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v3.19.3

Employee Retirement Plans (Tables) | 12 Months Ended
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Sep. 30, 2019
Retirement Benefits [Abstract] |
Change in Pension Benefits and Other Postretirement Benefits Obligations | The following table provides a reconciliation of the PBOs of the U.S. Pension Plan and the UGI International pension plans, the ABOs of our other postretirement benefit plans, plan assets, and the funded status of pension and other postretirement plans as of September 30, 2019 and 2018. ABO is the present value of benefits earned to date with benefits based upon current compensation levels. PBO is ABO increased to reflect estimated future compensation.
| Pension Benefits |  | Other Postretirement Benefits
| 2019 |  | 2018 |  | 2019 |  | 2018
Change in benefit obligations: |  |  |  |  |  |  |
Benefit obligations — beginning of year | $ | 669.2 |  |  | $ | 697.8 |  |  | $ | 19.3 |  |  | $ | 27.0 |
Service cost | 9.8 |  |  | 11.2 |  |  | 0.2 |  |  | 0.5 |
Interest cost | 27.3 |  |  | 26.3 |  |  | 0.7 |  |  | 0.8 |
Actuarial loss (gain) | 89.0 |  |  | (37.0 | ) |  | 3.6 |  |  | (2.1 | )
Plan amendments | 0.3 |  |  | — |  |  | — |  |  | (5.8 | )
Curtailment | (1.3 | ) |  | (0.6 | ) |  | — |  |  | (0.1 | )
Settlements | (13.1 | ) |  | — |  |  | — |  |  | — |
Foreign currency | (3.1 | ) |  | (1.0 | ) |  | (0.2 | ) |  | — |
Benefits paid | (28.0 | ) |  | (27.5 | ) |  | (0.9 | ) |  | (1.0 | )
Benefit obligations — end of year | $ | 750.1 |  |  | $ | 669.2 |  |  | $ | 22.7 |  |  | $ | 19.3 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets — beginning of year | $ | 563.3 |  |  | $ | 529.2 |  |  | $ | 15.3 |  |  | $ | 14.8 |
Actual gain on plan assets | 13.0 |  |  | 44.9 |  |  | 0.9 |  |  | 0.9 |
Foreign currency | (1.5 | ) |  | (0.6 | ) |  | — |  |  | — |
Employer contributions | 12.4 |  |  | 16.2 |  |  | 0.4 |  |  | 0.4 |
Settlements | (13.1 | ) |  | — |  |  | — |  |  | — |
Benefits paid | (27.3 | ) |  | (26.4 | ) |  | (0.4 | ) |  | (0.8 | )
Fair value of plan assets — end of year | $ | 546.8 |  |  | $ | 563.3 |  |  | $ | 16.2 |  |  | $ | 15.3 |
Funded status of the plans — end of year | $ | (203.3 | ) |  | $ | (105.9 | ) |  | $ | (6.5 | ) |  | $ | (4.0 | )
Assets (liabilities) recorded in the balance sheet: |  |  |  |  |  |  |
Assets in excess of liabilities — included in other noncurrent assets | $ | — |  |  | $ | — |  |  | $ | 2.8 |  |  | $ | 6.7 |
Unfunded liabilities — included in other noncurrent liabilities | (203.3 | ) |  | (105.9 | ) |  | (9.3 | ) |  | (10.7 | )
Net amount recognized | $ | (203.3 | ) |  | $ | (105.9 | ) |  | $ | (6.5 | ) |  | $ | (4.0 | )
Amounts recorded in UGI Corporation stockholders’ equity (pre-tax): |  |  |  |  |  |  |
Prior service cost (benefit) | $ | 1.3 |  |  | $ | 0.6 |  |  | $ | (1.2 | ) |  | $ | (1.3 | )
Net actuarial loss (gain) | 25.4 |  |  | 14.0 |  |  | 0.5 |  |  | (0.4 | )
Total | $ | 26.7 |  |  | $ | 14.6 |  |  | $ | (0.7 | ) |  | $ | (1.7 | )
Amounts recorded in regulatory assets and liabilities (pre-tax): |  |  |  |  |  |  |
Prior service cost (benefit) | $ | 0.5 |  |  | $ | 0.7 |  |  | $ | (0.7 | ) |  | $ | (1.2 | )
| Pension Benefits |  | Other Postretirement Benefits
| 2019 |  | 2018 |  | 2019 |  | 2018
Net actuarial loss (gain) | 177.4 |  |  | 85.7 |  |  | 1.4 |  |  | (0.1 | )
Total | $ | 177.9 |  |  | $ | 86.4 |  |  | $ | 0.7 |  |  | $ | (1.3 | )
Actuarial Assumptions for Domestic Plans | The expected rate of return on assets assumption is based on current and expected asset allocations as well as historical and expected returns on various categories of plan assets (as further described below).
| Pension Plan |  | Other Postretirement Benefits
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Weighted-average assumptions: |  |  |  |  |  |  |  |  |  |  |
Discount rate – benefit obligations | 3.30 | % |  | 4.40 | % |  | 4.00 | % |  | 3.30 | % |  | 4.40 | % |  | 4.00 | %
Discount rate – benefit cost | 4.40 | % |  | 4.00 | % |  | 3.80 | % |  | 4.40 | % |  | 4.00 | % |  | 3.80 | %
Expected return on plan assets | 7.30 | % |  | 7.40 | % |  | 7.50 | % |  | 5.00 | % |  | 5.00 | % |  | 5.00 | %
Rate of increase in salary levels | 3.25 | % |  | 3.25 | % |  | 3.25 | % |  | 3.25 | % |  | 3.25 | % |  | 3.25 | %
Net Periodic Pension Expense and Other Postretirement Benefit Costs | Net periodic pension cost and other postretirement benefit cost include the following components:
| Pension Benefits |  | Other Postretirement Benefits
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Service cost | $ | 9.8 |  |  | $ | 11.2 |  |  | $ | 11.9 |  |  | $ | 0.2 |  |  | $ | 0.5 |  |  | $ | 1.0 |
Interest cost | 27.3 |  |  | 26.3 |  |  | 25.0 |  |  | 0.7 |  |  | 0.8 |  |  | 0.8 |
Expected return on assets | (36.3 | ) |  | (35.0 | ) |  | (33.6 | ) |  | (0.8 | ) |  | (0.7 | ) |  | (0.7 | )
Curtailment gain | (0.4 | ) |  | (0.2 | ) |  | (1.4 | ) |  | — |  |  | — |  |  | — |
Amortization of: |  |  |  |  |  |  |  |  |  |  |
Prior service cost (benefit) | 0.3 |  |  | 0.3 |  |  | 0.3 |  |  | (0.5 | ) |  | (6.3 | ) |  | (0.6 | )
Actuarial loss (gain) | 7.8 |  |  | 13.4 |  |  | 16.7 |  |  | (0.1 | ) |  | (0.1 | ) |  | 0.3 |
Net benefit cost (benefit) | 8.5 |  |  | 16.0 |  |  | 18.9 |  |  | (0.5 | ) |  | (5.8 | ) |  | 0.8 |
Change in associated regulatory liabilities | — |  |  | — |  |  | — |  |  | (1.4 | ) |  | (0.5 | ) |  | (0.5 | )
Net benefit cost (benefit) after change in regulatory liabilities | $ | 8.5 |  |  | $ | 16.0 |  |  | $ | 18.9 |  |  | $ | (1.9 | ) |  | $ | (6.3 | ) |  | $ | 0.3 |
Expected Payments for Pension Benefits and Other Postretirement Welfare Benefits | Expected payments for pension and other postretirement welfare benefits are as follows:
| Pension Benefits |  | Other Postretirement Benefits
Fiscal 2020 | $ | 32.7 |  |  | $ | 1.0 |
Fiscal 2021 | $ | 31.7 |  |  | $ | 1.0 |
Fiscal 2022 | $ | 33.0 |  |  | $ | 1.0 |
Fiscal 2023 | $ | 35.6 |  |  | $ | 0.9 |
Fiscal 2024 | $ | 37.2 |  |  | $ | 0.9 |
Fiscal 2025 - 2029 | $ | 204.3 |  |  | $ | 4.9 |
Pension Plans | The targets, target ranges and actual allocations for the U.S. Pension Plan and VEBA trust assets at September 30 are as follows: U.S. Pension Plan
| Actual |  | Target Asset Allocation |  | Permitted Range
| 2019 |  | 2018 |  |
Equity investments: |  |  |  |  |  |  |
Domestic | 54.8 | % |  | 58.2 | % |  | 52.5 | % |  | 40.0% – 65.0%
International | 11.8 | % |  | 11.8 | % |  | 12.5 | % |  | 7.5% – 17.5%
Total | 66.6 | % |  | 70.0 | % |  | 65.0 | % |  | 60.0% – 70.0%
Fixed income funds & cash equivalents | 33.4 | % |  | 30.0 | % |  | 35.0 | % |  | 30.0% – 40.0%
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  |
VEBA
| Actual |  | Target Asset Allocation |  | Permitted Range
| 2019 |  | 2018 |  |
Domestic equity investments | 64.9 | % |  | 65.6 | % |  | 65.0 | % |  | 60.0% – 70.0%
Fixed income funds & cash equivalents | 35.1 | % |  | 34.4 | % |  | 35.0 | % |  | 30.0% – 40.0%
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  |
Fair Value of U.S. Pension Plan and VEBA Trust Assets | The fair values of the U.S. Pension Plan and VEBA trust assets by asset class and level within the fair value hierarchy, as described in Note 2, as of September 30, 2019 and 2018 are as follows:
| U.S. Pension Plan
| Level 1 |  | Level 2 |  | Level 3 |  | Other(a) |  | Total
September 30, 2019: |  |  |  |  |  |  |  |  |
Domestic equity investments: |  |  |  |  |  |  |  |  |
S&P 500 Index equity mutual funds | $ | 176.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 176.4 |
Small and midcap equity mutual funds | 72.8 |  |  | — |  |  | — |  |  | — |  |  | 72.8 |
UGI Corporation Common Stock | 40.9 |  |  | — |  |  | — |  |  | — |  |  | 40.9 |
Total domestic equity investments | 290.1 |  |  | — |  |  | — |  |  | — |  |  | 290.1 |
International index equity mutual funds | 62.1 |  |  | — |  |  | — |  |  | — |  |  | 62.1 |
Fixed income investments: |  |  |  |  |  |  |  |  |
Bond index mutual funds | 170.5 |  |  | — |  |  | — |  |  | — |  |  | 170.5 |
Cash equivalents | — |  |  | — |  |  | — |  |  | 6.4 |  |  | 6.4 |
Total fixed income investments | 170.5 |  |  | — |  |  | — |  |  | 6.4 |  |  | 176.9 |
Total | $ | 522.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 6.4 |  |  | $ | 529.1 |
September 30, 2018: |  |  |  |  |  |  |  |  |
Domestic equity investments: |  |  |  |  |  |  |  |  |
S&P 500 Index equity mutual funds | $ | 188.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 188.4 |
Small and midcap equity mutual funds | 75.7 |  |  | — |  |  | — |  |  | — |  |  | 75.7 |
UGI Corporation Common Stock | 45.2 |  |  | — |  |  | — |  |  | — |  |  | 45.2 |
Total domestic equity investments | 309.3 |  |  | — |  |  | — |  |  | — |  |  | 309.3 |
International index equity mutual funds | 62.9 |  |  | — |  |  | — |  |  | — |  |  | 62.9 |
Fixed income investments: |  |  |  |  |  |  |  |  |
Bond index mutual funds | 154.3 |  |  | — |  |  | — |  |  | — |  |  | 154.3 |
Cash equivalents | — |  |  | — |  |  | — |  |  | 5.2 |  |  | 5.2 |
Total fixed income investments | 154.3 |  |  | — |  |  | — |  |  | 5.2 |  |  | 159.5 |
Total | $ | 526.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 5.2 |  |  | $ | 531.7 |
| VEBA
| Level 1 |  | Level 2 |  | Level 3 |  | Other(a) |  | Total
September 30, 2019: |  |  |  |  |  |  |  |  |
S&P 500 Index equity mutual fund | $ | 10.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10.5 |
Bond index mutual fund | 5.5 |  |  | — |  |  | — |  |  | — |  |  | 5.5 |
Cash equivalents | — |  |  | — |  |  | — |  |  | 0.2 |  |  | 0.2 |
Total | $ | 16.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 16.2 |
September 30, 2018: |  |  |  |  |  |  |  |  |
S&P 500 Index equity mutual fund | $ | 10.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10.1 |
Bond index mutual fund | 4.9 |  |  | — |  |  | — |  |  | — |  |  | 4.9 |
Cash equivalents | — |  |  | — |  |  | — |  |  | 0.3 |  |  | 0.3 |
Total | $ | 15.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | 15.3 |
(a) Assets measured at NAV and therefore excluded from the fair value hierarchy.

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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