AMERIGAS PARTNERS, L.P.
AND SUBSIDIARIES
QUARTERLY REPORT
for the three and six months ended March 31, 2021 and 2020
AmeriGas Partners, L.P. ("AmeriGas Partners") is an indirect, wholly owned subsidiary of UGI Corporation ("UGI"), with no class of securities registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a result, AmeriGas Partners is not subject to the current and periodic reporting requirements of the Exchange Act. This quarterly report is provided to bondholders for informational purposes only pursuant to contractual requirements under certain indentures governing the rights of bondholders, and shall not constitute an offer to sell or the solicitation of an offer to buy any securities. As a result, none of UGI, AmeriGas Partners nor any of their respective affiliates accepts, and each specifically disclaims, any liability under federal securities laws whatsoever in connection with the provision of this quarterly report, including any liability under the Exchange Act or the Securities Act of 1933, as amended.
TABLE OF CONTENTS
Page | |
Condensed Consolidated Balance Sheets as of March 31, 2021, September 30, 2020 and March 31, 2020 | |
Condensed Consolidated Statements of Operations for the three and six months ended March 31, 2021 and 2020 | 4 |
Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2021 and 2020 | 5 |
Condensed Consolidated Statements of Partner's Capital for the three and six months ended March 31, 2021 and | 6 |
2020 | |
Notes to Condensed Consolidated Financial Statements | 7 |
Management's Discussion and Analysis of Financial Condition and Results of Operations | 15 |
Controls and Procedures | 22 |
Risk Factors | 23 |
Signatures | 24 |
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GLOSSARY OF TERMS AND ABBREVIATIONS
Terms and abbreviations used in this Quarterly Report are defined below:
AmeriGas Partners, L.P. and Related Entities
AmeriGas OLP - AmeriGas Propane, L.P., the principal operating subsidiary of AmeriGas Partners
AmeriGas Partners - AmeriGas Partners, L.P., a Delaware limited partnership and an indirect wholly-owned subsidiary of UGI Energy Services - UGI Energy Services, LLC, an indirect wholly owned subsidiary of UGI
General Partner - AmeriGas Propane, Inc., an indirect wholly owned subsidiary of UGI and the general partner of AmeriGas Partners
Partnership - AmeriGas Partners, AmeriGas OLP and all of their subsidiaries collectively
UGI - UGI Corporation
UGI Europe - UGI Europe, Inc., an indirect wholly owned subsidiary of UGI
Other Terms and Abbreviations
2020 Annual Report - AmeriGas Partners' Annual Report for the fiscal year ended September 30, 2020 2020 six-monthperiod - Six months ended March 31, 2020
2020 three-monthperiod - Three months ended March 31, 2020 2021 six-monthperiod - Six months ended March 31, 2021
2021 three-monthperiod - Three months ended March 31, 2021 ASC - Accounting Standards Codification
ASC 606 - ASC 606, "Revenue from Contracts with Customers"
ASU - Accounting Standards Update
CDC - Centers for Disease Control and Prevention
COVID-19- A novel strain of coronavirus disease discovered in 2019
Eighth Circuit - United States Court of Appeals for the Eighth Circuit
FASB - Financial Accounting Standards Board
FDIC - Federal Deposit Insurance Corporation
Fiscal 2019 - The fiscal year ended September 30, 2019
Fiscal 2020 - The fiscal year ended September 30, 2020
Fiscal 2021 - The fiscal year ending September 30, 2021
GAAP - U.S. generally accepted accounting principles
MGP - Manufactured gas plant
NOAA - National Oceanic and Atmospheric Administration
NPNS - Normal purchase and normal sale
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NYDEC - New York State Department of Environmental Conservation
PRP - Potentially responsible party
ROD - Record of Decision
Western Missouri District Court - The United States District Court for the Western District of Missouri
WHO - World Health Organization
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AMERIGAS PARTNERS, L.P. AND SUBSIDIARIES | ||||||||
FINANCIAL INFORMATION | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(unaudited) | ||||||||
(Millions of dollars) | ||||||||
March 31, | September 30, | March 31, | ||||||
2021 | 2020 | 2020 | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 9 | $ | 5 | $ | 7 | ||
Accounts receivable (less allowances for doubtful accounts of $15, | ||||||||
$11 and $15, respectively) | 351 | 182 | 278 | |||||
Inventories | 135 | 108 | 86 | |||||
Derivative instruments | 57 | 4 | - | |||||
Prepaid expenses and other current assets | 79 | 52 | 114 | |||||
Total current assets | 631 | 351 | 485 | |||||
Property, plant and equipment (less accumulated depreciation of $1,382, | ||||||||
$1,340 and $1,293, respectively) | 1,075 | 1,097 | 1,102 | |||||
Goodwill | 2,004 | 2,004 | 2,004 | |||||
Intangible assets, net | 181 | 200 | 220 | |||||
Other assets | 407 | 405 | 416 | |||||
Total assets | $ | 4,298 | $ | 4,057 | $ | 4,227 | ||
LIABILITIES AND PARTNER'S CAPITAL | ||||||||
Current liabilities: | ||||||||
Current maturities of long-term debt | $ | 3 | $ | 3 | $ | 7 | ||
Short-term borrowings | 130 | 186 | 201 | |||||
Accounts payable | 193 | 132 | 130 | |||||
Customer deposits and advances | 53 | 96 | 52 | |||||
Derivative instruments | - | 6 | 39 | |||||
Other current liabilities | 292 | 295 | 300 | |||||
Total current liabilities | 671 | 718 | 729 | |||||
Long-term debt | 2,558 | 2,557 | 2,558 | |||||
Other noncurrent liabilities | 387 | 399 | 477 | |||||
Total liabilities | 3,616 | 3,674 | 3,764 | |||||
Commitments and contingencies (Note 6) | ||||||||
Partner's capital | 682 | 383 | 463 | |||||
Total liabilities and partner's capital | $ | 4,298 | $ | 4,057 | $ | 4,227 | ||
See accompanying notes to condensed consolidated financial statements. | ||||||||
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UGI Corporation published this content on 06 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2021 20:27:00 UTC.