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Employee Retirement Plans (Tables)

12 Months Ended

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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