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Segment Information | 12 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segment Information | Note 22 — 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 & Marketing; and (4) Utilities. AmeriGas Propane derives its revenues principally from the sale of propane and related equipment and supplies to retail customers in all 50 states. UGI International derives its revenues principally from the distribution of LPG to retail customers throughout much of Europe. In addition, UGI International derives revenue from energy marketing business that primarily markets natural gas and electricity to customers in France, the Netherlands and, prior to its sales, in Belgium and the United Kingdom (see Note 5 regarding the sale and wind-down of the UGI International energy marketing business). Midstream & Marketing derives its revenues principally from the sale of natural gas, liquid fuels and electricity as well as revenues and fees from storage, pipeline transportation, natural gas gathering, and natural gas and RNG production activities primarily in the Mid-Atlantic region of the U.S. eastern Ohio, the panhandle of West Virginia and California. Midstream & Marketing also derives revenues from the sale of electricity through PJM, a regional electricity transmission organization in the eastern U.S. Our Utilities segment primarily derives its revenues from the sale and distribution of natural gas to customers in eastern and central Pennsylvania and subsequent to the Mountaineer Acquisition in September 2021, in West Virginia (see Note 5). To a much lesser extent, Utilities also derives revenues from the sale and distribution of electricity in two northeastern Pennsylvania counties. Corporate & Other includes certain items that are excluded from our CODM’s assessment of segment performance (see below for further details on these items). Corporate & Other also includes the net expenses of UGI’s captive general liability insurance company, UGI’s corporate headquarters facility and UGI’s unallocated corporate and general expenses as well as interest expense on UGI debt that is not allocated. Corporate & 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. Our CODM evaluates the performance of all of our reportable segments based upon earnings before interest expense and income taxes, excluding the items noted below. No single customer represents more than ten percent of our consolidated revenues. In addition, all of our reportable segments’ revenues, other than those of UGI International, are derived from sources within the United States, and all of our reportable segments’ long-lived assets, other than those of UGI International, are located in the United States. The amounts of revenues and long-lived assets associated with our operations in France represent approximately 20% and 10% of the respective consolidated amounts.
| Total |  | Elim- inations |  | AmeriGas Propane |  | UGI International |  | Midstream & Marketing |  | Utilities |  | Corporate & Other (a)
2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 8,928 |  |  | $ | — |  |  | $ | 2,581 |  |  | $ | 2,965 |  |  | $ | 1,596 |  |  | $ | 1,780 |  |  | $ | 6 |
Intersegment revenues | $ | — |  |  | $ | (326) |  | (b) | $ | — |  |  | $ | — |  |  | $ | 251 |  |  | $ | 74 |  |  | $ | 1 |
Cost of sales | $ | 6,937 |  |  | $ | (325) |  | (b) | $ | 1,250 |  |  | $ | 2,045 |  |  | $ | 1,360 |  |  | $ | 953 |  |  | $ | 1,654 |
Operating (loss) income | $ | (1,444) |  |  | $ | — |  |  | $ | 268 |  |  | $ | 215 |  |  | $ | 285 |  |  | $ | 357 |  |  | $ | (2,569) |
Income (loss) from equity investees | 2 |  |  | — |  |  | — |  |  | (4) |  |  | 6 |  |  | — |  |  | — |
Loss on extinguishments of debt | (9) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9) |
Other non-operating (loss) income, net | (7) |  |  | — |  |  | — |  |  | 23 |  |  | — |  |  | 8 |  |  | (38) |
(Loss) earnings before interest expense and income taxes | (1,458) |  |  | — |  |  | 268 |  |  | 234 |  |  | 291 |  |  | 365 |  |  | (2,616) |
Interest expense | (379) |  |  | — |  |  | (163) |  |  | (37) |  |  | (45) |  |  | (82) |  |  | (52) |
Income tax benefit (expense) | 335 |  |  | — |  |  | (34) |  |  | (25) |  |  | (53) |  |  | (64) |  |  | 511 |
Net (loss) income attributable to UGI | $ | (1,502) |  |  | $ | — |  |  | $ | 71 |  |  | $ | 172 |  |  | $ | 193 |  |  | $ | 219 |  |  | $ | (2,157) |
Depreciation and amortization | $ | 532 |  |  | $ | — |  |  | $ | 177 |  |  | $ | 116 |  |  | $ | 86 |  |  | $ | 152 |  |  | $ | 1 |
Total assets | $ | 15,401 |  |  | $ | (173) |  |  | $ | 3,415 |  |  | $ | 3,105 |  |  | $ | 3,160 |  |  | $ | 5,691 |  |  | $ | 203 |
Short-term borrowings | $ | 649 |  |  | $ | — |  |  | $ | — |  |  | $ | 214 |  |  | $ | 103 |  |  | $ | 332 |  |  | $ | — |
Capital expenditures (including the effects of accruals) | $ | 956 |  |  |  |  | $ | 134 |  |  | $ | 129 |  |  | $ | 130 |  |  | $ | 563 |  |  | $ | — |
Investments in equity investees | $ | 299 |  |  | $ | — |  |  | $ | — |  |  | $ | 35 |  |  | $ | 264 |  |  | $ | — |  |  | $ | — |
| Total |  | Elim- inations |  | AmeriGas Propane |  | UGI International |  | Midstream & Marketing |  | Utilities |  | Corporate & Other (a)
2022 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 10,106 |  |  | $ | — |  |  | $ | 2,943 |  |  | $ | 3,686 |  |  | $ | 1,957 |  |  | $ | 1,515 |  |  | $ | 5 |
Intersegment revenues | $ | — |  |  | $ | (477) |  | (b) | $ | — |  |  | $ | — |  |  | $ | 369 |  |  | $ | 105 |  |  | $ | 3 |
Cost of sales | $ | 5,973 |  |  | $ | (474) |  | (b) | $ | 1,613 |  |  | $ | 2,751 |  |  | $ | 1,876 |  |  | $ | 798 |  |  | $ | (591) |
Operating income | $ | 1,666 |  |  | $ | — |  |  | $ | 307 |  |  | $ | 237 |  |  | $ | 246 |  |  | $ | 327 |  |  | $ | 549 |
(Loss) income from equity investees | (14) |  |  | — |  |  | — |  |  | (2) |  |  | 23 |  |  | — |  |  | (35) |
Loss on extinguishments of debt | (11) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11) |
Other non-operating income, net | 75 |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | 9 |  |  | 47 |
Earnings before interest expense and income taxes | 1,716 |  |  | — |  |  | 307 |  |  | 254 |  |  | 269 |  |  | 336 |  |  | 550 |
Interest expense | (329) |  |  | — |  |  | (160) |  |  | (28) |  |  | (41) |  |  | (65) |  |  | (35) |
Income tax expense | (313) |  |  | — |  |  | (35) |  |  | (50) |  |  | (65) |  |  | (65) |  |  | (98) |
Noncontrolling interests’ net (income) loss | (1) |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |
Net income attributable to UGI | $ | 1,073 |  |  | $ | — |  |  | $ | 112 |  |  | $ | 175 |  |  | $ | 163 |  |  | $ | 206 |  |  | $ | 417 |
Depreciation and amortization | $ | 518 |  |  | $ | — |  |  | $ | 177 |  |  | $ | 116 |  |  | $ | 79 |  |  | $ | 144 |  |  | $ | 2 |
Total assets | $ | 17,575 |  |  | $ | (203) |  |  | $ | 4,332 |  |  | $ | 4,610 |  |  | $ | 3,286 |  |  | $ | 5,354 |  |  | $ | 196 |
Short-term borrowings | $ | 368 |  |  | $ | — |  |  | $ | 131 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 236 |  |  | $ | — |
Capital expenditures (including the effects of accruals) | $ | 835 |  |  | $ | — |  |  | $ | 128 |  |  | $ | 107 |  |  | $ | 38 |  |  | $ | 562 |  |  | $ | — |
Investments in equity investees | $ | 130 |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  | $ | 109 |  |  | $ | — |  |  | $ | 1 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 7,447 |  |  | $ | — |  |  | $ | 2,614 |  |  | $ | 2,651 |  |  | $ | 1,182 |  |  | $ | 1,015 |  |  | $ | (15) |
Intersegment revenues | $ | — |  |  | $ | (291) |  | (b) | $ | — |  |  | $ | — |  |  | $ | 224 |  |  | $ | 64 |  |  | $ | 3 |
Cost of sales | $ | 2,614 |  |  | $ | (288) |  | (b) | $ | 1,217 |  |  | $ | 1,598 |  |  | $ | 1,033 |  |  | $ | 458 |  |  | $ | (1,404) |
Operating income | $ | 2,350 |  |  | $ | — |  |  | $ | 385 |  |  | $ | 314 |  |  | $ | 160 |  |  | $ | 241 |  |  | $ | 1,250 |
(Loss) income from equity investees | (63) |  |  | — |  |  | — |  |  | — |  |  | 30 |  |  | — |  |  | (93) |
Other non-operating income, net | 12 |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 1 |  |  | 8 |
Earnings before interest expense and income taxes | 2,299 |  |  | — |  |  | 385 |  |  | 317 |  |  | 190 |  |  | 242 |  |  | 1,165 |
Interest expense | (310) |  |  | — |  |  | (159) |  |  | (27) |  |  | (42) |  |  | (56) |  |  | (26) |
Income tax expense | (522) |  |  | — |  |  | (58) |  |  | (69) |  |  | (41) |  |  | (42) |  |  | (312) |
Net income attributable to UGI | $ | 1,467 |  |  | $ | — |  |  | $ | 168 |  |  | $ | 221 |  |  | $ | 107 |  |  | $ | 144 |  |  | $ | 827 |
Depreciation and amortization | $ | 502 |  |  | $ | — |  |  | $ | 173 |  |  | $ | 134 |  |  | $ | 76 |  |  | $ | 119 |  |  | $ | — |
Total assets | $ | 16,723 |  |  | $ | (241) |  |  | $ | 4,485 |  |  | $ | 4,421 |  |  | $ | 3,010 |  |  | $ | 4,859 |  |  | $ | 189 |
Short-term borrowings | $ | 367 |  |  | $ | — |  |  | $ | 170 |  |  | $ | — |  |  | $ | — |  |  | $ | 197 |  |  | $ | — |
Capital expenditures (including the effects of accruals) | $ | 674 |  |  | $ | — |  |  | $ | 130 |  |  | $ | 107 |  |  | $ | 43 |  |  | $ | 394 |  |  | $ | — |
Investments in equity investees | $ | 174 |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | 163 |  |  | $ | — |  |  | $ | — |
(a)Corporate & 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 & Other, and the reportable segments to which they relate, for Fiscal 2023, Fiscal 2022 and Fiscal 2021:
|  | Location on Income Statement |  | AmeriGas Propane |  | UGI International |  | Midstream & Marketing
2023 |  |  |  |  |  |  |  |
Net gains on commodity derivative instruments not associated with current-period transactions |  | Revenues |  | $ | — |  |  | $ | 4 |  |  | $ | 6 |
Net losses on commodity derivative instruments not associated with current-period transactions |  | Cost of Sales |  | $ | (16) |  |  | $ | (1,402) |  |  | $ | (236) |
AmeriGas performance enhancement |  | Operating and administrative expenses |  | $ | (24) |  |  | $ | — |  |  | $ | — |
Loss on extinguishment of debt |  | Loss on extinguishments of debt |  | $ | (9) |  |  | $ | — |  |  | $ | — |
Unrealized losses on foreign currency derivative instruments |  | Other non-operating (expense) income, net |  | $ | — |  |  | $ | (38) |  |  | $ | — |
Loss associated with impairment of AmeriGas Propane goodwill |  | Impairment of goodwill |  | $ | (656) |  |  | $ | — |  |  | $ | — |
Costs associated with exit of the UGI International energy marketing business |  | Revenues/Operating and administrative expenses |  | $ | — |  |  | $ | (27) |  |  | $ | — |
Costs associated with exit of the UGI International energy marketing business |  | Loss on disposal of UGI International energy marketing business |  | $ | — |  |  | $ | (221) |  |  | $ | — |
2022 |  |  |  |  |  |  |  |
Net gains (losses) on commodity derivative instruments not associated with current-period transactions |  | Revenues |  | $ | — |  |  | $ | 9 |  |  | $ | (4) |
Net (losses) gains on commodity derivative instruments not associated with current-period transactions |  | Cost of sales |  | $ | (185) |  |  | $ | 797 |  |  | $ | (21) |
Net gains on commodity derivative instruments not associated with current-period transactions |  | Other operating income, net |  | $ | — |  |  | $ | 2 |  |  | $ | — |
Restructuring costs |  | Operating and administrative expenses |  | $ | (16) |  |  | $ | (9) |  |  | $ | (1) |
Loss on extinguishment of debt |  | Loss on extinguishments of debt |  | $ | — |  |  | $ | (11) |  |  | $ | — |
Unrealized gains on foreign currency derivative instruments |  | Other non-operating (expense) income, net |  | $ | — |  |  | $ | 50 |  |  | $ | — |
AmeriGas performance enhancement |  | Operating and administrative expenses |  | $ | (5) |  |  | $ | — |  |  | $ | — |
Costs associated with exit of the UGI International energy marketing business |  | Operating and administrative expenses |  | $ | — |  |  | $ | (5) |  |  | $ | — |
Impairments associated with certain equity method investments |  | Income (loss) from equity investees |  | $ | — |  |  | $ | — |  |  | $ | (35) |
2021 |  |  |  |  |  |  |  |
Net losses on commodity derivative instruments not associated with current-period transactions |  | Revenues |  | $ | — |  |  | $ | — |  |  | $ | (15) |
Net gains on commodity derivative instruments not associated with current-period transactions |  | Cost of Sales |  | $ | 167 |  |  | $ | 1,065 |  |  | $ | 173 |
Unrealized gains on foreign currency derivative instruments |  | Other non-operating (expense) income, net |  | $ | — |  |  | $ | 8 |  |  | $ | — |
Business transformation expenses |  | Operating and administrative expenses |  | $ | (54) |  |  | $ | (33) |  |  | $ | — |
Impairment of customer relationship intangible |  | Operating and administrative expenses |  | $ | — |  |  | $ | (20) |  |  | $ | — |
Impairments associated with certain equity method investments |  | Income (loss) from equity investees |  | $ | — |  |  | $ | — |  |  | $ | (93) |
(b)Represents the elimination of intersegment transactions principally among Midstream & Marketing, Utilities and AmeriGas Propane.

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