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v3.24.3

Debt (Tables) | 12 Months Ended
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Sep. 30, 2024
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, 2024 and 2023, is presented in the following table. Borrowings under these credit agreements bear interest at rates indexed to short-term market rates. Borrowings outstanding under these agreements (other than the UGI Corporation Credit Facility Agreement) 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, 2024 |  |  |  |  |  |  |  |  |  |  |  |
AmeriGas OLP (a) |  | August 2029 |  | $ | 200 |  |  | $ | 51 |  |  | $ | — |  |  | $ | 149 |  |  | 7.29 | %
UGI International, LLC (b) |  | March 2028 |  | € | 500 |  |  | € | 115 |  |  | € | — |  |  | € | 385 |  |  | 4.88 | %
Energy Services (c) |  | May 2028 |  | $ | 300 |  |  | $ | — |  |  | $ | — |  |  | $ | 300 |  |  | N.A.
UGI Utilities (d) |  | November 2028 |  | $ | 375 |  |  | $ | 190 |  |  | $ | — |  |  | $ | 185 |  |  | 5.92 | %
Mountaineer (e) |  | December 2025 |  | $ | 150 |  |  | $ | 96 |  |  | $ | — |  |  | $ | 54 |  |  | 6.56 | %
UGI Corporation (f) |  | August 2025 |  | $ | 300 |  |  | $ | 115 |  |  | $ | — |  |  | $ | 185 |  |  | 7.45 | %
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 | %
(a)In October 2024, AmeriGas OLP entered into the first amendment to the AmeriGas Senior Secured Revolving Credit Facility which increased the total commitments to $300. At September 30, 2024 the AmeriGas Senior Secured Revolving Credit Facility includes a $20 sublimit for letters of credit. The maximum amount available for borrowing at any time under the AmeriGas Senior Secured Revolving Credit Facility is limited to the borrowing base valuation, as defined by the agreement. At September 30, 2023 the 2022 AmeriGas OLP Credit Agreement included a $100 sublimit for letters of credit. (b)Permits UGI International, LLC or UGI International Holdings B.V. to borrow 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 2023 Credit Agreement includes a $50 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, which included a $100 sublimit for letters of credit. (e)The Mountaineer 2023 Credit Agreement includes a $20 sublimit for letters of credit. (f)Because management intends to maintain a substantial portion of its revolving credit facility borrowings on a long-term basis, such borrowings, (other than amounts repaid subsequent to the balance sheet date but prior to the issuance of the financial statements) are classified as “Long-term debt” on the Consolidated Balance Sheets. Amounts outstanding under UGI’s revolving credit facility at September 30, 2024 were repaid in October 2024 with proceeds from the issuance of the UGI Corporation 2025 Credit Agreement revolving credit facility and have been classified as long-term debt as of September 30, 2024, based on the Company’s intent and ability to refinance the obligation with long-term debt issued under the UGI Corporation 2025 Credit Agreement. 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:
|  | 2024 |  | 2023 |  | 2022
Trade receivables transferred to ESFC during the year |  | $ | 1,324 |  |  | $ | 1,946 |  |  | $ | 2,221 |
ESFC trade receivables sold to the bank during the year |  | $ | 336 |  |  | $ | 535 |  |  | $ | 152 |
ESFC trade receivables - end of year (a) |  | $ | 51 |  |  | $ | 62 |  |  | $ | 101 |
(a)At September 30, 2024, there were no ESFC trade receivables sold to the bank. At September 30, 2023 there were $46 of ESFC trade receivables sold to the bank and is reflected as “Short-term borrowings” on the Consolidated Balance Sheets.
Schedule of Long-term Debt Instruments | Long-term debt comprises the following at September 30:
| 2024 |  | 2023
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 |
6.02% due November 2030 | 25 |  |  | — |
6.10% due November 2033 | 150 |  |  | — |
6.40% due November 2053 | 75 |  |  | — |
UGI Utilities Medium-Term Notes: |  |  |
6.13% due October 2034 | 20 |  |  | 20 |
6.50% due August 2033 | 20 |  |  | 20 |
Mountaineer senior notes (a) | 196 |  |  | 199 |
UGI Utilities variable-rate term loan due through July 2027 (b) | 83 |  |  | 89 |
Other | 2 |  |  | 2 |
Unamortized debt issuance costs | (7) |  |  | (6) |
Total Utilities | 1,889 |  |  | 1,649 |
Midstream & Marketing: |  |  |
Energy Services variable-rate term loan due through February 2030 (c) | 786 |  |  | 794 |
Other | 41 |  |  | 41 |
Unamortized discount and debt issuance costs | (13) |  |  | (15) |
Total Midstream & Marketing | 814 |  |  | 820 |
UGI International: |  |  |
2.50% Senior Notes due December 2029 | 446 |  |  | 424 |
UGI International, LLC variable-rate term loan due March 2028 (d) | 335 |  |  | 317 |
Other | 12 |  |  | 6 |
Unamortized debt issuance costs | (6) |  |  | (8) |
Total UGI International | 787 |  |  | 739 |
AmeriGas Propane: |  |  |
AmeriGas Partners Senior Notes: |  |  |
5.50% due May 2025 | 218 |  |  | 700 |
5.875% due August 2026 | 664 |  |  | 675 |
5.75% due May 2027 | 512 |  |  | 525 |
9.375% due May 2028 | 493 |  |  | 500 |
Unamortized debt issuance costs | (10) |  |  | (15) |
Total AmeriGas Propane | 1,877 |  |  | 2,385 |
UGI Corporation: |  |  |
UGI Corporation Credit Facilities: |  |  |
UGI Corporation revolving credit facility maturing August 2025 (e) | 115 |  |  | 283 |
UGI Corporation variable-rate term loan due August 2025 (f) | 300 |  |  | 300 |
UGI Corporation variable-rate term loan due through August 2025 (g) | — |  |  | 212 |
UGI Corporation variable-rate term loan due August 2025 (h) | 215 |  |  | 215 |
UGI Corporation senior notes due June 2028 | 700 |  |  | — |
Unamortized debt issuance costs | (19) |  |  | (3) |
Total UGI Corporation | 1,311 |  |  | 1,007 |
Total long-term debt | 6,678 |  |  | 6,600 |
Less: current maturities | (235) |  |  | (57) |
Total long-term debt due after one year | $ | 6,443 |  |  | $ | 6,543 |
(a)Total long-term debt at September 30, 2024 and 2023, comprises $180 principal amount of Mountaineer senior secured notes plus unamortized premium of $16 and $19, respectively. The face interest rates on the Mountaineer senior notes range from 3.50% to 4.49%, with maturities ranging from 2027 to 2052. (b)At September 30, 2024 and 2023, 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. (c)At September 30, 2024 and 2023, the effective interest rates on the term loan were 7.09% and 7.82%, respectively. We have entered into a pay-fixed, receive-variable interest rate swap to effectively fix a substantial portion of 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)At September 30, 2024, the effective interest rate on the term loan was 4.95%. We have entered into a pay-fixed, receive-variable interest rate swap that fixes the underlying variable rate at 3.10% through March 2026. (e)At September 30, 2024 and 2023, the effective interest rates on credit facility borrowings were 7.45% and 7.80%, respectively. (f)At September 30, 2024 and 2023, the effective interest rates on the term loan were 6.09% and 2.77%, respectively. We have entered into pay-fixed, receive-variable interest rate swaps to effectively fix the underlying variable rate at approximately 3.61% on these borrowings through September 2027. (g)At September 30, 2023 the effective interest rate on the term loan was 7.79%. The term loan was repaid early in June 2024. (h)At September 30, 2024 and 2023, the effective interest rates on the term loan were 6.75% and 4.73%, respectively. We have entered into pay-fixed, receive-variable interest rate swaps to effectively fix the underlying variable rate at approximately 3.61% on a portion of these borrowings through September 2027.
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:
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029
Utilities | $ | 7 |  |  | $ | 281 |  |  | $ | 64 |  |  | $ | 40 |  |  | $ | — |
Midstream & Marketing | 8 |  |  | 8 |  |  | 8 |  |  | 8 |  |  | 8 |
UGI International | 2 |  |  | 2 |  |  | 2 |  |  | 336 |  |  | 2 |
AmeriGas Propane | 218 |  |  | 664 |  |  | 512 |  |  | 493 |  |  | — |
UGI Corporation (a) | — |  |  | — |  |  | — |  |  | 700 |  |  | — |
Total | $ | 235 |  |  | $ | 955 |  |  | $ | 586 |  |  | $ | 1,577 |  |  | $ | 10 |
(a)Subsequent to September 30, 2024, UGI entered into the UGI Corporation 2025 Credit Agreement, consisting of (1) a $475 revolving credit facility, including a $10 sublimit for letters of credit, scheduled to expire in October 2028 and (2) a $400 variable-rate term loan, schedule to mature in October 2027 and concurrently paid in full and terminated its existing UGI Corporation Credit Facility Agreement which was set to mature August 29, 2025. At September 30, 2024, borrowings outstanding under the credit facility due August 29, 2025, were classified as long-term debt based on the Company’s intent and ability to refinance the obligation with long-term debt.

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