||||
Customer relationships and noncompete agreements
|
|
$
|
529,739
|
|
|
$
|
514,333
|
|
|
$
|
512,552
|
|
Accumulated amortization
|
|
(192,210
|
)
|
|
(163,564
|
)
|
|
(154,147
|
)
|
|||
Intangible assets, net (definite-lived)
|
|
337,529
|
|
|
350,769
|
|
|
358,405
|
|
|||
Trademarks and tradenames (indefinite-lived)
|
|
82,944
|
|
|
82,944
|
|
|
82,944
|
|
|||
Total intangible assets, net
|
|
$
|
420,473
|
|
|
$
|
433,713
|
|
|
$
|
441,349
|
|
Notes
|
|
Aggregate Principal Amounts
|
|
Amounts Repaid on June 27, 2016
|
|
Remaining Amounts Outstanding at June 30, 2016
|
||||||
6.50% Senior Notes due May 2021
|
|
$
|
270,001
|
|
|
$
|
203,476
|
|
|
$
|
66,525
|
|
6.75% Senior Notes due May 2020
|
|
550,000
|
|
|
406,946
|
|
|
143,054
|
|
|||
6.25% Senior Notes due August 2019
|
|
450,000
|
|
|
306,721
|
|
|
143,279
|
|
|||
Total
|
|
$
|
1,270,001
|
|
|
$
|
917,143
|
|
|
$
|
352,858
|
|
|
|
Asset (Liability)
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
June 30, 2016:
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Propane contracts
|
|
$
|
—
|
|
|
$
|
14,063
|
|
|
$
|
—
|
|
|
$
|
14,063
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Propane contracts
|
|
$
|
—
|
|
|
$
|
(9,729
|
)
|
|
$
|
—
|
|
|
$
|
(9,729
|
)
|
September 30, 2015:
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Propane contracts
|
|
$
|
—
|
|
|
$
|
1,242
|
|
|
$
|
—
|
|
|
$
|
1,242
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Propane contracts
|
|
$
|
—
|
|
|
$
|
(58,579
|
)
|
|
$
|
—
|
|
|
$
|
(58,579
|
)
|
June 30, 2015:
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Propane contracts
|
|
$
|
—
|
|
|
$
|
308
|
|
|
$
|
—
|
|
|
$
|
308
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Propane contracts
|
|
$
|
—
|
|
|
$
|
(58,482
|
)
|
|
$
|
—
|
|
|
$
|
(58,482
|
)
|
|
|
June 30,
2016 |
|
June 30,
2015 |
||||
Derivative assets not designated as hedging instruments:
|
|
|
|
|
||||
Propane contracts
|
|
$
|
14,063
|
|
|
$
|
308
|
|
Total derivative assets - gross
|
|
14,063
|
|
|
308
|
|
||
Gross amounts offset in the balance sheet
|
|
(4,204
|
)
|
|
(308
|
)
|
||
Total derivative assets - net
|
|
$
|
9,859
|
|
|
$
|
—
|
|
|
|
|
|
|
||||
Derivative liabilities not designated as hedging instruments:
|
|
|
|
|
||||
Propane contracts
|
|
$
|
(9,729
|
)
|
|
$
|
(58,482
|
)
|
Total derivative liabilities - gross
|
|
(9,729
|
)
|
|
(58,482
|
)
|
||
Gross amounts offset in the balance sheet
|
|
4,204
|
|
|
308
|
|
||
Cash collateral pledged
|
|
—
|
|
|
2,000
|
|
||
Total derivative liabilities - net
|
|
$
|
(5,525
|
)
|
|
$
|
(56,174
|
)
|
|
|
Gain
Reclassified from AOCI and Noncontrolling Interest into Income |
|
Location of Gain
Reclassified from AOCI and Noncontrolling Interest into Income |
||||||
Three Months Ended June 30,
|
|
2016
|
|
2015
|
|
|||||
Cash Flow Hedges:
|
|
|
|
|
|
|
||||
Propane contracts
|
|
$
|
—
|
|
|
$
|
213
|
|
|
Cost of sales - propane
|
|
|
|
|
|
|
|
||||
|
|
Gain (Loss)
Recognized in Income |
|
Location of Gain (Loss)
Recognized in Income |
||||||
Three Months Ended June 30,
|
|
2016
|
|
2015
|
|
|||||
Derivatives Not Designated as Hedging Instruments:
|
|
|
|
|
|
|
||||
Propane contracts
|
|
$
|
20,409
|
|
|
$
|
(12,216
|
)
|
|
Cost of sales - propane
|
|
|
|
|
|
|
|
||||
|
|
Gain
Reclassified from AOCI and Noncontrolling Interest into Income |
|
Location of Gain
Reclassified from AOCI and Noncontrolling Interest into Income |
||||||
Nine Months Ended June 30,
|
|
2016
|
|
2015
|
|
|||||
Cash Flow Hedges:
|
|
|
|
|
|
|
||||
Propane contracts
|
|
$
|
—
|
|
|
$
|
2,518
|
|
|
Cost of sales - propane
|
|
|
|
|
|
|
|
||||
|
|
Gain (Loss)
Recognized in Income
|
|
Location of Gain (Loss)
Recognized in Income |
||||||
Nine Months Ended June 30,
|
|
2016
|
|
2015
|
|
|||||
Derivatives Not Designated as Hedging Instruments:
|
|
|
|
|
|
|
||||
Propane contracts
|
|
$
|
4,579
|
|
|
$
|
(192,701
|
)
|
|
Cost of sales - propane
|
(Millions of dollars)
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||||||
Adjusted total margin:
|
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
|
$
|
446.7
|
|
|
$
|
478.0
|
|
|
$
|
1,918.3
|
|
|
$
|
2,467.1
|
|
Cost of sales - propane
|
|
(121.8
|
)
|
|
(172.8
|
)
|
|
(591.4
|
)
|
|
(1,163.1
|
)
|
||||
Cost of sales - other (a)
|
|
(21.2
|
)
|
|
(23.8
|
)
|
|
(59.2
|
)
|
|
(64.6
|
)
|
||||
Total margin
|
|
303.7
|
|
|
281.4
|
|
|
1,267.7
|
|
|
1,239.4
|
|
||||
Subtract net (gains) add net losses on commodity derivative instruments not associated with current-period transactions
|
|
(27.8
|
)
|
|
(14.8
|
)
|
|
(61.7
|
)
|
|
48.7
|
|
||||
Adjusted total margin
|
|
$
|
275.9
|
|
|
$
|
266.6
|
|
|
$
|
1,206.0
|
|
|
$
|
1,288.1
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted operating income:
|
|
|
|
|
|
|
|
|
||||||||
Operating income
|
|
$
|
46.2
|
|
|
$
|
15.6
|
|
|
$
|
460.2
|
|
|
$
|
389.7
|
|
Subtract net (gains) add net losses on commodity derivative instruments not associated with current-period transactions
|
|
(27.8
|
)
|
|
(14.8
|
)
|
|
(61.7
|
)
|
|
48.7
|
|
||||
Adjusted operating income
|
|
$
|
18.4
|
|
|
$
|
0.8
|
|
|
$
|
398.5
|
|
|
$
|
438.4
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted net income attributable to AmeriGas Partners:
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to AmeriGas Partners
|
|
$
|
(33.1
|
)
|
|
$
|
(25.6
|
)
|
|
$
|
293.8
|
|
|
$
|
260.9
|
|
Subtract net (gains) add net losses on commodity derivative instruments not associated with current-period transactions
|
|
(27.8
|
)
|
|
(14.8
|
)
|
|
(61.7
|
)
|
|
48.7
|
|
||||
Noncontrolling interest in net gains (losses) on commodity derivative instruments not associated with current-period transactions (a)
|
|
0.2
|
|
|
0.2
|
|
|
0.6
|
|
|
(0.5
|
)
|
||||
Loss on extinguishments of debt
|
|
37.1
|
|
|
—
|
|
|
37.1
|
|
|
—
|
|
||||
Adjusted net (loss) income attributable to AmeriGas Partners
|
|
$
|
(23.6
|
)
|
|
$
|
(40.2
|
)
|
|
$
|
269.8
|
|
|
$
|
309.1
|
|
|
|
|
|
|
|
|
|
|
||||||||
EBITDA and Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to AmeriGas Partners
|
|
$
|
(33.1
|
)
|
|
$
|
(25.6
|
)
|
|
$
|
293.8
|
|
|
$
|
260.9
|
|
Income tax expense (a)
|
|
1.0
|
|
|
0.7
|
|
|
2.1
|
|
|
2.4
|
|
||||
Interest expense
|
|
40.8
|
|
|
40.3
|
|
|
122.7
|
|
|
122.4
|
|
||||
Depreciation
|
|
35.7
|
|
|
37.4
|
|
|
110.8
|
|
|
113.5
|
|
||||
Amortization
|
|
10.7
|
|
|
10.7
|
|
|
32.2
|
|
|
32.1
|
|
||||
EBITDA
|
|
55.1
|
|
|
63.5
|
|
|
561.6
|
|
|
531.3
|
|
||||
Subtract net (gains) add net losses on commodity derivative instruments not associated with current-period transactions
|
|
(27.8
|
)
|
|
(14.8
|
)
|
|
(61.7
|
)
|
|
48.7
|
|
||||
Noncontrolling interest in net gains (losses) on commodity derivative instruments not associated with current-period transactions (a)
|
|
0.2
|
|
|
0.2
|
|
|
0.7
|
|
|
(0.5
|
)
|
||||
Loss on extinguishments of debt
|
|
37.1
|
|
|
—
|
|
|
37.1
|
|
|
—
|
|
||||
Adjusted EBITDA
|
|
$
|
64.6
|
|
|
$
|
48.9
|
|
|
$
|
537.7
|
|
|
$
|
579.5
|
|
(a)
|
Includes the impact of rounding.
|
Three Months Ended June 30,
|
|
2016
|
|
2015
|
|
Increase (Decrease)
|
|||||||||
(millions of dollars)
|
|
|
|
|
|
|
|
|
|||||||
Gallons sold (millions):
|
|
|
|
|
|
|
|
|
|||||||
Retail
|
|
202.8
|
|
|
202.2
|
|
|
0.6
|
|
|
0.3
|
%
|
|||
Wholesale
|
|
8.7
|
|
|
11.2
|
|
|
(2.5
|
)
|
|
(22.3
|
)%
|
|||
|
|
211.5
|
|
|
213.4
|
|
|
(1.9
|
)
|
|
(0.9
|
)%
|
|||
Revenues:
|
|
|
|
|
|
|
|
|
|||||||
Retail propane
|
|
$
|
380.2
|
|
|
$
|
407.4
|
|
|
$
|
(27.2
|
)
|
|
(6.7
|
)%
|
Wholesale propane
|
|
5.4
|
|
|
6.7
|
|
|
(1.3
|
)
|
|
(19.4
|
)%
|
|||
Other
|
|
61.1
|
|
|
63.9
|
|
|
(2.8
|
)
|
|
(4.4
|
)%
|
|||
|
|
$
|
446.7
|
|
|
$
|
478.0
|
|
|
$
|
(31.3
|
)
|
|
(6.5
|
)%
|
Total margin (a)
|
|
$
|
303.7
|
|
|
$
|
281.4
|
|
|
$
|
22.3
|
|
|
7.9
|
%
|
Adjusted total margin (b)
|
|
$
|
275.9
|
|
|
$
|
266.6
|
|
|
$
|
9.3
|
|
|
3.5
|
%
|
Operating and administrative expenses
|
|
$
|
217.2
|
|
|
$
|
223.3
|
|
|
$
|
(6.1
|
)
|
|
(2.7
|
)%
|
Operating income
|
|
$
|
46.2
|
|
|
$
|
15.6
|
|
|
$
|
30.6
|
|
|
196.2
|
%
|
Adjusted operating income (b)
|
|
$
|
18.4
|
|
|
$
|
0.8
|
|
|
$
|
17.6
|
|
|
N.M.
|
|
Net loss attributable to AmeriGas Partners (d)
|
|
$
|
(33.1
|
)
|
|
$
|
(25.6
|
)
|
|
$
|
7.5
|
|
|
29.3
|
%
|
Adjusted net loss attributable to AmeriGas Partners (b)
|
|
$
|
(23.6
|
)
|
|
$
|
(40.2
|
)
|
|
$
|
(16.6
|
)
|
|
(41.3
|
)%
|
EBITDA (b) (d)
|
|
$
|
55.1
|
|
|
$
|
63.5
|
|
|
$
|
(8.4
|
)
|
|
(13.2
|
)%
|
Adjusted EBITDA (b)
|
|
$
|
64.6
|
|
|
$
|
48.9
|
|
|
$
|
15.7
|
|
|
32.1
|
%
|
Degree days — % (warmer) than normal (c)
|
|
(7.5
|
)%
|
|
(12.3
|
)%
|
|
—
|
|
|
—
|
|
(a)
|
Total margin represents “total revenues” less “cost of sales — propane” and “cost of sales — other”.
|
(b)
|
These financial measures are non-GAAP financial measures and are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not a substitute for, the comparable GAAP measures. See section “Non-GAAP Financial Measures” above.
|
(c)
|
Deviation from average heating degree days for the 30-year period 1981-2010 based upon national weather statistics provided by the National Oceanic and Atmospheric Administration for 344 Geo Regions in the United States, excluding Alaska and Hawaii.
|
(d)
|
For the three months ended June 30, 2016, includes impact of $37.1 million loss on extinguishments of debt (see Note 5 to condensed consolidated financial statements).
|
Nine Months Ended June 30,
|
|
2016
|
|
2015
|
|
Increase (Decrease)
|
|||||||||
(millions of dollars)
|
|
|
|
|
|
|
|
|
|||||||
Gallons sold (millions):
|
|
|
|
|
|
|
|
|
|||||||
Retail
|
|
883.7
|
|
|
990.4
|
|
|
(106.7
|
)
|
|
(10.8
|
)%
|
|||
Wholesale
|
|
40.0
|
|
|
42.1
|
|
|
(2.1
|
)
|
|
(5.0
|
)%
|
|||
|
|
923.7
|
|
|
1,032.5
|
|
|
(108.8
|
)
|
|
(10.5
|
)%
|
|||
Revenues:
|
|
|
|
|
|
|
|
|
|||||||
Retail propane
|
|
$
|
1,695.3
|
|
|
$
|
2,219.5
|
|
|
$
|
(524.2
|
)
|
|
(23.6
|
)%
|
Wholesale propane
|
|
23.5
|
|
|
35.5
|
|
|
(12.0
|
)
|
|
(33.8
|
)%
|
|||
Other
|
|
199.5
|
|
|
212.1
|
|
|
(12.6
|
)
|
|
(5.9
|
)%
|
|||
|
|
$
|
1,918.3
|
|
|
$
|
2,467.1
|
|
|
$
|
(548.8
|
)
|
|
(22.2
|
)%
|
Total margin (a)
|
|
$
|
1,267.7
|
|
|
$
|
1,239.4
|
|
|
$
|
28.3
|
|
|
2.3
|
%
|
Adjusted total margin (b)
|
|
$
|
1,206.0
|
|
|
$
|
1,288.1
|
|
|
$
|
(82.1
|
)
|
|
(6.4
|
)%
|
Operating and administrative expenses
|
|
$
|
686.6
|
|
|
$
|
727.3
|
|
|
$
|
(40.7
|
)
|
|
(5.6
|
)%
|
Operating income
|
|
$
|
460.2
|
|
|
$
|
389.7
|
|
|
$
|
70.5
|
|
|
18.1
|
%
|
Adjusted operating income (b)
|
|
$
|
398.5
|
|
|
$
|
438.4
|
|
|
$
|
(39.9
|
)
|
|
(9.1
|
)%
|
Net income attributable to AmeriGas Partners (d)
|
|
$
|
293.8
|
|
|
$
|
260.9
|
|
|
$
|
32.9
|
|
|
12.6
|
%
|
Adjusted net income attributable to AmeriGas Partners (b)
|
|
$
|
269.8
|
|
|
$
|
309.1
|
|
|
$
|
(39.3
|
)
|
|
(12.7
|
)%
|
EBITDA (b) (d)
|
|
$
|
561.6
|
|
|
$
|
531.3
|
|
|
$
|
30.3
|
|
|
5.7
|
%
|
Adjusted EBITDA (b)
|
|
$
|
537.7
|
|
|
$
|
579.5
|
|
|
$
|
(41.8
|
)
|
|
(7.2
|
)%
|
Degree days — % (warmer) than normal (c)
|
|
(14.3
|
)%
|
|
(1.9
|
)%
|
|
—
|
|
|
—
|
|
(a)
|
Total margin represents “total revenues” less “cost of sales — propane” and “cost of sales — other”.
|
(b)
|
These financial measures are non-GAAP financial measures and are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not a substitute for, the comparable GAAP measures. See section “Non-GAAP Financial Measures” above.
|
(c)
|
Deviation from average heating degree days for the 30-year period 1981-2010 based upon national weather statistics provided by the National Oceanic and Atmospheric Administration for 344 Geo Regions in the United States, excluding Alaska and Hawaii.
|
(d)
|
For the nine months ended June 30, 2016, includes impact of $37.1 million loss on extinguishments of debt (see Note 5 to condensed consolidated financial statements).
|
Exhibit No.
|
|
Exhibit
|
|
Registrant
|
Filing
|
Exhibit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.1
|
|
Indenture, dated as of June 27, 2016, among AmeriGas Partners, L.P., AmeriGas Finance Corp., and U.S. Bank National Association, as trustee.
|
|
AmeriGas Partners, L.P.
|
Form 8-K (6/27/16)
|
4.1
|
|
|
|
|
|
|
|
4.2
|
|
First Supplemental Indenture, dated as of June 27, 2016, among AmeriGas Partners, L.P., AmeriGas Finance Corp., and U.S. Bank National Association, as trustee.
|
|
AmeriGas Partners, L.P.
|
Form 8-K (6/27/16)
|
4.2
|
|
|
|
|
|
|
|
10.1
|
|
Amendment to Contingent Residual Support Agreement dated June 20, 2016, among Energy Transfer Partners, L.P., AmeriGas Finance LLC, AmeriGas Finance Corp., AmeriGas Partners, L.P., and for certain limited purposes only, UGI Corporation.
|
|
AmeriGas Partners, L.P.
|
Form 8-K (6/20/16)
|
10.1
|
|
|
|
|
|
|
|
10.2
|
|
Amendment No. 1 dated as of June 20, 2016 to Amended and Restated Credit Agreement dated June 18, 2014 by and among AmeriGas Propane, L.P., as Borrower, AmeriGas Propane, Inc., as Guarantor, Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender, and Issuing Lender, Wells Fargo Securities, LLC, as Sole Lead Arranger and Sole Book Manager, Credit Suisse, AG, Cayman Islands Branch, JPMorgan Chase Bank, N.A., Citizens Bank of Pennsylvania, PNC Bank, National Association, Branch Banking and Trust Company, Citibank, N.A., The Bank of New York Mellon, Bank of America, N.A., Manufactures and Traders Trust Company, Santander Bank, N.A., TD Bank, N.A. and the other financial institutions from time to time party thereto.
|
|
AmeriGas Partners, L.P.
|
Form 8-K (6/20/16)
|
10.2
|
|
|
|
|
|
|
|
31.1
|
|
Certification by the Chief Executive Officer relating to the Registrant’s Report on Form 10-Q for the quarter ended June 30, 2016, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
|
|
|
31.2
|
|
Certification by the Chief Financial Officer relating to the Registrant’s Report on Form 10-Q for the quarter ended June 30, 2016, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
|
|
|
32
|
|
Certification by the Chief Executive Officer and the Chief Financial Officer relating to the Registrant’s Report on Form 10-Q for the quarter ended June 30, 2016, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance
|
|
|
|
|
|
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
|
|
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
|
|
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
|
|
|
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase
|
|
|
|
|
|
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
|
|
|
|
AMERIGAS PARTNERS, L.P.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
By:
|
AmeriGas Propane, Inc.
|
|
|
|
as General Partner
|
|
|
|
|
Date:
|
August 5, 2016
|
By:
|
/s/ Hugh J. Gallagher
|
|
|
|
Hugh J. Gallagher
|
|
|
|
Vice President - Finance and Chief Financial Officer
|
|
|
|
|
|
|
|
|
Date:
|
August 5, 2016
|
By:
|
/s/ Laurie A. Bergman
|
|
|
|
Laurie A. Bergman
|
|
|
|
Controller and Chief Accounting Officer
|
|
|
|
31.1
|
|
Certification by the Chief Executive Officer relating to the Registrant’s Report on Form 10-Q for the quarter ended June 30, 2016, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification by the Chief Financial Officer relating to the Registrant’s Report on Form 10-Q for the quarter ended June 30, 2016, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32
|
|
Certification by the Chief Executive Officer and the Chief Financial Officer relating to the Registrant’s Report on Form 10-Q for the quarter ended June 30, 2016, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS
|
|
XBRL Instance
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
1 Year AmeriGas Partners Chart |
1 Month AmeriGas Partners Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions