Note 15  Segment Information Our operations comprise four reportable segments generally based upon products or services sold, geographic location and regulatory environment: (1) AmeriGas Propane; (2) UGI International; (3) Midstream &amp; Marketing; and (4) UGI Utilities. During the fourth quarter of Fiscal 2019, the measurement of segment profit used by our CODM was revised to exclude certain items that are now included in Corporate &amp; Other (in addition to net gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions, which had previously been excluded). The revision to our segment profit measures aligns with the financial information utilized by our CODM in evaluating our reportable segments performance and allocating resources. Prior period amounts have been recast to reflect the change in segment measure of profit. Also during the fourth quarter of Fiscal 2019, principally as a result of the AmeriGas Merger and the CMG Acquisition and related transactions, our CODM began evaluating the performance of all of our reportable segments based upon earnings before interest expense and income taxes, excluding the items noted above. In addition to the items described above, Corporate &amp; Other includes the net expenses of UGIs captive general liability insurance company, UGIs corporate headquarters facility and UGIs unallocated corporate and general expenses as well as interest expense on UGI debt that is not allocated. Corporate &amp; Other assets principally comprise cash and cash equivalents of UGI and its captive insurance company, and UGI corporate headquarters assets. The accounting policies of our reportable segments are the same as those described in Note 2, Summary of Significant Accounting Policies, in the Companys 2019 Annual Report. Three Months Ended December 31, 2019 Total Eliminations AmeriGas Propane UGI International Midstream &amp; Marketing UGI Utilities Corporate &amp; Other (a) Revenues from external customers $ 2,006.6 $  $ 730.4 $ 651.4 $ 308.3 $ 314.6 $ 1.9 Intersegment revenues $  $ (79.7 ) (b) $  $  $ 64.2 $ 14.7 $ 0.8 Cost of sales $ 1,008.0 $ (79.1 ) (b) $ 289.2 $ 368.4 $ 264.2 $ 151.6 $ 13.7 Operating income (loss) $ 377.2 $ 0.3 $ 165.3 $ 95.8 (c) $ 55.1 $ 91.8 $ (31.1 ) Income from equity investees 6.5    6.5 (d)   Other non-operating (expense) income, net (11.5 )   4.4  (0.2 ) (15.7 ) Earnings (loss) before interest expense and income taxes 372.2 0.3 165.3 100.2 61.6 91.6 (46.8 ) Interest expense (84.1 )  (42.5 ) (7.6 ) (11.5 ) (13.6 ) (8.9 ) Income (loss) before income taxes $ 288.1 $ 0.3 $ 122.8 $ 92.6 $ 50.1 $ 78.0 $ (55.7 ) Depreciation and amortization $ 119.4 $  $ 43.9 $ 31.2 $ 18.4 $ 25.7 $ 0.2 Capital expenditures (including the effects of accruals) $ 151.8 $  $ 38.5 $ 20.3 $ 22.5 $ 70.5 $  As of December 31, 2019 Total assets $ 14,285.7 $ (365.5 ) $ 4,609.4 $ 3,243.3 $ 2,859.6 $ 3,710.9 $ 228.0 Short-term borrowings $ 869.7 $  $ 321.0 $ 181.3 $ 88.4 $ 279.0 $  Goodwill $ 3,482.9 $  $ 2,003.0 $ 956.8 $ 341.0 $ 182.1 $  Three Months Ended December 31, 2018 (e) Total Eliminations AmeriGas Propane UGI International Midstream &amp; Marketing UGI Utilities Corporate &amp; Other (a) Revenues from external customers $ 2,200.2 $  $ 820.2 $ 710.7 $ 372.5 $ 299.1 $ (2.3 ) Intersegment revenues $  $ (111.6 ) (b) $  $  $ 86.9 $ 23.6 $ 1.1 Cost of sales $ 1,425.0 $ (110.8 ) (b) $ 378.5 $ 448.6 $ 377.5 $ 159.5 $ 171.7 Operating income (loss) $ 167.7 $ 0.4 $ 166.6 $ 58.3 $ 41.1 $ 77.0 $ (175.7 ) Income from equity investees 1.5    1.5 (d)   Loss on extinguishments of debt (6.1 )      (6.1 ) Other non-operating income, net 9.0   0.7  0.4 7.9 Earnings (loss) before interest expense and income taxes 172.1 0.4 166.6 59.0 42.6 77.4 (173.9 ) Interest expense (60.2 )  (42.4 ) (5.4 ) (0.5 ) (11.7 ) (0.2 ) Income (loss) before income taxes $ 111.9 $ 0.4 $ 124.2 $ 53.6 $ 42.1 $ 65.7 $ (174.1 ) Noncontrolling interests net income (loss) $ 24.3 $  $ 81.5 $ 0.1 $  $  $ (57.3 ) Depreciation and amortization $ 111.2 $  $ 45.7 $ 31.4 $ 11.5 $ 22.5 $ 0.1 Capital expenditures (including the effects of accruals) $ 161.8 $  $ 31.0 $ 27.8 $ 25.1 $ 77.3 $ 0.6 As of December 31, 2018 Total assets $ 12,368.3 $ (144.3 ) $ 4,020.6 $ 3,287.5 $ 1,504.9 $ 3,424.8 $ 274.8 Short-term borrowings $ 676.3 $  $ 368.5 $ 1.8 $ 10.0 $ 296.0 $  Goodwill $ 3,154.8 $  $ 2,003.0 $ 951.9 $ 17.8 $ 182.1 $  (a) Corporate &amp; Other includes specific items attributable to our reportable segments that are not included in the segment profit measures used by our CODM in assessing our reportable segments performance or allocating resources. The following table presents such pre-tax gains (losses) which have been included in Corporate &amp; Other, and the reportable segments to which they relate, for the three months ended December 31, 2019 and 2018 : Three Months Ended December 31, 2019 Location on Income Statement AmeriGas Propane UGI International Midstream &amp; Marketing Net gains (losses) on commodity derivative instruments not associated with current-period transactions Revenues / Cost of sales $ 9.4 $ (13.5 ) $ (7.5 ) Unrealized losses on foreign currency derivative instruments Other non-operating (expense) income, net $  $ (15.7 ) $  Acquisition and integration expenses associated with the CMG Acquisition Operating and administrative expenses $  $  $ (0.7 ) LPG business transformation expenses Operating and administrative expenses $ (11.2 ) $ (5.5 ) $  Three Months Ended December 31, 2018 Location on Income Statement AmeriGas Propane UGI International Midstream &amp; Marketing Net (losses) gains on commodity derivative instruments not associated with current-period transactions Revenues / Cost of sales $ (78.5 ) $ (97.3 ) $ 1.8 Unrealized gains on foreign currency derivative instruments Other non-operating (expense) income, net $  $ 8.1 $  Loss on extinguishments of debt Loss on extinguishment of debt $  $ (6.1 ) $  (b) Represents the elimination of intersegment transactions principally among Midstream &amp; Marketing, UGI Utilities and AmeriGas Propane. (c) Beginning October 1, 2019, UGI International is allocated a portion of indirect corporate expenses. Prior to October 1, 2019, these expenses were billed to Enterprises, which is included in Corporate &amp; Other. (d) Includes AFUDC associated with PennEast. The three months ended December 31, 2019 also includes equity income from Pennant (see Note 5 ). (e) Segment information recast to reflect the changes adopted during the fourth quarter of Fiscal 2019 in the segment measure of profit used by our CODM to evaluate the performance of our reportable segments.