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v3.23.3

Debt (Tables) | 12 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Credit Facilities and Short-term Borrowings | Information about the Company’s principal credit agreements (excluding the Energy Services Receivables Facility, which is discussed below) as of September 30, 2023 and 2022, is presented in the following table. Borrowings on these credit agreements bear interest at rates indexed to short-term market rates. Borrowings outstanding under these agreements (other than the 2021 UGI Corporation Senior Credit Facility) are classified as “Short-term borrowings” on the Consolidated Balance Sheets.
|  | Expiration Date |  | Total Capacity |  | Borrowings Outstanding |  | Letters of Credit and Guarantees Outstanding |  | Available Borrowing Capacity |  | Weighted Average Interest Rate - End of Year
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
AmeriGas OLP (a) |  | September 2026 |  | $ | 600 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 598 |  |  | N.A.
UGI International, LLC (b) |  | March 2028 |  | € | 500 |  |  | € | 202 |  |  | € | — |  |  | € | 298 |  |  | 5.17 | %
Energy Services (c) |  | March 2025 |  | $ | 260 |  |  | $ | 57 |  |  | $ | — |  |  | $ | 203 |  |  | 7.67 | %
UGI Utilities (d) |  | June 2024 |  | $ | 425 |  |  | $ | 248 |  |  | $ | — |  |  | $ | 177 |  |  | 6.30 | %
Mountaineer (e) |  | November 2024 |  | $ | 150 |  |  | $ | 84 |  |  | $ | — |  |  | $ | 66 |  |  | 6.68 | %
UGI Corporation (f) |  | May 2025 |  | $ | 300 |  |  | $ | 283 |  |  | $ | — |  |  | $ | 17 |  |  | 7.80 | %
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
AmeriGas OLP (a) |  | September 2026 |  | $ | 600 |  |  | $ | 131 |  |  | $ | 2 |  |  | $ | 467 |  |  | 7.27 | %
UGI International, LLC (b) |  | October 2023 |  | € | 300 |  |  | € | — |  |  | € | — |  |  | € | 300 |  |  | N.A.
Energy Services (c) |  | March 2025 |  | $ | 260 |  |  | $ | — |  |  | $ | — |  |  | $ | 260 |  |  | N.A.
UGI Utilities (d) |  | June 2024 |  | $ | 350 |  |  | $ | 151 |  |  | $ | — |  |  | $ | 199 |  |  | 4.37 | %
Mountaineer (e) |  | November 2024 |  | $ | 100 |  |  | $ | 85 |  |  | $ | — |  |  | $ | 15 |  |  | 3.82 | %
UGI Corporation (f) |  | August 2024 |  | $ | 300 |  |  | $ | 252 |  |  | $ | — |  |  | $ | 48 |  |  | 5.62 | %
(a)At September 30, 2023 and 2022 the 2022 AmeriGas OLP Credit Agreement includes a $100 sublimit for letters of credit. (b)The UGI International 2023 Credit Facilities Agreement and the previous UGI International Credit Facilities Agreement permits borrowings in euros or USD. (c)The Energy Services Credit Agreement includes a $50 sublimit for letters of credit and is guaranteed by certain subsidiaries of Energy Services. (d)The UGI Utilities Credit Agreement includes a $100 sublimit for letters of credit. On November 9, 2023, UGI Utilities entered into the UGI Utilities 2023 Credit Agreement and concurrently terminated the UGI Utilities Credit Agreement, a predecessor agreement. See Significant Financing Activities above and Note 6 for additional information. See Significant Financing Activities Since September 30, 2022 above for additional information. (e)The Mountaineer 2023 Credit Agreements includes a $20 sublimit for letters of credit. (f)At September 30, 2023 and 2022, management intended to maintain a substantial portion of amounts outstanding under the UGI Corporation Senior Credit Facility beyond twelve months from the respective balance sheet dates. As such, borrowings outstanding are classified as “Long-term debt” on the Consolidated Balance Sheets. Subsequent to September 30, 2022, the Company repaid $87 of such borrowings and classified these repayments as “Current maturities of long-term debt” on the Consolidated Balance Sheets. The UGI Corporation Senior Credit Facility includes a $10 sublimit for letters of credit. N.A. - Not applicable
Schedule of Receivables Facility | Information regarding the amounts of trade receivables transferred to ESFC and the amounts sold to the bank are as follows:
|  | 2023 |  | 2022 |  | 2021
Trade receivables transferred to ESFC during the year |  | $ | 1,946 |  |  | $ | 2,221 |  |  | $ | 1,353 |
ESFC trade receivables sold to the bank during the year |  | $ | 535 |  |  | $ | 152 |  |  | $ | 308 |
ESFC trade receivables - end of year (a) |  | $ | 62 |  |  | $ | 101 |  |  | $ | 61 |
(a)At September 30, 2023, the amounts of ESFC trade receivables sold to the bank was $46, and is reflected as “Short-term borrowings” on the Consolidated Balance Sheets. At September 30, 2022 there were no ESFC trade receivables sold to the bank.
Schedule of Long-term Debt Instruments | Long-term debt comprises the following at September 30:
| 2023 |  | 2022
AmeriGas Propane: |  |  |
AmeriGas Partners Senior Notes: |  |  |
5.50% due May 2025 | $ | 700 |  |  | $ | 700 |
5.875% due August 2026 | 675 |  |  | 675 |
5.625% due May 2024 | — |  |  | 675 |
5.75% due May 2027 | 525 |  |  | 525 |
9.375% due May 2028 | 500 |  |  | — |
Unamortized debt issuance costs | (15) |  |  | (12) |
Total AmeriGas Propane | 2,385 |  |  | 2,563 |
UGI International: |  |  |
2.50% Senior Notes due December 2029 | 424 |  |  | 392 |
UGI International, LLC variable-rate term loan due March 2028 (a) | 317 |  |  | — |
UGI International, LLC variable-rate term loan due October 2023 (b) | — |  |  | 294 |
Other | 6 |  |  | 2 |
Unamortized debt issuance costs | (8) |  |  | (6) |
Total UGI International | 739 |  |  | 682 |
Midstream & Marketing: |  |  |
Energy Services variable-rate term loan due through February 2030 (c) | 794 |  |  | 677 |
Other | 41 |  |  | 40 |
Unamortized discount and debt issuance costs | (15) |  |  | (7) |
Total Energy Services | 820 |  |  | 710 |
Utilities: |  |  |
UGI Utilities Senior Notes: |  |  |
4.12% due September 2046 | 200 |  |  | 200 |
4.98% due March 2044 | 175 |  |  | 175 |
3.12% due April 2050 | 150 |  |  | 150 |
4.55% due February 2049 | 150 |  |  | 150 |
4.12% due October 2046 | 100 |  |  | 100 |
6.21% due September 2036 | 100 |  |  | 100 |
2.95% due June 2026 | 100 |  |  | 100 |
1.59% due June 2026 | 100 |  |  | 100 |
1.64% due September 2026 | 75 |  |  | 75 |
4.75% due July 2032 | 90 |  |  | 90 |
4.99% due September 2052 | 85 |  |  | 85 |
UGI Utilities Medium-Term Notes: |  |  |
6.13% due October 2034 | 20 |  |  | 20 |
6.50% due August 2033 | 20 |  |  | 20 |
Mountaineer senior notes (d) | 199 |  |  | 201 |
UGI Utilities variable-rate term loan due through July 2027 (e) | 89 |  |  | 95 |
Other | 2 |  |  | 1 |
Unamortized debt issuance costs | (6) |  |  | (6) |
Total Utilities | 1,649 |  |  | 1,656 |
UGI Corporation: |  |  |
UGI Corporation Credit Facilities: |  |  |
UGI Corporation revolving credit facility maturing May 2025 (f) | 283 |  |  | 252 |
UGI Corporation variable-rate term loan due May 2025 (g) | 300 |  |  | 300 |
UGI Corporation variable-rate term loan due through May 2025 (h) | 212 |  |  | 250 |
UGI Corporation variable-rate term loan due May 2025 (i) | 215 |  |  | 215 |
Unamortized debt issuance costs | (3) |  |  | (2) |
Total UGI Corporation | 1,007 |  |  | 1,015 |
Other | — |  |  | 6 |
Total long-term debt | 6,600 |  |  | 6,632 |
Less: current maturities | (57) |  |  | (149) |
Total long-term debt due after one year | $ | 6,543 |  |  | $ | 6,483 |
(a)At September 30, 2023, the effective interest rate on the term loan was 4.95%. We have entered into pay-fixed, receive-variable interest rate swaps that fix the underlying variable rate at 3.10% through March 2026. (b)At September 30, 2022, the effective interest rate on the term loan was 1.89%. The term loan was repaid in full and terminated concurrently with the execution of the UGI International 2023 Credit Facilities Agreement. (c)At September 30, 2023 and 2022, the effective interest rates on the term loan were 7.82% and 5.13%, respectively. We have entered into a pay-fixed, receive-variable interest rate swap to effectively fix the underlying variable rate at 4.53% on these borrowings through September 2026. Term loan borrowings are due in equal quarterly installments of $2, with the balance of the principal being due in full at maturity. Under certain circumstances, Energy Services is required to make additional principal payments if the consolidated total leverage ratio, as defined, is greater than defined thresholds. This term loan is collateralized by substantially all of the assets of Energy Services, subject to certain exceptions and carveouts including, but not limited to, accounts receivable and certain real property. (d)Total long-term debt at September 30, 2023 and 2022, comprises $180 principal amount of Mountaineer senior secured notes plus unamortized premium of $19 and $21 for September 30, 2023 and 2022, respectively. The face interest rates on the Mountaineer senior notes range from 3.50% to 4.49%, with maturities ranging from 2027 to 2052. (e)At September 30, 2023 and 2022, the effective interest rate on this term loan was 3.92%. We have entered into a pay-fixed, receive-variable interest rate swap to effectively fix the underlying variable rate at approximately 2.82% on a portion of these borrowings through June 2026. Term loan borrowings are due in equal quarterly installments of $2, with the balance of the principal being due in full at maturity. (f)At September 30, 2023 and 2022, the effective interest rates on credit facility borrowings were 7.80% and 5.61%, respectively. (g)At September 30, 2023 and 2022, the effective interest rates on the term loan were 2.77% and 2.67%, respectively. We have entered into pay-fixed, receive-variable interest rate swaps to effectively fix the underlying variable rate at approximately 0.70% on these borrowings through September 2024. (h)At September 30, 2023 and 2022, the effective interest rates on the term loan were 7.79% and 4.15%, respectively. Term loan borrowings are due in equal quarterly installments of $9, commencing December 2022, which the balance of the principal being due in full at maturity. (i)At September 30, 2023 and 2022, the effective interest rates on the term loan were 4.73% and 3.53%, respectively. We have entered into pay-fixed, receive-variable interest rate swaps to effectively fix the underlying variable rate at approximately 0.70% on a portion of these borrowings through September 2024.
Schedule of Principal Repayments of Long-term Debt | Scheduled principal repayments of long-term debt for each of the next five fiscal years ending September 30 are as follows:
| 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028
AmeriGas Propane | $ | — |  |  | $ | 700 |  |  | $ | 675 |  |  | $ | 525 |  |  | $ | 500 |
UGI International | 1 |  |  | — |  |  | — |  |  | — |  |  | 317 |
Midstream & Marketing | 12 |  |  | 8 |  |  | 8 |  |  | 8 |  |  | 8 |
Utilities | 6 |  |  | 6 |  |  | 281 |  |  | 70 |  |  | 40 |
UGI Corporation | 38 |  |  | 973 |  |  | — |  |  | — |  |  | — |
Total | $ | 57 |  |  | $ | 1,687 |  |  | $ | 964 |  |  | $ | 603 |  |  | $ | 865 |

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