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Segment Information | 6 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Note 15 — Segment Information Our operations comprise four reportable segments generally based upon products or services sold, geographic location and regulatory environment: (1) Utilities; (2) Midstream & Marketing; (3) UGI International; and (4) AmeriGas Propane. 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, “Summary of Significant Accounting Policies,” in the Company’s 2024 Annual Report.
Three Months Ended March 31, 2025 |  | Total |  | Eliminations |  | Utilities |  | Midstream & Marketing |  | UGI International |  | AmeriGas Propane |  | Corporate & Other (b)
Revenues from external customers |  | $ | 2,666 |  |  | $ | — |  |  | $ | 727 |  |  | $ | 443 |  |  | $ | 650 |  |  | $ | 848 |  |  | $ | (2) |
Intersegment revenues |  | $ | — |  |  | $ | (190) |  | (a) | $ | 46 |  |  | $ | 144 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cost of sales |  | $ | 1,301 |  |  | $ | (190) |  | (a) | $ | 378 |  |  | $ | 385 |  |  | $ | 348 |  |  | $ | 402 |  |  | $ | (22) |
Operating income |  | $ | 700 |  |  | $ | (4) |  | (a) | $ | 240 |  |  | $ | 151 |  |  | $ | 139 |  |  | $ | 154 |  |  | $ | 20 |
Income (loss) from equity investees |  | 3 |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |
Other non-operating income (expense), net |  | (7) |  |  | — |  |  | 1 |  |  | — |  |  | 4 |  |  | — |  |  | (12) |
Earnings before interest expense and income taxes |  | 696 |  |  | (4) |  | (a) | 241 |  |  | 154 |  |  | 143 |  |  | 154 |  |  | 8 |
Interest expense |  | (102) |  |  | 3 |  | (a) | (25) |  |  | (12) |  |  | (11) |  |  | (37) |  |  | (20) |
Income (loss) before income taxes |  | $ | 594 |  |  | $ | (1) |  |  | $ | 216 |  |  | $ | 142 |  |  | $ | 132 |  |  | $ | 117 |  |  | $ | (12) |
Depreciation and amortization |  | $ | 138 |  |  | $ | — |  |  | $ | 44 |  |  | $ | 20 |  |  | $ | 29 |  |  | $ | 45 |  |  | $ | — |
Capital expenditures (including the effects of accruals) |  | $ | 160 |  |  | $ | — |  |  | $ | 100 |  |  | $ | 27 |  |  | $ | 17 |  |  | $ | 16 |  |  | $ | — |
Three Months Ended March 31, 2024 |  | Total |  | Eliminations |  | Utilities |  | Midstream & Marketing |  | UGI International |  | AmeriGas Propane |  | Corporate & Other (b)
Revenues from external customers |  | $ | 2,467 |  |  | $ | — |  |  | $ | 623 |  |  | $ | 375 |  |  | $ | 673 |  |  | $ | 795 |  |  | $ | 1 |
Intersegment revenues |  | $ | — |  |  | $ | (131) |  | (a) | $ | 23 |  |  | $ | 108 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cost of sales |  | $ | 1,030 |  |  | $ | (131) |  | (a) | $ | 274 |  |  | $ | 283 |  |  | $ | 368 |  |  | $ | 362 |  |  | $ | (126) |
Operating income |  | $ | 717 |  |  | $ | 1 |  |  | $ | 225 |  |  | $ | 151 |  |  | $ | 124 |  |  | $ | 138 |  |  | $ | 78 |
Income (loss) from equity investees |  | 1 |  |  | — |  |  | — |  |  | 2 |  |  | (1) |  |  | — |  |  | — |
Other non-operating income (expense), net |  | 11 |  |  | — |  |  | 1 |  |  | — |  |  | 8 |  |  | — |  |  | 2 |
Earnings before interest expense and income taxes |  | 729 |  |  | 1 |  |  | 226 |  |  | 153 |  |  | 131 |  |  | 138 |  |  | 80 |
Interest expense |  | (100) |  |  | — |  |  | (24) |  |  | (9) |  |  | (11) |  |  | (40) |  |  | (16) |
Income before income taxes |  | $ | 629 |  |  | $ | 1 |  |  | $ | 202 |  |  | $ | 144 |  |  | $ | 120 |  |  | $ | 98 |  |  | $ | 64 |
Depreciation and amortization |  | $ | 138 |  |  | $ | — |  |  | $ | 41 |  |  | $ | 22 |  |  | $ | 29 |  |  | $ | 44 |  |  | $ | 2 |
Capital expenditures (including the effects of accruals) |  | $ | 167 |  |  | $ | — |  |  | $ | 91 |  |  | $ | 33 |  |  | $ | 19 |  |  | $ | 24 |  |  | $ | — |
Six Months Ended March 31, 2025 |  | Total |  | Eliminations |  | Utilities |  | Midstream & Marketing |  | UGI International |  | AmeriGas Propane |  | Corporate & Other (b)
Revenues from external customers |  | $ | 4,696 |  |  | $ | — |  |  | $ | 1,197 |  |  | $ | 739 |  |  | $ | 1,288 |  |  | $ | 1,475 |  |  | $ | (3) |
Intersegment revenues |  | $ | — |  |  | $ | (276) |  | (a) | $ | 61 |  |  | $ | 215 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cost of sales |  | $ | 2,224 |  |  | $ | (276) |  | (a) | $ | 582 |  |  | $ | 614 |  |  | $ | 722 |  |  | $ | 682 |  |  | $ | (100) |
Operating income |  | $ | 1,187 |  |  | $ | (3) |  | (a) | $ | 378 |  |  | $ | 242 |  |  | $ | 245 |  |  | $ | 228 |  |  | $ | 97 |
Income (loss) from equity investees |  | 6 |  |  | — |  |  | — |  |  | 7 |  |  | (1) |  |  | — |  |  | — |
Other non-operating income (expense), net |  | 22 |  |  | — |  |  | 4 |  |  | — |  |  | 9 |  |  | — |  |  | 9 |
Earnings before interest expense and income taxes |  | 1,215 |  |  | (3) |  | (a) | 382 |  |  | 249 |  |  | 253 |  |  | 228 |  |  | 106 |
Interest expense |  | (204) |  |  | 3 |  | (a) | (51) |  |  | (24) |  |  | (21) |  |  | (70) |  |  | (41) |
Income before income taxes |  | $ | 1,011 |  |  | $ | — |  |  | $ | 331 |  |  | $ | 225 |  |  | $ | 232 |  |  | $ | 158 |  |  | $ | 65 |
Depreciation and amortization |  | $ | 276 |  |  | $ | — |  |  | $ | 88 |  |  | $ | 40 |  |  | $ | 58 |  |  | $ | 90 |  |  | $ | — |
Capital expenditures (including the effects of accruals) |  | $ | 335 |  |  | $ | — |  |  | $ | 206 |  |  | $ | 59 |  |  | $ | 31 |  |  | $ | 39 |  |  | $ | — |
As of March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 15,746 |  |  | $ | (366) |  |  | $ | 6,261 |  |  | $ | 3,378 |  |  | $ | 3,171 |  |  | $ | 3,110 |  |  | $ | 192 |
Six Months Ended March 31, 2024 |  | Total |  | Eliminations |  | Utilities |  | Midstream & Marketing |  | UGI International |  | AmeriGas Propane |  | Corporate & Other (b)
Revenues from external customers |  | $ | 4,588 |  |  | $ | — |  |  | $ | 1,103 |  |  | $ | 702 |  |  | $ | 1,398 |  |  | $ | 1,424 |  |  | $ | (39) |
Intersegment revenues |  | $ | — |  |  | $ | (211) |  | (a) | $ | 36 |  |  | $ | 175 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cost of sales |  | $ | 2,232 |  |  | $ | (211) |  | (a) | $ | 495 |  |  | $ | 522 |  |  | $ | 814 |  |  | $ | 645 |  |  | $ | (33) |
Operating income (loss) |  | $ | 949 |  |  | $ | — |  |  | $ | 359 |  |  | $ | 250 |  |  | $ | 237 |  |  | $ | 209 |  |  | $ | (106) |
Income (loss) from equity investees |  | 2 |  |  | — |  |  | — |  |  | 5 |  |  | (3) |  |  | — |  |  | — |
Other non-operating income (expense), net |  | (2) |  |  | — |  |  | 2 |  |  | — |  |  | 14 |  |  | — |  |  | (18) |
Earnings (loss) before interest expense and income taxes |  | 949 |  |  | — |  |  | 361 |  |  | 255 |  |  | 248 |  |  | 209 |  |  | (124) |
Interest expense |  | (200) |  |  | — |  |  | (47) |  |  | (20) |  |  | (22) |  |  | (81) |  |  | (30) |
Income (loss) before income taxes |  | $ | 749 |  |  | $ | — |  |  | $ | 314 |  |  | $ | 235 |  |  | $ | 226 |  |  | $ | 128 |  |  | $ | (154) |
Depreciation and amortization |  | $ | 275 |  |  | $ | — |  |  | $ | 82 |  |  | $ | 44 |  |  | $ | 59 |  |  | $ | 88 |  |  | $ | 2 |
Capital expenditures (including the effects of accruals) |  | $ | 300 |  |  | $ | — |  |  | $ | 173 |  |  | $ | 52 |  |  | $ | 31 |  |  | $ | 44 |  |  | $ | — |
As of March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 15,624 |  |  | $ | (131) |  |  | $ | 5,850 |  |  | $ | 3,204 |  |  | $ | 3,030 |  |  | $ | 3,467 |  |  | $ | 204 |
(a)Represents the elimination of intersegment transactions, including intersegment interest income and expense. (b)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:
Three Months Ended March 31, 2025 |  | Location on Income Statement |  | Midstream & Marketing |  | UGI International |  | AmeriGas Propane |  |
Net gains (losses) on commodity derivative instruments not associated with current-period transactions |  | Revenues |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  |
Net gains (losses) on commodity derivative instruments not associated with current-period transactions |  | Cost of sales |  | $ | 26 |  |  | $ | (8) |  |  | $ | 3 |  |  |
Unrealized gains (losses) on foreign currency derivative instruments |  | Other non-operating income (expense), net |  | $ | — |  |  | $ | (13) |  |  | $ | — |  |  |
Interest income from intersegment loan |  | Other operating expense (income), net |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  |
Three Months Ended March 31, 2024 |  | Location on Income Statement |  | Midstream & Marketing |  | UGI International |  | AmeriGas Propane |  |
Net gains (losses) on commodity derivative instruments not associated with current-period transactions |  | Cost of sales |  | $ | 41 |  |  | $ | 53 |  |  | $ | 34 |  |  |
Net gains (losses) on commodity derivative instruments not associated with current-period transactions |  | Other operating expense (income), net |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  |
Restructuring costs |  | Operating and administrative expenses |  | $ | — |  |  | $ | (34) |  |  | $ | — |  |  |
AmeriGas operations enhancement for growth project |  | Operating and administrative expenses |  | $ | — |  |  | $ | — |  |  | $ | (6) |  |  |
Unrealized gains (losses) on foreign currency derivative instruments |  | Other non-operating income (expense), net |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  |
Costs associated with exit of the UGI International energy marketing business |  | Operating and administrative expenses/Other operating expense (income), net |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  |
Impairment of assets |  | Other operating expense (income), net |  | $ | — |  |  | $ | (7) |  |  | $ | — |  |  |
Six Months Ended March 31, 2025 |  | Location on Income Statement |  | Midstream & Marketing |  | UGI International |  | AmeriGas Propane |  |
Net gains (losses) on commodity derivative instruments not associated with current-period transactions |  | Revenues |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  |
Net gains (losses) on commodity derivative instruments not associated with current-period transactions |  | Cost of sales |  | $ | 85 |  |  | $ | 4 |  |  | $ | 10 |  |  |
Net gains (losses) on commodity derivative instruments not associated with current-period transactions |  | Other operating expense (income), net |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  |
Unrealized gains (losses) on foreign currency derivative instruments |  | Other non-operating income (expense), net |  | $ | — |  |  | $ | 9 |  |  | $ | — |  |  |
Interest income from intersegment loan |  | Other operating expense (income), net |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  |
Six Months Ended March 31, 2024 |  | Location on Income Statement |  | Midstream & Marketing |  | UGI International |  | AmeriGas Propane |  |
Net gains (losses) on commodity derivative instruments not associated with current-period transactions |  | Revenues |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  |
Net gains (losses) on commodity derivative instruments not associated with current-period transactions |  | Cost of sales |  | $ | (6) |  |  | $ | 12 |  |  | $ | 28 |  |  |
Net gains (losses) on commodity derivative instruments not associated with current-period transactions |  | Other operating expense (income), net |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  |
Restructuring costs |  | Operating and administrative expenses |  | $ | — |  |  | $ | (34) |  |  | $ | — |  |  |
Unrealized gains (losses) on foreign currency derivative instruments |  | Other non-operating income (expense), net |  | $ | — |  |  | $ | (19) |  |  | $ | — |  |  |
AmeriGas operations enhancement for growth project |  | Operating and administrative expenses |  | $ | — |  |  | $ | — |  |  | $ | (13) |  |  |
Costs associated with exit of the UGI International energy marketing business |  | Revenues |  | $ | — |  |  | $ | (42) |  |  | $ | — |  |  |
Costs associated with exit of the UGI International energy marketing business |  | Operating and administrative expenses/Other operating expense (income), net |  | $ | — |  |  | $ | (10) |  |  | $ | — |  |  |
Costs associated with exit of the UGI International energy marketing business |  | Loss on disposal of business |  | $ | — |  |  | $ | (28) |  |  | $ | — |  |  |
Impairment of assets |  | Other operating expense (income), net |  | $ | — |  |  | $ | (7) |  |  | $ | — |  |  |

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